How much does a pawnshop bond cost in Mississippi?
The Mississippi Department of Banking and Consumer Finance requires pawnshop owners to post $10,000 surety bonds to legally conduct business within the state. Pawnshop bonds can be issued instantly, starting at $100. However, these bonds are prorated, meaning the premium may be slightly higher if the initial term of the bond longer than 12 months.
|Bond Type||Bond Amount||Cost|
|$10,000 Pawnshop Bond||$10,000||Starts at $100|
Why do I need this bond?
Mississippi pawnshop bonds ensure that principals (pawnbrokers) conduct business according to the laws of the state and the terms listed in the Mississippi Pawnshop Act (75-67-301 et seq. of the Mississippi Code Annotated). Violations under the Mississippi Pawnshop Act include:
- failing to record entries
- removing, destroying or falsifying records, accounts or books
- failing to maintain records of pawn transactions for 4 years
- refusing the appropriate law enforcement to inspect pawn records
- accepting a purchase or pledge from an individual younger than 18 years of age
- charging insurance on pawn transactions
- agreeing to sell purchased or pledged goods back to the seller
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What’s the fine print?
Pawnshop bonds in Mississippi expire annually on December 31. The bond can be continued for any subsequent calendar year with a continuation certificate signed and sealed by the principal and the surety.
How to become a pawnbroker in Mississippi
To become a licensed pawnbroker in Mississippi, applicants must submit the following materials:
- $500 initial licensing fee or $250 renewal licensing fee
- $10,000 surety bond for appropriate licensing period or $10,000 cash in lieu of a surety bond
- fingerprints on cards provided by the department
- proof of a clean criminal record
- proof of 6 hours of continuing education each year
The licensing period runs from January 1 to December 31 and is not prorated for applications made during the license period.
Complete licensing information can be accessed from the Additional Resources section of this page.
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