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How much will my Mississippi pawnshop bond cost?
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 is longer than 12 months.
Why is a pawnshop bond required in Mississippi?
Mississippi pawnshop bonds ensure that 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 four years
- refusing appropriate law enforcement the right 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
Considerations for Mississippi pawnshop bonds
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.
Mississippi pawnbroker licensing requirements
To become a licensed pawnbroker in Mississippi, applicants must submit the following materials to the Department of Banking and Consumer Finance:
- completed and notarized application
- $500 initial licensing fee
- $10,000 surety bond for appropriate licensing period (in lieu of a surety bond, you can submit $10,000 in cash, a certificate of deposit, or government bonds)
- fingerprints of each owner or partner on cards provided by the department
- contact list of each owner, partner, director, and principal officer of the company
- proof of six hours of continuing education each year
These materials must be mailed to the Mississippi DBCF, Attn: Consumer Division at P.O. Box 12129, Jackson, MS 39236-2129. License fees cannot be paid with company or personal checks.
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 found in the “Additional Resources” section.