"pawn transaction"

means an agreement, irrespective of its form, in terms of which—

(a)one party advances money or grants credit to another, and at the time of doing so, takes possession of goods as security for the money advanced or credit granted; and
(b)either—
(i)the estimated resale value of the goods exceeds the value of the money provided or the credit granted, or
(ii)a charge, fee or interest is imposed in respect of the agreement, or in respect of the amount loaned or the credit granted; and
(c)the party that advanced the money or granted the credit is entitled on expiry of a defined period to sell the goods and retain all the proceeds of the sale in settlement of the consumer’s obligations under the agreement;