Pawnbrokers in Virginia are licensed and regulated by the city or county in which they operate.
Despite this, all pawnbrokers are required by state statute to furnish evidence of a surety bond. AmeriPro Surety Bonds offers this bond to you for your professional compliance.
According to the Code of Virginia, Section 54.1-4003, in order to operate as a pawnbroker, a minimum $50,000 pawnbroker surety bond is required.
While the statute does provide the minimum, no maximum amount seems to be available. The city or county in which you operate will, subject to this minimum, provide you with the surety bond amount you require.
As an applicant for the pawnbroker license, the process is typically two steps:
As a broad general rule, for those with good credit, the $50,000 Virginia pawnbroker bond will likely cost you about 1% annually; however, the amount will vary based upon the results of the above criteria.
The Virginia pawnbroker bond is active for one year, and thereafter must be renewed.
A currently active, unexpired surety bond must remain on file with the city or county at all times as a condition to operate.
The purpose of the Virginia pawnbroker bond is to serve as a financial guarantee that a licensed pawnbroker will be in compliance with all relevant rules and regulations.
The bond, therefore, exists to protect your customers from loss or harm caused by fraud, theft, or any failure to remain in compliance with pawnbroker regulations.
As principal for this bond, you are responsible to reimburse the surety for all costs and fees (if such were ever the case) paid against your surety bond.
AmeriPro Surety Bonds is a surety bonds-only agency.
We provide license and permit, contractor, court, and fiduciary surety bonds throughout Virginia.
Our agency also provides surety bonds nationwide.
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