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Overview of pawn shop and second hand dealer licensing
The pawn shop industry is regulated by various federal laws, including the Patriot Act, Truth in Lending Act, and Credit Opportunity Act. Both state and local authorities further regulate pawnbrokers and second hand dealers by making it illegal to operate without a license. Regardless of your location, a pawn shop industry license will almost always be required, and in certain jurisdictions, it may even be required for your employees.
In addition to completing an application form and fee, states generally also require applicants to provide varying supporting documentation. This may include fingerprints, credit reports, financial statements, letters of reference, surety bonds and/or proof of insurance. To remain in compliance with industry regulations, each business is required to maintain its license by filing renewals and, in some cases, daily reports of their transactions.
In addition to completing an application form and fee, states generally also require applicants to provide varying supporting documentation. This may include fingerprints, credit reports, financial statements, letters of reference, surety bonds and/or proof of insurance. To remain in compliance with industry regulations, each business is required to maintain its license by filing renewals and, in some cases, daily reports of their transactions.
Business license considerations
State and local authorities require businesses to obtain specific licenses and permits based on their industry. In some cases, regulations mandate specialized education and unique credentials.
Operating without the appropriate license typically results in penalties, which vary according to the size of the business and the severity of the violation.
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