The Pawnbrokers Act 1872 (35 & 36 Vict. c. 93) was an act of the Parliament of the United Kingdom that repealed, altered and consolidated all previous legislation relating pawnbroking in Great Britain.
Provisions
Based on an Irish law passed by Parliament, it removed restrictions and reduced the licence fee in London from £15 to the £7 10s paid in the provinces. According to the act (which does not affect loans above £10),[1]
Provisions in the act safeguard the interests of borrowers whose unredeemed pledges are sold. Sales (by auction) take place only on the first Monday of January, April, July and October, and on the following days if needed.[1]
- A pledge is redeemable within one year, with a seven-day grace period.[1]