The Louisiana Office of Financial Institutions regulates the licensing of pawnbrokers in the state. They also require a $50,000 surety bond for pawnbrokers who do not meet the minimum net worth requirement of $50,000.
According to the Office, one pawnshop owner who has multiple locations is not required to obtain a $50,000 bond for each location. However, if you have different locations with different business structures (i.e. LLC, corporation), then a $50,000 bond is required for each location, if you also do not otherwise meet net worth requirements.
Additional licensing requirements of pawnshops are also spelled out by the Office.
The pawnshop broker surety bond is also filed through NMLS, the Nationwide Multistate Licensing System. Our agency can electronically file this bond on your behalf.
Qualifying for the $50,000 Louisiana pawnshop broker bond is by completion of a surety bond application which can be taken directly over the phone with our agency.
Existing businesses, which have been around for 3 years with the same name and same location and:
May qualify for processing without a credit inquiry. If the above is inapplicable to you, then you will still qualify for the same great rate by passing with a credit inquiry.
Applicants who qualify will pay $375 annually for the pawnbroker bond.
Once approved and purchased, a copy of the bond can be emailed to you. The original surety bond, which you will also sign as Principal, will be mailed to you by the following business day.
At $375, the bond Louisiana pawnbroker bond is issued for one year. Thereafter you must renew your surety bond by paying the renewal premium.
You also have the option to prepay this bond for 2 or 3 years. Prepayment of the premium allows you a savings over year to year renewal of the bond premium and increases the intervals between bond renewals.
The breakdown and savings are as follows:
The bond is a financial guarantee that you will be in compliance with all provisions of the “Louisiana Panwshop Act”, and any amendments or additions thereto.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Louisiana.
Our agency also provides surety bonds nationwide.
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