Pursuant to THE New Jersey Pawnbrokers Act, N.J.S.A.45:22 2, no person may engage or continue in business as a pawnbroker except as authorized by law and without having first obtained a license from the Commissioner of Banking and Insurance. Each license applicant must file a New Jersey pawnbroker bond AND an insurance policy (or sufficient cash reserve) to cover any pledgor in the event of loss by fire, theft, burglary or otherwise, or other liability to the pledgor.
The New Jersey pawnbroker bond must be issued in the amount of one thousand dollars ($1,000), by a "sufficient" surety, which is approved by the Commissioner. The surety bond must run to New Jersey for the use of the State and of any other person who may have a cause of action against the licensee under the provisions of the statute. A separate pawnbroker bond is required for each place of business operated by a licensee. If a judgment is entered against a licensee in any of the courts of New Jersey and said judgment is returned unsatisfied, the holder the judgment may maintain an action in the name of the State for his own use. Application materials, fingerprints and the New Jersey pawnbroker bond should be delivered to:
NJDOBI License Services
Banking Division PO Box 473
Trenton, NJ 08625
NOTE TO NEW JERSEY PANWBROKERS: The City of Clifton requires a separate, local permit compliance bond IN ADDITION to the state requirement. Download the City of Clifton pawnbroker bond here.
New Jersey 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 New Jersey pawnbroker surety bond need.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.