New York City Pawnbroker Bond Guide
If you want to open a pawnshop or work as a pawnbroker in New York City, you’ll need a city-specific surety bond.
Bond Overview
- Purpose: To hold pawnbrokes liable for upholding local regulations and laws
- Who Needs It: All pawnbrokers in New York City
- Regulating Body: The NYC Department of Consumer Affairs (DCA)
- Required Coverage: $10,000
- Premium Rate: $100
Learn all about the bonding process in this quick guide.
What Is a New York City Pawnbroker Bond?
A New York City, NY pawnbroker bond is a financial guarantee that dealers will follow local regulations and operate honestly.
This type of surety bond protects the city and the public from harm if a broker is fraudulent or noncompliant with licensing laws.
How Much Do Pawnbroker Bonds Cost in New York City?
The $10,000 New York City pawnbroker bond costs a flat rate of $100. All applicants receive instant approval without a credit check.
Click Buy Now to get your bond in minutes.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a New York City Pawnbroker Bond Work?
A pawnbroker surety bond binds three parties in a legal and financially-binding contract:
- Principal: The pawnbroker filing the bond
- Obligee: The NYC Department of Consumer Affairs
- Surety: The provider issuing the bond
Any individual or business that loans money or personal property on deposit or buys personal property and sells it back at a set price must be licensed and bonded with the NY DCA.
