How much does a pawnbroker bond cost in South Carolina?
The South Carolina Department of Consumer Affairs requires pawnbrokers to post $15,000 surety bonds prior to conducting business within the state.
SuretyBonds.com issues these bonds instantly for just $150. 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.
|Bond Type||Bond Amount||Cost|
|$15,000 Pawnbroker Special Deposit Bond||$15,000||$150|
Why do I need this bond?
South Carolina pawnbroker 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 $15,000.
What’s the fine print?
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 South Carolina pawnbroker
In order to become a licensed South Carolina pawnbroker, applicants must satisfy all of the following requirements:
- Submit $15,000 surety bond
- Provide proof of adequate insurance coverage
- Conduct national criminal background checks for all relevant individuals
- Submit pawn ticket compliant with 40-39-80(B)(1)(a)-(1) to department
- Post hours of operations
- Post revised rate schedule at every location
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