California Pawnbroker License Surety Bonds
Pawnbrokers are businesses or individuals who lend money for a fee (interest) in exchange for personal property such as vehicles, jewelry or other valuable items left as security. All Pawn Brokers are required to be licensed in order to transact business in the State of California. All Pawnbrokers are also required to be licensed with the California State Board of Equalization, which may require a CA Surety Bond of Seller to secure their permit. If the Pawnbroker is dealing in Motor Vehicles, , they will be required to post a CA Motor Vehicle Dealers License Surety Bond in accordance with the licensing parameters. The Pawnbroker License Surety Bond is available through A1SuretyBonds.com in all cities in the State of California that have a specific requirement.
In accordance with the provisions of Section 21303 of the CA Financial Code and as a condition precedent to the issuance or renewal of a pawnbroker's license the applicant shall file a two-year, nonrevokable surety bond with the State of California, in the sum of twenty thousand dollars ($20,000). If the licensee is unable to prove they have the required $100,000 in liquid assets, they may post a second two-year, nonrevokable surety bond in the amount of one hundred thousand dollars ($100,000) to establish the required liquidity.
The bond(s) shall be for the benefit of pledgors of pledged property when the property is not available for redemption, due to the criminal negligence, criminal malfeasance, or other criminal conduct of the pawnbroker, and the pledgor has complied with the conditions precedent to redemption under the terms of the loan contract.
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