New Jersey pawnbrokers are statutorily regulated by the New Jersey Pawnbroker Act and are regulated and licensed by the Department of Banking and Insurance.
The Department and the Act require that pawnbrokers obtain a $1000 surety bond which is available from AmeriPro Surety Bonds as either a new or renewable bond.
The $1000 New Jersey pawnbroker is an easy bond to qualify: Complete the surety bond application and pay the premium of just $100 (which is usually the amount).
There is typically no underwriting nor a credit check involved in obtaining this surety bond.
Once issued, the bond is active for a period of one year from the date of issuance. After that time, a replacement surety bond must be issued in order to maintain an active pawnbroker license.
The New Jersey pawnbroker bond is a financial guarantee for the people of the state of New Jersey, that a licensed pawnbroker will be in compliance with all rules and provisions of the Act.
The bond protects against acts of theft, misrepresentation, malfeasance and misfeasance in the course of your professional pawnbroker duties.
The protections offered to the public by means of this surety bond also extend to any wrongful acts committed by agents, managers, and employees of a pawnbroker establishment.
In no case will the bond pay more than the total sum of $1000 from any and all claims; however, you, as principal would be responsible to reimburse the surety for any cost and fees for the payment of any claim against your bond.
AmeriPro Surety Bonds is a surety bonds only agency which offers surety bonds throughout New Jersey. These include contractor, court, license and permit, and fiduciary surety bonds.
Our agency also provides surety bonds nationwide.
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