A Florida pawnbroker bond is required from new applicants for a pawnbroking license where sufficient net worth of the applicant may be in question. Florida law defines a “pawnbroker” as any person who is engaged in the business of making pawns, makes a public display containing the term “pawn,” “pawnbroker,” or “pawnshop” or any derivative thereof, or who publicly displays a sign or symbol historically identified with pawns. A pawnbroker may also engage in the business of purchasing goods which includes consignment and trade (539.001). The Florida pawnbroking surety bond is required when in the determination of the Department of Agriculture and Consumer Services an applicant is unable to evidence a net worth of $50,000 or greater. The surety bond must be written in the amount of ten thousand dollars ($10,000) and run payable to the Department. The obligation must executed for the use and benefit of any consumer who is injured by the fraud, misrepresentation, breach of contract, financial failure, or violation of any provision of this section by the pawnbroker. Liabilities incurred against the Florida pawnbroker bond may be enforced either by proceeding in an administrative action or by filing a judicial suit. The bond form states that the instrument guarantees compliance with sections 539.001 – 539.003, Florida Statutes, the Florida Pawnbroking Act. The Act should be read carefully to fully understand the nature of the Florida pawnbroking bond obligation as there are record keeping duties and specific actions that each pawnbroker must take in the course of business. The administrative codes (Chapter 5J-13, Florida Administrative Code) that regulate pawn activity are also important to surety and the licensee.
Florida surety bond leader, Surety One, Inc. is THE source for pawnbroker surety bonds. We offer terms to ALL applicants regardless of credit condition. Visit us at SuretyOne.com, call (800) 373-2804, or email Underwriting@SuretyOne.com for a Florida pawnbroking bond application or information about any surety bond product.
