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.
These bonds are subject to underwriting, which means the amount you’ll pay for your surety bond depends on a review of your personal credit report. Applicants with strong financial credentials could get bonded for just $100! Bad credit? No problem. SuretyBonds.com offers an exclusive bad credit bonding program through which we approve 99% of applicants for the bonds they need.
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Pawnshop Bond||$10,000||Starts at $100||$400-$800||$1,000+||Apply Now|
Submit a bond request or give us a call at 1 (800) 308-4358 to start getting bonded. We can typically provide you with your free, no-strings-attached bond quote within 1 business day of submitting your application.
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
Ready to get bonded? Let the experts at SuretyBonds.com do all of the hard work for you!
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.
Ready to get started?