{"id":2291,"date":"2017-02-05T22:54:36","date_gmt":"2017-02-05T22:54:36","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=2291"},"modified":"2017-04-19T02:52:10","modified_gmt":"2017-04-19T02:52:10","slug":"south-carolina-pawnbroker-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/south-carolina-pawnbroker-bond\/","title":{"rendered":"South Carolina Pawnbroker Bond Requirement is Now $15,000. ~ Surety One, Inc. Surety Bond MGA"},"content":{"rendered":"

For many years the state Pawnbroker Act<\/a> has required a South Carolina pawnbroker bond<\/strong>, one of several requirements for licensing\u00a0a pawn shop. Recent legislation has continued the suretyship requirement and increased the amount of bond. The state statute defines a pawnbroker as\u00a0any person who engages in the business of lending money on the security of pledged goods, or engages\u00a0in the business of purchasing tangible personal property on the condition that it may be redeemed or repurchased by the seller for a fixed price within a fixed period of time. In addition to a criminal history inquiry and licensing fees,\u00a0Section\u00a040-39-50. \u201cBonding and insurance requirements, . . .\u201d, states that a surety bond in favor of the Department of Consumer Affairs<\/a>\u00a0must be executed by the applicant and\u00a0a surety company licensed to do business in this State in the penal sum of fifteen thousand dollars ($15,000) which must be approved by the administrator. The bond must be conditioned for the faithful performance of the duties and obligations pertaining to the pawnbroking operation. In addition to the state as obligee, the surety bond specifically names pledgors and\/or consumers that may sustain a loss or damage so the obligation appears to be open to third party claims. Although the form includes dates of inception and expiration, the surety\u2019s obligation is strictly limited to one bond penalty regardless of the number of terms that the bond is continued (non-cumulative). The South Carolina pawnbroker bond can be canceled by surety on forty five days written notice to the administrator of the Department.<\/p>\n

License forms, answers to frequently asked questions and other useful information for pawnbrokers can be found on the Department\u2019s website. Licensees should take special notice of the departmental memo to brokers (\u201cDepartment\u2019s Notice to Pawnbrokers\u201d), which lists the most current statutory changes, the new surety bond threshold and how to increase any bond in effect before the change in law.<\/p>\n

South Carolina surety leader<\/strong>,\u00a0Surety One, Inc.\u00a0is a specialist in the bonding needs of the pawnbroker \/ pawn shop\u00a0industry. \u00a0We offer both surety and fidelity bonds in support of pawn operations\u00a0in all fifty states, Puerto Rico and the U.S. Virgin Islands. Visit us at\u00a0, call (800) 373-2804, or email us at\u00a0Underwriting@SuretyOne.com\u00a0for a South Carolina pawnbroker\u00a0bond<\/strong>\u00a0application or information on ANY bonding need.<\/p>\n

#pawnbroker #pawn #pawnshop #suretybond #suretybonds #SuretyOne #southcarolina<\/p>\n","protected":false},"excerpt":{"rendered":"

For many years the state Pawnbroker Act has required a South Carolina pawnbroker bond, one of several requirements for licensing\u00a0a pawn shop. Recent legislation has continued the suretyship requirement and increased the amount of bond. The state statute defines a… Continue Reading →<\/a><\/p>\n","protected":false},"author":1,"featured_media":2294,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[139],"tags":[2123,2120,2122,2119,2121,1734,1871,51],"yoast_head":"\nSouth Carolina Pawnbroker Surety Bond<\/title>\n<meta name=\"description\" content=\"A South Carolina pawnbroker bond is one of several requirements for licensing a pawn shop. 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