How much will my Oklahoma pawnshop bond cost?
The Oklahoma Department of Consumer Credit requires pawnshop owners to post a surety bond in the amount of $5,000.
SuretyBonds.com issues these bonds instantly for just $100 without a credit check. It takes just 5 minutes to get bonded, so give us a call us at 1 (800) 308-4358, and let our specialists do all of the hard work for you! Or, submit an online bond request, and one of our experts will contact you right away to get you the bond you need.
|Bond Type||Bond Amount||Cost*|
|$5,000 Pawnshop License Bond||$5,000||$100||Buy Now|
If you’re ready to get bonded, fill out our online bond request form. A pawnshop bond specialist will contact you right away to get you bonded instantly for just $100!
Why do I need this bond?
Oklahoma pawnshop license bonds protect customers from being defrauded by pawnshop businesses. This particular bond ensures that pawnshops abide by all of the applicable laws, which are stated in the Oklahoma Pawnshop Act (Chapter 37, 59 O.S., Section 1501-1515).
If the panwshop owner breaks any of these laws, a claim can be filed against the bond, and the surety will cover financial losses suffered by harmed parties up to the full bond amount.
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What’s the fine print?
Oklahoma pawnshop bonds are continuous until canceled. If the surety decides to cancel this bond, 30 days written notice must be filed with the Administrator of the Department of Consumer Credit of the State of Oklahoma.
How to become a pawnshop owner in Oklahoma
A pawnbroker license allows a business to take goods of value on receipt from the public and make loans against them as security. The pawnbroker can hold the goods for a fixed length of time for the buyer to repurchase, or he or she can sell the goods outright.
Oklahoma pawnbroker licenses remain valid for 1 year beginning on January 1. The license can be renewed by submitting renewal documentation before December 1 of each year.
The fees for this license include:
- a one-time $325 investigation fee
- a $240 license fee
- a $400 examination fee
Applicants must provide a $5,000 surety bond for each pawnshop and a reviewed financial statement showing at least $25,000 in net assets.
Applicants should be aware that the approval process for an Oklahoma pawnbroker’s license can take up to 60 days to complete.
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