Regulating the Pawnbroking Industry

Giovanna Bongiorno, Curtin University, IMF+World Bank Annual Meetings 2024

Executive Summary

Strengthening national regulation of Australia’s pawnbroking industry is essential to protecting financially vulnerable consumers and ensuring consistent credit standards across the country. Pawn loans are primarily taken out by people facing acute financial stress, often to cover essential costs such as food, utilities and rent. The use of pawn loans can exacerbate consumers’ pre-existing financial struggles, forcing them to default, go without essentials or fall further into debt. Nevertheless, pawnbrokers remain largely exempt from the National Consumer Credit Protection Act 2009 (Cth) (NCCPA) and instead operate under fragmented state regimes, leaving borrowers without the safeguards that apply across comparable forms of credit.

To address this issue, the Australian Parliament should extend the reach of the NCCPA to bring pawnbroking within the federal credit framework. The reform would remove existing exclusions in s 6(9) of the National Credit Code (NCC) and reg 25(3)(a) and introduce provisions modelled on Schedule 2 of the recently enacted Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024 (Cth) (BNPL Reforms). This change would impose responsible lending obligations, create avenues for external dispute resolution and ensure consistent national oversight applies to pawnbrokers. The resulting unified national regime would replace outdated state legislation, eliminate regulatory inconsistencies and deliver the transparency, accountability and consumer protections necessary to create a more equitable society.

Problem Identification

Circumstances of “desperate need” often prompt borrowers to take out pawn loans (Parliament of New South Wales, 2005). Most individuals who utilise pawnbroking are low-income earners, seeking small loans and using common, low-value items as security (Nelson, 2010). Such borrowers are often vulnerable due to factors such as homelessness, drug addiction or reliance on a social security income that is insufficient to meet their basic needs. They typically borrow small amounts (as they have no access to other forms of credit) and use pawn loans to meet immediate, urgent expenses (O’Brien, Ramsay, & Ali, 2024). Consequently, pawn lending leaves vulnerable consumers at risk of exploitation and significant harm (Taskforce on Industry Self-Regulation & The Treasury, 2000), thus exacerbating their financial hardship (Financial Counselling Australia, 2018).

Despite this, Australian pawnbrokers are much less strictly regulated than most other providers of consumer credit. They are largely exempt from the requirements of the NCCPA (Australian Securities and Investment Commission [ASIC], 2020). Instead, they are primarily governed by state legislation that affords consumers very limited rights. Some jurisdictions require pawnbrokers to hold a licence, while others merely require them to register with a relevant authority. Despite parliamentarians acknowledging that further protections are “critical”, given “consumers who use the services of pawnbrokers are often amongst the most disadvantaged members of our community” (Parliament of Victoria, 2001), the pawn broking industry remains “lightly regulated” (O’Brien, 2024).

Context

What is pawnbroking? Pawnbroking businesses allow customers to take out instant cash loans against items they own. When a borrower takes out a pawn loan, their personal belongings remain in the pawnbroker’s (the lender) possession until the loan is repaid (O’Brien, Ramsay, & Ali, 2024). Once the borrower repays their loan with interest, if ever, the lender must return the pawned items to the borrower (Cash Converters, 2025).

If the loan is not repaid within the specified time, the lender may sell the borrower’s pawned items to recoup the value of the outstanding loan (Palgo Holdings Pty Ltd v Gowans, 2005, paras. 17, 77–81). Note that this means the pawnbroker has no legal right to pursue the borrower for repayment of their debt, interest or other fees. Pawning is therefore understood as a type of secured loan, also called a collateral loan (Cambridge Dictionary, 2026)

Pawn lending in Australia

In recent years, pawnbroking has returned to prominence due to the international success of television shows such as Pawn Stars and Posh Pawn (Nelson, 2010). These programmes glamorise pawn broking by showcasing the pawning of “high-end assets such as jewellery, watches, art, handbags, cars [and] fine wine” (Business Age, 2022). In reality, however, most pawnbroking customers are low-income earners who use common and low-value items as security to obtain small loans (McDonald, 2023).

Unlike in the US (Davies & Finney, 2020) and UK (Fulford & Shupe, 2021), there is little to no reliable public Australian data detailing the size of the pawn lending industry, how it has evolved or the typical profile of those who use pawn loans in this country. While there are prominent and active industry bodies in both the US and the UK, no national industry body exists in Australia. 

In the absence of current public data, the most reliable insight into the present scale of the Australian pawnbroking industry is contained within the annual reports released by Cash Converters, Australia’s largest pawnbroking chain. This multi-national corporation reported $385m in revenue in the 2025 financial year (FY25), reflecting 43% growth in the past five years (Cash Converters, 2025, p 2). Concerningly, $60m of this revenue was generated from pawnbroking fees, an increase of 109% since the 2020 financial year ($29m) (Cash Converters, 2025, p 58).

Recently, Cash Converters’ board advised that inflationary pressures, which have increased the cost of living, have elevated demand for the company’s products and services (Cash Converters, 2025, p 6, 11). The company’s CEO also noted that “further regulatory reform over time, particularly of the Buy Now Pay Later sector, will benefit the company” in the years ahead (Cash Converters, 2025, p 15).  With over 74,000 active borrowers in its personal finance loan book ($244,624 million loaned in FY25), Cash Converters is forecast to continue expanding its operations to reach new customers (Cash Converters, 2025, p 5, 7).

Consumer demographic

In 1997 and 2000, a non-profit organisation undertook two qualitative investigations into the pawnbroking industry in Victoria. These studies observed that pawn loan users ‘were typically in receipt of a pension or other government allowance’ and frequently relied on pawn loans to cover essential living costs, including food, utilities and rent. Some participants also disclosed using pawn loans to finance drugs, alcohol and gambling. The research concluded that, for many individuals, pawning personal items represented a “last resort measure”, pursued only after exhausting all other financial options. Nearly half of the respondents reported that they did not retrieve the items they had pawned, while “those who did often experienced considerable difficulties” doing so, typically receiving only a quarter of the value of the items they pawned. While most were unaware of the interest rates attached to their pawn loans, the authors estimated that their loans attracted rates ranging from 150% to 1,300% per annum (Densley & Ayres-Wearne, 1997; Ayres-Wearne, 2000).

In a 2017 submission to Treasury, a national coalition of consumer advocacy groups stated that they, “regularly receive[d] complaints from consumers who have pawned goods to pay for basic necessities, or to fund drug and gambling addictions”. The submission highlighted that, although pawned items often lacked substantial monetary value, they typically hold significant “sentimental value” for borrowers. Consequently, “desperate consumers” who are unable to repay their loans by the due date are often persuaded to extend the loan period to avoid the permanent forfeiture of their possessions (Consumer Action Law Centre, 2019, p 20-21).

In 2019, an anonymous online survey was conducted to explore Australian consumers’ experiences with Buy Now Pay Later (BNPL) services, payday loans and pawn loans. Among the three groups, individuals who had accessed pawn loans were the least likely to own their homes and the most likely to report annual incomes below $25,000. They were also more likely than other respondents to indicate that Year 10 was their highest level of educational attainment. These differences suggest that pawn loan users are more socio-economically disadvantaged compared to BNPL and payday loan users (O’Brien, Ramsay, & Ali, 2024).

Current state-based regulation of the pawnbroking industry

Pawnbrokers are loosely and inconsistently regulated in every state and territory. Some jurisdictions require pawnbrokers to hold a licence, while others merely require them to register with a relevant authority. The original purpose of these state regimes was to prevent crime and disrupt the illegal trade of stolen goods (Victorian Law Reform Commission, 1988). The explanatory memorandum for these bills described consumer protection as “secondary” to their law enforcement function (Parliament of New South Wales, 1996).

Most states have a set minimum period that must elapse before a pawnbroker can sell pawned goods, and a requirement that any residual value must be repaid to the borrower when unredeemed goods are sold (Pawnbrokers and Second-Hand Dealers Act 1996 (NSW), s 29; Second-Hand Dealers and Pawnbrokers Act 2003 (Qld), s 60, 64). More thoroughly regulated jurisdictions require pawnbrokers to confirm their customers' identities, keep detailed records and produce them on request. They also require pawnbrokers to provide their customers with a pawn ticket which sets out the fees and charges payable on pawn loans (Second-Hand Dealers and Pawnbrokers Act 1989 (Vic), s 23(3)(a); Pawnbrokers and Second-Hand Dealers Act 1996 (NSW), s 28(5)). The penalties for breaching state pawnbroking laws vary widely between jurisdictions.

There is a strong incentive for lenders to present themselves as pawnbrokers (which are loosely governed by state legislation) to avoid the application of the NCCPA (Financial Rights Legal Centre, 2020, p 13, 15-16). This risk has been heightened by the recent enactment of the BNPL Reforms, which have brought previously unregulated credit providers under strict regulation (Gilbert + Tobin, 2024). Unscrupulous businesses are adept at finding “ways to frame their services in ways that fit the gaps” in regulation (Financial Rights Legal Centre, 2020, p 16), and the current legal framework facilitates conduct of this kind. As the High Court case of Palgo Holdings Pty Ltd v Gowans demonstrates, some pawnbrokers have taken steps to evade even their limited obligations under state laws by adopting unusual contractual structures. More recently, ASIC has alleged that a Queensland company has been purportedly acting as a pawnbroker while, in reality, providing credit services regulated by the NCCPA (Australian Securities and Investment Commission [ASIC], 2023).

Of all the states, section 3A of the Pawnbrokers and Second-hand Dealers Act 1996 (NSW) (NSW Act) provides one of the most specific definitions of pawnbroking and clearly sets out when goods are considered pawned, ensuring lenders cannot avoid regulation through technicalities. 

Current state-based regulation of the pawnbroking industry

Pawnbrokers are largely exempt from the NCCPA, provided that, in the event of a debtor’s default, their “only recourse is against the goods provided as security for the provision of the credit” (NCC, s 6(9)). This leaves users of pawn loans without access to many of the consumer protections afforded to those using other forms of credit, such as payday loans or credit cards. These safeguards include obligating the borrower to disclose all fees associated with the loan, assess the borrower’s suitability for the loan and become a member of the Australian Financial Complaints Authority (AFCA) so the borrower can freely engage the Authority’s services if needed (ASIC, 2025).

Due to their exemption from the NCCPA, pawn lenders are not obligated to evaluate a consumer's creditworthiness in accordance with responsible lending provisions. Furthermore, they are not required to be members of an external dispute resolution organisation, such as the AFCA. Consequently, individuals who engage with pawnbrokers lack access to a free and accessible mechanism for resolving disputes with their lender (O’Brien, Ramsay, & Ali, 2024, p 10).

The act of issuing a pawn loan constitutes a ‘financial product’ for the purposes of the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act). Consequently, under the ASIC Act, pawn lenders are subject to the general consumer protection provisions that prohibit misleading, deceptive (s 12DA) or ‘unconscionable’ conduct, (ss 12CA–12CC) or the making of ‘false or misleading representations’ (s 12DB) and require pawn lenders to act ‘with due care and skill’ (s 12ED(1)).

Enforcement options

In the current regulatory environment, users of pawn loans must apply to a court to enforce their very limited consumer rights under the NCCPA. This process is “far too complex, costly and intimidating for most people” (Consumer Credit Law Centre SA, 2018, p 14-15). In 2016, a community legal centre supported a client in initiating legal proceedings against a Melbourne pawnbroker. However, the client’s “history of social phobia and mental illness” ultimately led her to discontinue the claim, as she was unable to cope with the psychological burden and scrutiny associated with court proceedings (Rawlinson, 2016). This case highlights the lack of accessible, efficient and straightforward mechanisms for enforcing the protections afforded by the NCCPA, thereby rendering those safeguards largely ineffective and enabling non-compliant pawnbrokers to evade accountability.

BNPL Reforms

Prior to the enactment of the BNPL Reforms, BNPL products operated largely outside the NCCPA. This was because such forms of borrowing typically fell outside the statutory definition of a “credit contract”, either on the basis that no charge was made for the provision of credit or because they fell within existing exemptions (NCC, s 5(1), 6). Consequently, BNPL providers were not required to hold an Australian credit licence, subject to responsible lending obligations, or bound by the full suite of consumer protections under the NCC. This regulatory treatment created a significant gap, allowing functionally equivalent credit products to operate with substantially lower regulatory oversight (Bassilios, et al., 2025).

The BNPL Reforms addressed this gap by amending the NCCPA to bring BNPL products within the national consumer credit framework through the creation of a new category of regulated credit, known as “low-cost credit contracts” (NCC, s 13E). From June 2025, BNPL providers have been required to hold an Australian credit licence, comply with general conduct and responsible lending obligations and become members of AFCA. This reform reflects a substance-over-form approach, recognising that BNPL products operate as credit in practice and should therefore be regulated accordingly (Bassilios, et al., 2025).  

Analogous to the former regulatory treatment of BNPL products, pawnbroking is currently exempt from the NCC. Section 6(9) of the NCC provides that the obligations and safeguards provided within do “not apply to the provision of credit on the security of pawned or pledged goods by a pawnbroker… as long as it is the case that, if the debtor is in default, the pawnbroker’s only recourse is against the goods provided as security for the provision of the credit.” Practically, reg 25(3)(a) of the National Consumer Credit Protection Regulations 2010 (Cth) gives effect to this exclusion.

Policy Options

Policy Option 1: Mandatory membership of an EDR

Currently, pawn brokers are not required to be members of an external dispute resolution (EDR) scheme, such as the AFCA. Pawn lenders were also excluded from the scope of the Design and Distribution Obligations introduced by the Commonwealth Government in 2019 (Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 (Cth); Corporations Act 2001 (Cth) s 994B(3)(f)). Consequently, Australian pawn loan users must apply to a federal court if they wish to enforce their rights under the NCCPA or the ASIC Act. State laws may be enforceable in state tribunals, offering a less formal and costly alternative. However, such tribunals do not always grant leave for lawyers to represent parties in hearings (Financial Rights Legal Centre, 2020). This means consumers may have to appear unrepresented, even if they have obtained advice from a community legal centre or Legal Aid office. Thus, any legislative protection currently provided is “largely illusory for the vulnerable consumers targeted by these businesses because there is no accessible forum where a consumer can make a complaint” (Consumer Action Law Centre, 2017, p 22).

Without accessible enforcement mechanisms, any legal obligations placed on pawn brokers are essentially “ineffective” in practice (Financial Rights Legal Centre, 2020). At a minimum, all Australian pawnbrokers should be required to belong to an external dispute resolution body, such as AFCA (Victorian Law Reform Commission, 2023, p 25). This would afford pawn loan users a free and accessible forum to enforce their limited rights under existing legislation and obtain financial compensation for lenders’ misconduct.

Policy Option 2: Fund a fulsome ASIC investigation

Under the ASIC Act, pawnbrokers are subject to general consumer protection provisions requiring them to act ‘with due care and skill’ (ASIC Act ss 12BAA(7)(k), 12BAB, 12ED(1); Australian Securities and Investments Commission Regulations 2001 (Cth) r 2B(1)(c)). To date, however, it appears that no pawnbrokers have been sanctioned for breaching their obligations under the ASIC Act (O’Brien, Ramsay, & Ali, 2024, p 11). Consequently, ASIC should use its extensive information-gathering powers under the ASIC Act to undertake a national review of the industry (ASIC, 2018, p 7, 15). Similar to its reviews of the BNPL industry – which led to the BNPL Reforms – a review of the pawnbroking industry could draw on business data obtained from providers, quantitative and qualitative data gathered from surveys and interviews with consumers, as well as consultations with consumer advocates and industry associations (ASIC, 2018, p 7, 40-43; ASIC, 2022, 24-25). Such research would help state and Commonwealth policymakers to assess the need for, and most appropriate process to, reform to pawnbroking laws. 

Furthermore, ASIC should liaise with state regulators to frequently gather and publish industry data, such as the volume of pawnbrokers operating in each state and territory and the number of disciplinary actions taken by state regulators in each reporting period. Access to this type of data would facilitate informed public policy debates about the pawnbroking industry and its impact on consumers.

Policy Option 3: Replicate s3A of the NSW Act in all other jurisdictions

All Australian states should adopt provisions mirroring those in s 3A of the NSW Act to promote nationally consistent regulation and prevent lenders from falsely presenting themselves as pawnbrokers to avoid the application of the NCCPA. This will ensure that the application of pawnbroking laws depends upon “the substance of the loan transaction rather than its form or other legal technicalities” (Pawnbrokers and Second-Hand Dealers Act 1996 (NSW), s 3A(3)(a); Pawnbrokers and Second-hand Dealers Act 1994 (WA), s 3A). Uniform adoption would also promote equal treatment of lenders across jurisdictions, reduce opportunities for regulatory arbitrage and prevent unscrupulous operators from exploiting differences between state laws by shifting or structuring their businesses to take advantage of weaker regulatory regimes, thereby strengthening overall consumer protection.

Policy Option 4: Extend the application of the NCCPA to encompass pawnbrokers

It is an anomaly that the pawn broking “industry is still regulated at the state level when all other similar forms of short-term credit are regulated at the federal level” (Kearns, 2024). Therefore, the industry should be brought under the national legislation by amending the NCCPA to tightly regulate pawnbrokers, in a similar manner to how the BNPL Reforms have brought BNPL products into line with how most credit products are regulated (Gilbert + Tobin, 2024). Following this amendment, the Commonwealth would work with state and territory governments to transition from state-based regulation to a nationally consistent federal framework for pawnbrokers (Australian Constitution, s 109).

Policy Recommendation

Policy Option 4, to amend the NCCPA to bring any action that constitutes pawnbroking under the definition of credit, is recommended as the most viable way to address the existing regulatory inconsistency and extend nationally consistent consumer protections to a highly vulnerable cohort. This reform would ensure that pawn loans are regulated in line with their practical economic function, consistent with the approach adopted in the BNPL reforms, and would subject pawnbrokers to uniform national oversight. This would provide vulnerable consumers with meaningful protections, enforcement mechanisms and avenues for redress across all jurisdictions. Specifically, this change should be implemented by repealing s 6(9) of the NCC and deleting the words “subsection 6(9) or” from reg 25(3)(a) of the accompanying regulations (NCCPA sch 1 s 6(9); National Consumer Credit Protection Regulations 2010 (Cth) reg 25(3)(a)). Moreover, the NCCPA should be amended by inserting provisions that mimic sch 2 of the BNPL Reforms, but apply to pawnbrokers (as defined in the NSW Act). 

Just as sch 2 of the BNPL Reforms extends the application of the NCC to BNPL products, this paper recommends passing a similar bill to apply equivalent reforms to pawnbroking. The legislation would largely mirror sch 2, incorporating the relevant sections (primarily Part 1A), but with references to BNPL products replaced with pawnbroking. This would involve bringing the definitions of pawnbroking and pawned goods from the NSW Act into the NCCPA and ensuring that pawnbroking contracts are captured under the definition of a low-cost credit contract, analogous to s 13E(1)(b)(i) of the NCC. Such an approach would enable the timely introduction of this legislation, as the complex work of determining how to implement the reforms in practice and identifying the necessary legislative changes has already been completed. Consequently, the time and cost of drafting, debating and passing the bill would be significantly reduced, since it would primarily involve adapting existing provisions.

If enacted, this change would require pawnbrokers to hold an Australian Credit Licence and comply with all associated obligations, such as acting efficiently, honestly and fairly, complying with their licence conditions and maintaining membership with the AFCA. Pawnbrokers would also need to meet responsible lending obligations, which require them to make reasonable inquiries into a consumer’s financial situation, objectives and requirements, verify the information obtained and assess whether a credit contract or credit limit is unsuitable (NCCPA, s 128(d), 130). A contract is considered unsuitable if the consumer is likely to be unable to meet their obligations without substantial hardship, if it does not meet their requirements or objectives or if other regulatory circumstances apply (NCCPA, s 128-131).

Bringing pawnbroking under the national credit framework will close a longstanding regulatory gap and ensure vulnerable pawn loan users receive the same protections as other credit consumers. This reform will create a uniform regulatory landscape that upholds fairness, enhances transparency and intensifies accountability within the pawnbroking industry.

Risks

Many vulnerable consumers rely on pawn loans to meet “essential living costs”, “given their lack of alternative credit options” (Densley, Ayres-Wearne, 1997, p 1; Ayres-Wearne, (2000, p 3, 80). This underscores the importance of easy access to credit for those with few other avenues for liquidity. Applying responsible lending obligations to pawn loans would introduce affordability assessments, credit checks and additional verification requirements. These changes would likely increase rejection rates and slow approvals, thus reducing access to fast, low-barrier credit and pushing some vulnerable consumers toward more harmful credit alternatives. 

When regulated credit is harder to obtain, demand can shift to loosely regulated or unregulated sources, including illegal lenders, high-cost payday loans or other fringe financial products. This risk of credit substitution is particularly acute given the observed overlap in the use of pawn loans, payday loans and BNPL products (Fitzpatrick, 2024), which suggests that stricter regulation in one part of the credit market may drive vulnerable borrowers deeper into other high-risk forms of credit rather than reducing overall financial harm (ASIC, 2025). While no policy is risk-free, the dangers of inaction in leaving pawnbroking outside the national consumer credit framework pose a far greater long-term threat to consumers through continued exposure to high-cost and harmful credit practices.

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Rawlinson, C. (2016, May 17). Cash Converters pays customer $4,000 to drop legal challenge to pawnbroking. ABC News. https://www.abc.net.au/news/2016-05-17/cash-converters-pays-customer-to-drop-legal-challenge/7421462

Rawlinson., C (2015, July 16). Pawnbrokers charging 420 per cent interest on unregulated industry, “profiting from misery” say low income earners. ABC News. https://www.abc.net.au/news/2015-07-16/pawnbrokers-profiting-from-desperation/6622310

Second-Hand Dealers and Pawnbrokers Act 1989 (Vic).

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Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024 (Cth).

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