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The Consumer Credit (Conduct of Business) (Pawn Records) Regulations 1983

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Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Consumer Credit (Conduct of Business) (Pawn Records) Regulations 1983 and shall come into operation on 19th May 1985.

(2) In these Regulations, “the Act” means the Consumer Credit Act 1974.

Books or other records relating to articles taken in pawn under a regulated consumer credit agreement

2.—(1) A person who takes any article in pawn under a regulated consumer credit agreement shall keep such books or other records as are sufficient to show and explain readily at any time all dealings with the article, including—

(a)the taking of the article in pawn;

(b)any redemption of the article; and

(c)where the article has become realisable by the creditor, any sale of the article under section 121(1) of the Act.

(2) Without prejudice to the generality of paragraph (1) above, the entries in the books or other records in respect of the dealings mentioned in sub-paragraphs (a) to (c) of that paragraph shall contain the information specified in the Schedule to these Regulations.

(3) Where the entries in relation to any article taken in pawn referred to in paragraph (2) above are not shown together as a whole but are shown in separate places, then in each place where entries are made there shall be shown—

(a)the date and the number or other reference of the agreement under which the article was taken in pawn and, where separate from any document embodying the agreement, the number or other reference of the pawn-receipt;

(b)the date on which the article was so taken; and

(c)the name of the debtor.

(4) The entries in relation to any article taken in pawn in the books or other records required to be kept by this Regulation shall be retained at least until the expiration of whichever is the longer of the following periods, that is to say—

(a)five years from the date on which the article was taken in pawn; or

(b)where an article has become realisable by the creditor, three years from the date of sale under section 121(1) of the Act or the redemption of the article, as the case may be.

Alexander Fletcher

Parliamentary Under-Secretary of State

Department of Trade and Industry

24th October 1983

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