Per state law all parties engaging in "pawn transactions" must file an Oklahoma pawnbroker bond and satisfy the regulator's solvency requirements. No person may operate a pawnbroker business without first obtaining a license from the Administrator specifically authorizing engagement in such business.
Per Chapter 37 (Oklahoma Pawnshop Act), "Each applicant for a pawnshop license must simultaneously file with the Administrator an Oklahoma pawnshop bond satisfactory to him and in the amount of five thousand dollars ($5,000.00). A surety bond must be posted for each separate license. The surety company must be qualified to do business in the state and run to the state for its use and to indemnify any person or persons who may have a cause of action against the pawnshop under the Act. The obligation must guarantee that the licensee will comply with the provisions of the Act and with all rules and regulations lawfully made by the Administrator. The Oklahoma pawnshop bond strictly gaurantee payment to the state AND to third parties any and all amounts of money that may become due or owing to them pursuant to the Act. Questions and application submissions may be sent to:
Oklahoma Department of Consumer Credit
3613 NW 56th Street, Suite 240
Oklahoma City, OK 73112-4512
Be aware that in addition to the Oklahoma pawnbroker bond, the Department of Consumer Credit also requires a financial statement from the applicant. The statement must evidence that the applicant has available for regulated loan operations, net assets of at least twenty five thousand dollars ($25,000.00). If the applicant is a sole proprietor then his or her personal financial statement must show assets of the same. In the case of partnerships or LLCs, the combined assets of the partners or members must equal to or greater than twenty five thousand dollars ($25,000). Corporate financial presentations must be signed by the owner or an officer of the business entity, dated and notarized. The mandatory Oklahoma pawnbroker bond does NOT diminish the financial solvency requirements.
NOTE TO OKLAHOMA PANWBROKERS: Oklahoma City requires a separate, local permit compliance bond IN ADDITION to the state requirement. Download the City of Oklahoma occupation bond for pawnbrokers application here. The city permit bond is issued in the amount of $1,000.
Oklahoma 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 Oklahoma pawnbroker surety bond need.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.