Pawnshop bond cost
The Mississippi Department of Banking and Consumer Finance requires pawnshop owners to post $10,000 surety bonds to legally conduct business within the state.
These bonds are subject to underwriting, which means the amount you’ll pay for your surety bond depends on a review of your personal credit report. Applicants with strong financial credentials could get bonded for just $100! Bad credit? No problem. we are offers an exclusive bad credit bonding program through which we approve 99% of applicants for the bonds they need.
submit a bond request or give us a call at 888.610.4474 to start getting bonded.
Why this bond
Mississippi pawnshop bonds ensure that principals (pawnbrokers) conduct business according to the laws of the state and the terms listed in the Mississippi Pawnshop Act (75-67-301 et seq. of the Mississippi Code Annotated). Violations under the Mississippi Pawnshop Act include:
- failing to record entries
- removing, destroying or falsifying records, accounts or books
- failing to maintain records of pawn transactions for 4 years
- refusing the appropriate law enforcement to inspect pawn records
- accepting a purchase or pledge from an individual younger than 18 years of age
- charging insurance on pawn transactions
- agreeing to sell purchased or pledged goods back to the seller
- and more
Pawnshop bond details
Pawnshop bonds in Mississippi expire annually on December 31. The bond can be continued for any subsequent calendar year with a continuation certificate signed and sealed by the principal and the surety.
Become a pawnbroker
To become a licensed pawnbroker in Mississippi, applicants must submit the following materials:
- $500 initial licensing fee or $250 renewal licensing fee
- $10,000 surety bond for appropriate licensing period or $10,000 cash in lieu of a surety bond
- fingerprints on cards provided by the department
- proof of a clean criminal record
- proof of 6 hours of continuing education each year
The licensing period runs from January 1 to December 31 and is not prorated for applications made during the license period.
Apply for your surety bond
Get a FREE mississippi pawnshop bond Quote Today! Click here to begin