Pawn Broker Surety Bonds are required for businesses that operate as a pawn broker or shop.
These businesses purchase and sell various items, as well as offer short-term, high interest loans in exchange for collateral of a comparable value. The recipient of the loan may then later reclaim their property, with additional interest and fees, or if the pre-determined span of time lapses, the ownership is then transferred over to the pawn broker. These license and permit surety bonds guarantee that the pawn broker will not sell the specific property before the end of its contractual period, and will honor their agreed upon financial exchange in accordance with all applicable laws and regulations.