(June 19): The Consumers Association of Penang (CAP) today urged the Urban Wellbeing, Housing and Local Government Ministry to regulate pawnshops and prevent third parties from collecting pawned items and pledges using fraudulent means.

CAP president SM Mohamed Idris said the minister must use his powers to ensure pawnshops did not give any pawned items or pledges to anyone other than the person named on the pawn ticket or the estate of the named person.

He lamented that there was little interest among politicians to look into this matter, and called on the Malaysian Anti-Corruption Commission (MACC) to investigate the practice of buying pawn tickets.

"According to the Moneylenders and Pawnbrokers division of the ministry, it is illegal for anyone to buy pawn tickets.

"But it has been going on for years, if not decades, and it has made the pawn ticket buyers so bold as to openly advertise their services," he told a press conference at his office in George Town today.

Idris said according to the law, the penalty was a fine up to RM20,000 and jail up to 12 years but the offence was still committed rampantly.

"That the enforcement agency does not seem to know of their existence is a wonder and speaks volumes of pro-active enforcement of the law," he said.

However, Idris noted that under the Pawnbrokers Act 1972, third parties could redeem pledges if they had obtained the pawn tickets through legal means, not when the tickets had been reported lost or gained through fraudulent means.

"The situation should not be somebody's suffering, somebody else's joy," he said.

He said this issue was being highlighted because there was an increasing lack of discipline among Malaysians in managing their finances today, namely the younger generation.

"The older generations could save their money but it is not the practice of the younger generation today.

"We must cut down this habit of borrowing money. Society must do its part," he added. – The Malaysian Insider