Oklahoma Pawnshop License Bond
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What Are Oklahoma Pawnbroker Bonds?
Oklahoma pawnbroker bonds ensure that pawnshops follow all regulations outlined in the Oklahoma Pawnshop Act and operate honestly. They protect government entities and consumers from financial harm if a pawnshop owner or dealer is fraudulent or noncompliant with licensing laws.
Pawnbroker bonds provide a financial guarantee that you will follow government regulations. If you violate the bond terms, the surety provider will compensate the claimant up to the full bond amount.
How Much Does a Pawnbroker Bond Cost in Oklahoma?
Oklahoma pawnbroker bonds cost a flat rate of $100 per year for all applicants. Or, you can save 25% per year by selecting a multi-year term. Select the bond you need below to buy your bond instantly online.
SuretyBonds.com does not charge any additional brokerage fees.
Who Needs a Pawnbroker Bond in Oklahoma?
The Oklahoma Department of Consumer Credit requires all pawnshop owners in the state to post a $5,000 surety bond per location. Pawnbrokers in Oklahoma City need to file an additional $1000 Oklahoma City pawnbroker bond with the Department of Development Services.
How Do I Apply for an Oklahoma Pawnshop Bond?
With SuretyBonds.com, you can get your Oklahoma pawnshop bond in minutes:
- Select the bond you need.
- Checkout instantly online.
- Receive your bond documentation via email.
Once you receive your bond, file it with the government licensing agency requiring the bond to become officially bonded.
How to Open a Pawnshop in Oklahoma
An Oklahoma pawnbroker license allows a business to take goods of value on receipt from the public and make loans against them as security. The pawnbroker can hold the goods for a fixed length of time for the buyer to repurchase, or they can sell the goods outright.
You’ll need to submit an application and pay the following fees to receive your Oklahoma pawnbroker license:
- $325 One-time investigation fee
- $240 License fee
- $400 Examination fee
You must also purchase a $5,000 surety bond for each pawnshop and a reviewed financial statement showing at least $25,000 in net assets. Licenses remain valid for one year starting on January 1st. You can renew your pawnbroker license annually by submitting renewal documentation before December 1st.
Be aware that Oklahoma pawnbroker’s license applications can take up to 60 days to be approved. Purchase your bond today to get started.
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