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How much does a $16,275 pawnbroker bond cost in South Carolina?
A $16,275 South Carolina pawnbroker bond costs $163 and is issued instantly for all applicants. Simply click Buy Now to purchase your bond directly from our site using our secure bond checkout. In just a few minutes, you can be on your way to getting bonded as a pawnbroker in South Carolina.
Why is a pawnbroker bond required to work in South Carolina?
The South Carolina Department of Consumer Affairs requires pawnbrokers to post $16,275 surety bonds prior to conducting business within the state.
South Carolina pawnshop surety bonds ensure that principals (pawnbrokers) comply with the South Carolina Pawnbroker Act (South Carolina Code 40-39-10) while on the job. If the principal violates this code and the terms of the surety bond contract, the bond protects the state and consumers from financial loss up to the full bond amount of $16,275.
What are the terms of a pawnshop bond?
The surety can cancel pawnbroker bonds in South Carolina by giving written notice of cancellation to the administrator of the Department of Consumer Affairs. Cancellation becomes effective 45 days after the notice is received. The bond can also be terminated if the administrator mails written authorization to the surety.
How to become a pawnbroker in South Carolina
To become a licensed pawnbroker in South Carolina, applicants must adhere to the following requirements:
- Complete the SC Pawnbroker Initial Application for Certificate of Authority
Include general business and registered agent information
Indicate your business structure: Corporation, Limited Liability Company, Limited Partnership, Limited Liability Partnership, General Partnership, or Sole Proprietorship
List all business owners, members, directors, or employees
- Pay the $275 filing fee
- Obtain a SC Secretary of State Certificate of Existence/Authority if the business is a corporation, limited partnership, limited liability partnership, or limited liability company
- Provide proof of adequate insurance coverage for all pledged goods
- Include the original $16,275 pawnshop bond
- Include an Owner/Employee Verification Form for every owner, director or employee listed on the application
- Complete a Criminal Background Check Attestation for every owner, director or employee listed on the application
Follow all instructions to complete the background checks
When completing the application, attach additional pages as necessary. A Pawnbroker Application must be completed for each pawnshop location.
Mail the application and all accompanying forms and fees to the Department of Consumer Affairs:
South Carolina Department of Consumer Affairs
P.O. Box 5757
Columbia, SC 29250-5757
Additional registration information can be found on the SC Pawnbroker Regulation page.