California Pawn Shop Bond| AmeriPro Surety Bonds | 844-589-9732
California Pawn Shops
California pawn shops and dealers were formerly regulated by the Department of Justice. Since 2009, they fall under the jurisdiction of the California Secretary of State.
A pawn broker is defined by the Secretary of State as, “Every person engaged in the business of receiving goods, including motor vehicles, in pledge as security for a loan is a pawnbroker within the meaning of this division.”
Along similar lines, the CA Secretary of State defines a secondhand dealer as, “…any person copartnership, firm or corporation whose business includes buying, selling, trading, taking in pawn, accepting for sale on consignment, accepting for auctioning, or auctioning secondhand tangible personal property.”
The definition goes on to mention that coin dealers are excluded from this definition.
And. whereas pawn shop brokers are required to purchase and maintain on file with the Secretary of State a surety bond, secondhand dealers are not.
California Pawn Shop Surety Bond:
Pawn shop brokers in California are required to maintain a $20,000 non-revocable surety bond, issued to the benefit of the California Secretary of State,
A $100,000 surety bond for each location where a pawn dealer has an office if they do not have $100,000 in readily available liquid assets.
Both surety bonds are issued for a period of 2 (two) years, after which the surety bond must be renewed.
Who the California Pawnbroker Bond protects
The California pawnbroker bond protects a pledgor’s interest in tangible property which has been pledged.
When the terms for return of the property have been met and not complied with by the pawn dealer, this bond serves as a protection of the pledgors’ interests.
This surety bond, then, protects pledgors from criminal, fraudulent, and other acts of malfeasance committed by a pawn dealer once it has been established that the pledgor of property has met all conditions for return of the same.
Getting your California pawnbroker bond:
AmeriPro Surety Bonds will walk you through our simple application to have your pawn dealer surety bond issued. Of course, you will pay only a fraction of the premium bond.
The premium amount of the surety bond will depend on two main criteria:
- The face dollar amount of the surety bond (i.e. $20,000 or $100,000, or more, depending on the number of locations)
- Your credit scoring.
Applicants with optimal credit scoring will only pay a small percentage of the surety bond face value.
Applicants with “bad credit”
AmeriPro Surety Bonds encourages applicants for the California pawn dealer surety bond who have current or prior credit issues to not be in the least bit hesitant to call us.
While you will likely pay a larger premium, still we will work to provide you the best pricing available.
Our job is simple: We work for you to get you properly bonded for your professional pawn broker licensing. We are not here to compound the stress of challenged credit nor to make you feel uncomfortable about your situation.
We’re here to help!
AmeriPro Surety Bonds
AmeriPro Surety Bonds is a surety bond only agency providing license and permit, contract, and court surety bonds for all 50 states.
Call us today for your California pawn dealer bond: