Definitions

Buyback contract
A buyback contract is a contract under which a seller sells goods to a buyer on condition that the seller can repurchase the goods at some future date, but at a price greater than the buyer paid for them.

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Contact address
Contact address means, in relation to a person, the person's postal address and also, if the person's residential address is different from the postal address, the person's residential address.

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Dispose of
Dispose of, in relation to goods, includes:

passing possession of the goods to another person, whether by sale or otherwise; and
combining or dismantling the goods in such a way that they can no longer be recognised as the original goods.

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Person concerned in the management of the company
Person concerned in the management of the company means, in relation to a company:

a director of the company, as that term is defined in section 126 of the Companies Act 1993; and
the chief executive of the company, or any person occupying the equivalent position.

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Public auction
Public Auction means an auction that complies with the Auctioneers Act 1928, the Auctioneers Regulations 1958, and regulation prescribed in the Secondhand Dealers and Pawnbrokers Regulations 2005.
In respect to public auctions used to sell unredeemed pawned goods, the auction used must not be conducted by:

the pawnbroker involved in the pledge contract;
the pawnbroker's spouse, de facto partner, parent, child, or sibling; or
the pawnbroker's employee; or
in the case of a pawnbroker that is a company, a person concerned in the management of the company.

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Redemption date
The redemption date of any pawned goods is the last day on which the pawnbroker must hold the goods for redemption by the pledger. That is the later of the following:

the date that is three months later than the date on which the pledge was entered into;
the date agreed to between the pawnbroker and the pledger.

That means every pawn contract must last for a minimum of three months and can be longer if agreed to by both the pawnbroker and pledger.

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Redemption price
The redemption price of any pawned goods is:

the amount of money advanced on the goods; plus
the total interest payable by the pledger on redemption of the goods.

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Scrap metal
Scrap metal does not include copper in any form, but includes:

old metal;
broken metal;
partly manufactured metal goods;
defaced or old metal goods;
metal residues from manufacturing processes;
items that are made entirely or substantially of metal; and
items that are no longer fit for the purpose for which they were designed or intended.

Please note that copper is an "article" for the purpose of the Secondhand Dealers and Pawnbrokers Act 2004. It is not scrap metal. It is subject to different record keeping requirements than scrap metal.