Pursuant to the Mississippi Pawnshop Act pawnbroker means, "any person engaged in the business of lending money on security of pledged goods or in the business of purchasing tangible personal property to be left in pawn with the agreement that the property may be redeemed or repurchased by the seller for a fixed price within a fixed period of time. A Mississippi pawnshop bond is required from licensees and applicants as a form a financial assurance to guarantee license compliance and indemnify consumers injured by the pawn broker.
Mississippi Code addresses the surety bond requirement more specifically. Pursuant to MS Code §75-67-323 (2013)(c), an applicant must file with the Commissioner of Banking and Finance a Mississippi pawnshop bond in the penal sum of ten thousand dollars ($ 10,000.00), naming the State of Mississippi as beneficiary (obligee) for the faithful performance by the licensee of the duties and obligations pertaining to his or her pawn business and the prompt payment of any judgment which may be rendered against a licensee on account of damages or other claim(s) arising directly or collaterally from any violation of the provisions of the law. The Mississippi pawnbroker bond is not valid until it is reviewed and approved by the Commissioner. Application materials, mandatory fingerprint cards and the pawnbroker bond should be delivered to:
Department of Banking and Consumer Finance
ATTN: Pawnshop Division
P. O. Box 12129
Jackson, MS 39236-2129
Mississippi surety bond leader, Surety One, Inc. is a specialist in the bonding needs of the pawn industry. We offer both surety and fidelity bonds in support of pawn and secondhand goods operators in all fifty states, Puerto Rico and the U.S. Virgin Islands. Contact us at (800) 373-2804, Underwriting@SuretyOne.com or click here for a live chat about your Mississippi pawnshop surety bond need.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.