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How much does a pawn shop bond cost in Washington D.C.?
The District of Columbia Department of Consumer and Regulatory Affairs requires pawnbrokers to post $5,000 surety bonds.
SuretyBonds.com issues these two-year bonds instantly for just $175. Simply click Buy Now to purchase your bond online via our secure bond checkout. It only takes a few minutes to be on your way to getting bonded as a pawnbroker in Washington DC.
Why do I need this bond?
Washington, D.C. pawnbroker bonds ensure that principals (pawnbrokers) comply with applicable laws that regulate the pawnbroker industry in the district.
If the principal fails to adhere to statutes as outlined on the bond form, harmed parties can make a claim to recover losses. Valid claims are paid by the surety company up to the full bond amount. The principal must then reimburse the surety for any claims paid out.
What’s the fine print?
Washington, D.C. pawn shop bonds are issued for two-year terms that run concurrently with the pawnbroker’s business license. These bonds remain continuous until canceled.
How to become a pawnbroker in Washington DC
Purchasing a $5,000 pawnbroker bond is just the first step in becoming a licensed pawnbroker in Washington, D.C. The following documents and information must also be provided when submitting a licensing application:
- $70 application fee
- $25 endorsement fee
- Corporate registration
- Basic business license application
- Clean hands self-certification
- Tax number
- Certificate of occupancy
- Metropolitan Police Department interview
- Pawn record ledger
- Pawn tickets
- Police criminal history report