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Illinois
City of Peoria Pawn Broker and Second Hand Dealer License Bonds

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Coverage Amount: $1,000
Term Length: 1 year
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Peoria Pawn Broker and Second Hand Dealer Bonds Guide

If you’re applying for a pawn broker or second hand dealer license in Peoria, Illinois, you’ll need one of these surety bonds. 

Bond Overview

  • Purpose: To provide financial recourse for any customers harmed by a fraudulent pawn broker or second hand dealer
  • Who Needs It: Pawn brokers and second hand dealers seeking a license in Peoria, IL
  • Regulating Body: The City of Peoria Development Services Department
  • Required Coverage: $1,000
  • Premium Rate: $50 for a 1-year term

Learn all about the bond requirements and process in this guide.

What Are City of Peoria Pawn Broker and Second Hand Dealer Bonds?

City of Peoria pawn broker and second hand dealer bonds ensure that sellers comply with government regulations and protect clients from potential fraud or theft. 

For example, if something happens to someone’s pawned property that is being held as collateral, the surety bond will compensate the claimant up to the full bond amount.

How Much Do Pawn Broker and Second Hand Dealer Bonds Cost in Peoria, IL?

A $1,000 City of Peoria pawn broker or second hand dealer bond costs a flat rate of $50. No credit check or application is required. Click below to buy your bond in minutes!

Bond Type
$1,000City of Peoria Pawn Broker License Bond
$1,000City of Peoria Second Hand Dealer License Bond

SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees. 

How Do I Get My Bond?

With SuretyBonds.com, you can buy your City of Peoria pawn broker or second hand dealer bond instantly online. Just enter your information and checkout in minutes. 

We’ll email you the bond shortly after purchase. Be sure to file the bond with the City of Peoria as instructed. 

If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance. 

How Does a Peoria Pawn Broker Bond Work? 

An Illinois pawn broker or second hand dealer bond creates a legal contract between three parties: 

  1. Principal: You, the pawn broker or second hand dealer filing the bond
  2. Obligee: The City of Peoria requiring the bond
  3. Surety: The provider issuing the bond

This holds you financially responsible for upholding local ordinances and license regulations. 

If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety. 

How Do I Renew My Bond?

These bonds expire annually. To renew your pawn broker or second hand dealer bond, simply pay your renewal invoice when prompted. 

We’ll begin contacting you by phone and email 90 days before the expiration date. 

More Resources

Call 1 (800) 308-4358 to talk with a Surety Expert

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