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Mississippi $10,000 Pawnshop Bond

Cost: $100.00 / 1-year term

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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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Additional Resources

Surety Bond Mississippi Pawnshop Act State of Mississippi

Mississippi Department of Banking and Consumer Finance Pawnbroker

Article 7. Mississippi Pawnshop Act

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