Oklahoma Pawnshop License Bond
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How much does a $5,000 Oklahoma pawnshop bond cost?
Oklahoma pawnshop license bonds cost just $100 and are issued instantly. 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.
Why do I need a pawnshop surety bond in Oklahoma?
The Oklahoma Department of Consumer Credit requires pawnshop owners to post a surety bond in the amount of $5,000.
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 pawnshop 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.
Considerations for Oklahoma pawnshop bonds
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 start and license a pawnshop 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 pawnbrokers must submit an application to become licensed. 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.
Oklahoma City pawn shop bonds
If you are located in Oklahoma City and plan to run a pawnshop, Oklahoma City requires a pawnbroker bond in the amount of $1,000. SuretyBonds.com offers these for as low as $50. Contact a surety bond expert at 1 (800) 308-4358 to get a quote for your Oklahoma City pawnbroker license bond.