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Cash Converters Ready For New Legislation


Cash Converters Ready For New Legislation


Major changes for the secondhand goods industry that come into effect on 1 April 2005, are being welcomed by Cash Converters which is New Zealand’s largest chain of secondhand dealers.

The Secondhand Dealers and Pawnbrokers Act 2004 is designed to reduce the trade in stolen goods through secondhand dealers and pawnbrokers. It also makes it easier for police to recover stolen items.

The legislation will tighten up some parts of the industry and Cash Converters is in full support of that. The legislation will also ensure the same rules apply to all whether it be an internet-based dealer or a retail shop based dealer.

“Cash Converters is the largest secondhand dealer in New Zealand and has always had strict policies in place so that it remains a respected and legitimate secondhand goods trader,” says Managing Director, Grant Maycroft.

“Cash Converters has been involved in the legislative process and is supportive of the initiatives being introduced. In fact, Cash Converters will go further than the law actually requires. For example, only certain goods need to be held for 14 days but Cash Converters will hold all goods for 14 days. Cash Converters has also invested in an education campaign for customers and in extensive staff training relating to the new laws.”

“Cash Converters has always and will continue to work closely with police. The company fully supports the police in their efforts to crack down on property crime and hopes that this legislation results in the solving of more property crime.”

An Overview of the New Legislation Secondhand dealers will have to sight approved photo ID and record contact details and signatures of all people selling goods. Cash Converters already does this.

Secondhand dealers will need to keep comprehensive records of all goods purchased and sold. Cash Converters already does this.

Five-year licences for dealers and pawnbrokers will replace current lifetime licences.

Licences and certificates will be in photo ID form with electronically-recorded details.

Staff accepting goods, or supervising the acceptance of goods, will have to be certified to ensure there are no dishonesty convictions. Cash Converters already has very rigid recruitment practices in place.

Businesses will be required to keep complete records of employees’ names, addresses, contact numbers and certificate numbers. Cash Converters already does this.

Internet auctioneers and promoters of markets and fairs will have to keep records of who is selling goods through their events.

The existing outdated schedule of goods that must be held for a period of time prior to sale will be replaced with a more generalised list of goods that must be retained for 14 days. Cash Converters will go further than this and hold ALL goods for 14 days.

Police are able to inspect on demand all registers and goods held for sale.

Penalties will be increased from the current maximum of $200 to $20 000 for unlicensed dealing and $10 000 for not keeping a register.
Backgrounder to the introduction of the Secondhand Dealers and Pawnbrokers’ Act (2004)

• The bill was introduced to Parliament on 5 June 2003.

• It had its first reading on 24 June 2003.

• Parliament heard 29 submissions on the bill and the Select Committee reported back on 20 April 2004.

• The bill had its second reading on 29 June 2004.

• It was given the royal ascent on 5 July 2004.

• The minister in charge of the bill is Phil Goff in his role as Minister of Justice.

The Parliamentary sub-committee that reviewed the bill consisted of:

• Martin Gallagher (Chair)

• Marc Alexander (Deputy)

• Georgina Beyer

• Brian Connell

• Ann Hartley

• Ron Mark

• Mahara Okeroa

• Tony Ryall

The bill received 29 submissions, of which more than half were from individual secondhand dealers and pawnbrokers. 19 expressed support for the bill and three opposed it. The bill comes into law on 1 April 2005.

Who are we?

Cash Converters is the largest chain of secondhand dealers in New Zealand and is part of an international franchise group.


Currently, Cash Converters can be found in 21 countries around the world, including Australia, the United States, Germany, Italy, United Kingdom, Japan, Belgium, Canada and Austria. The Cash Converters concept has flourished and become internationally proven with 578 outlets operating worldwide.

Cash Converters International Limited is now a public company with listings on the Australian and United Kingdom stock exchanges.

In New Zealand, the Cash Converters franchise has 27 stores. The chain is expanding into the Pacific Islands region with one outlet already open in Samoa and others planned.

As a group, Cash Converters Employs more than 250 people Has an annual turnover in excess of $33 million Conducts more than 380 000 buying transactions each year
History

Mr. Brian Cummins first developed Cash Converters. In November 1984, he opened his first retail store in Perth, Western Australia.

Mr. Cummins based his idea on an alternative retail outlet – quality second hand products purchased professionally from customers and displayed in a modern and respected retail outlet.

The first New Zealand store opened in Auckland in late 1993.

What we do and how we do it

The Purchaser:

Cash Converters is an alternative retailer that trades predominantly in secondhand goods offering a huge range of high quality products to customers. In keeping with the founder and Chairman’s philosophy of providing retail outlets that offer “quality secondhand products purchased professionally from customers and displayed in a modern and respected retail outlet”, the Cash Converters stores are bright, modern and highly professional.

Anything from sports equipment to jewellery to electrical goods; whether purchasers are young, old, male or female, the outlets offer something for everyone with friendly and professional service in a comfortable environment.

Perhaps most importantly, this means customers can buy with confidence as Cash Converters works closely with the New Zealand Police and has played an integral part in the legislative process which has shaped the new legislation.

The Seller:

Professional buyers in each store eliminate the need to advertise goods and have strangers in the sellers home. Sellers can also trade goods in for other goods on sale in the stores, if they wish.

Where Cash Converters stores are located in New Zealand

>From Whangarei to Invercargill, Cash Converters can be found throughout New Zealand.

The stores are situated in busy shopping areas, visible and easy to find – that’s no accident. Cash Converters is proud of its stores and the service it offers to those wanting to both sell their goods and buy quality products from a huge range of items available.

There are a number of stores in main centres:

Auckland: Wellington: Christchurch:

Birkenhead Coastlands Christchurch Central

Manukau Lower Hutt Linwood

New Lynn Newtown Papanui

Newmarket Porirua Riccarton

Onehunga Wellington Central

Panmure

There are also Cash Converters stores in Whangarei, Gisborne, Wanganui, Hamilton, New Plymouth, Palmerston North, Rotorua, Tauranga, Hastings, Nelson, Dunedin and Invercargill.

The head office for Cash Converters NZ and Pacific Islands Limited is located in Lower Hutt, Wellington.

Cash Converter’s website address is: www.cashconverters.co.nz

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