What Is a Connecticut Secondhand Dealer/Pawnbroker Bond?
A Connecticut secondhand dealer bond protects customers if a dealer causes financial harm by acting illegally or breaking license regulations. Similarly, a Connecticut pawnbroker bond protects customers from loss if a broker breaks the law. These surety bonds are required for business licensing.
How Much Do Connecticut Secondhand Dealer Bonds Cost?
Connecticut pawnbrokers and secondhand dealer bonds cost just $100 for one year of coverage. Click Buy Now below to purchase your bond through our secure online portal. In just a few minutes, you’ll be on your way to becoming a licensed and bonded secondhand dealer in Connecticut.
Who Needs a Secondhand Dealer/Pawnbroker Bond?
The Connecticut Department of Emergency Services and Public Protection requires secondhand dealers to post $10,000 surety bonds to legally work within the state. Pawnbrokers must file $2,000 surety bonds for special licensing in certain cities in Connecticut. However, the pawnbroker bond requirement is waived if you are already licensed as a secondhand dealer and have the $10,000 bond.
How Does a Secondhand Dealer/Pawnbroker Bond Work?
By filing a Connecticut secondhand dealer bond, you pledge to meet all applicable laws and regulations. The bond contract creates a legally-binding contract between three parties:
- Principal: The bonded secondhand dealer/pawnbroker
- Obligee: The Connecticut Department of Emergency Services and Public Protection
- Surety: The surety bond issuing company
If you, as the principal, break the bond terms, the surety will financially compensate harmed parties up to the full bond amount. Then, you must reimburse the surety in full.
How to Get a Secondhand Dealer Bond in Connecticut
You can get your Connecticut $10,000 secondhand dealer bond or $2,000 pawnbroker bond instantly online. Just select the bond you need and checkout. We’ll deliver your official bond form via email.
To maintain an active bond policy, simply pay your annual renewal invoice to extend the bond for another one-year term.
How to Become a Licensed Secondhand Dealer in Connecticut
To become a licensed secondhand dealer, pawnbroker or precious metals and stones dealer in Connecticut, complete the following steps:
- Complete application for licensing under C.G.S. Chapter 409 (DPS-403-C)
- Complete appropriate advisement of requirements form(s) (DPS-404-C1, DPS-405-C1 and DPS-405-C) for each license being applied for
- Notarize all forms
- Submit state and national criminal history checks
- Provide required fingerprints
- Pay required licensing and background check fees
See the More Resources section below for additional details.
More Resources
- Pawnbroker Dealer Precious Metals Application Instructions
- Pawnbroker Requirements
- Connecticut Emergency Services and Public Protection
- Administrative Procedures for Persons Seeking Pawnbroker, Secondhand Dealer and Precious Metals and Stones Dealers Licensing
- State of Connecticut Department of Emergency Services and Public Protection Advisement of Secondhand Dealer Requirements
- State of Connecticut Substitute House Bill No. 5795 Public Act No. 11-100
