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. Simply click Buy Now to purchase your bond online using our secure bond checkout. It only takes a few minutes for you to be on your way to getting your pawnshop license bond.
|Bond Type||Bond Amount||Cost|
|$5,000 Pawnshop License Bond||$5,000||$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.
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 one year beginning on the first day of January. The license can be renewed annually by submitting renewal documentation prior to December 1.
The following fees are required to be paid before an applicant may receive a license:
- One-time investigation fee ($325)
- License fee ($240)
- Examination fee ($400)
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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