Traders checklist

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  • Does your business supply or offer to supply second-hand electrical equipment? If so, you must attach a label on each item of electrical equipment stating that it:
    • is second hand
    • has been tested and complies with relevant standards, or
    • has not been tested.
  • When residual equity is $10 or more, you must send a Notice of sale of pawned goods (PDF, 14KB) to the person who pawned the goods. For more information, view our Residual equity page.
  • Was the loan period fixed at the time the goods were pawned?
  • Do you have procedures in place to ensure that you keep goods in the form they were received for seven days before allowing any dealing with them?
  • Do you have the required signage? All second-hand dealers and pawnbrokers must display a:

Important: We recommend printing and using our notices so that you comply with the wording and font requirements specified under law.

For more information on required signage, view our Signs, notices and pawn tickets page.

  • Have you given the following notices to a person who pawns goods?
    • A pawn ticket
    • A notice about the customer's and pawnbroker's rights and responsibilities
    • A notice of the charge for the transaction.

For more information on the required details on a pawn ticket, visit our Signs, notices and pawn tickets page.

  • Does your business keep accurate and complete records of its transactions? If you are a second-hand dealer, your business should keep:
    • an accurate description of the goods, including a description of any identifying mark or label
    • the identifying mark or number assigned to the goods by the dealer
    • the full name and address of the person the goods were received from
    • details of the identification provided by the person
    • the date and time at which the goods were received
    • the price paid for the goods
    • the name of the person acting on behalf of the dealer.
  • If you are a pawnbroker, your business should keep records of:
    • the transaction number. This is also the transaction number placed on the pawn ticket
    • an accurate description of the pawned goods, including any identifying mark or label
    • the full name and address of the person the goods were received from
    • details of the identification provided by the person who pawned the goods
    • the address notices are to be sent to
    • an alternative address for the service of notices if this is requested by the person who pawned the goods
    • the date the goods were pawned on
    • the loan amount
    • the charge imposed for the loan transaction
    • the amount and date of every payment for the loan
    • the loan period
    • (if the goods are redeemed) the date of redemption
    • (if the goods are not redeemed and are sold) the date of sale, the price paid and the reasonable costs of sale
    • (if the goods are not redeemed and are not sold) the manner of disposal.
  • For pawnbrokers - do your pawn tickets include the required information?
    • Your name and address
    • Full name and address of the person the goods are received from
    • Date of the loan
    • Amount loaned
    • Description of the goods pawned
    • Number of the pawn transaction
    • Pawnbroker's charge
    • Period of the loan
    • Amount(s) paid and date(s) of payment. The ticket must be updated each time a payment is made.

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