Puerto Rico Pawn Shop Bond (Fianza de Casa de Empeño)

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Bond Penalty: $10,000

The Commonwealth of Puerto Rico requires a pawnshop surety bond from all applicants that will engage in short term loans collateralized by tangible property taken in pawn. Capítulo 32, §634 through §654 regulate the licensing and conduct of "casas de empeño". Pawn operations are overseen by the Office of the Commissioner of Financial Institutions (Oficina del Comisionado de Instituciones Financieras) which receives and processes license requests.

Each pawnbroker must file a Puerto Rico pawnshop bond in the form and amount stipulated by the regulating statute. Per subsection (a), "Every applicant for a license to operate a Pawnbroking Business shall file a surety bond to guarantee faithful compliance with the provisions of the laws and administrative regulations that are currently in effect or may be adopted. The surety bond must indemnify any person including the OCFI, and issued in an amount of no less than ten thousand dollars ($10,000). The Commissioner may require a surety bond of up to a maximum of one hundred thousand dollars ($100,000) based on the pawn operator's volume of business and financial condition. Per the statute:

(a) Todo peticionario de una licencia para operar un negocio de casa de empeño deberá presentar junto con su solicitud, y mantener vigente, una fianza que responda por el fiel cumplimiento a las disposiciones de este capítulo, y las reglas o reglamentos que podrían ser adoptados al amparo del mismo. El Comisionado establecerá, mediante reglamento, aquellos términos y condiciones que entienda deba contener la fianza para poder proteger el interés público. Dicha fianza responderá a cualquier persona, incluyendo la OCIF, y será por una cantidad no menor de diez mil dólares ($10,000) para responder por el fiel cumplimiento de sus obligaciones en la operación del negocio. No obstante, el Comisionado podrá requerir una fianza en exceso de diez mil dólares ($10,000) hasta un máximo de cien mil dólares ($100,000) basada en el volumen de negocios del concesionario y en la situación financiera de éste.

The prevailing code may be reviewed in english here.

The Commission is currently addressing the application process so that it may be accomplished through the NMLS portal however at present the Puerto Rico 'fianza de casa de empeño' must be filed by CERTIFIED MAIL or personal delivery to:

Oficina del Comisionado de Instituciones Financieras (OCIF)
1492 Ave. Ponce De León Suite 600, Edif. Centro Europa, Santurce, PR
or
PO Box 11855, San Juan, PR 00910-3855

There are stiff criminal and civil penalties associated with noncompliance with the reguliations. A fine of up to $10,000 per violation can be assessed administratively by the Commission. The Commissioner may also request that the prosecutor's office initiate criminal proceedings against a violator.

Puerto Rico surety bond leader, Surety One, Inc. offers this surety bond on credit review for underwriting and rating decisions however we offer non- standard programs for applicants that may have damaged credit or may not have had the opportunity to develop credit. We decline no application, but rather offer terms that fit each applicant.

La mayoría de la fianzas exigidas por las varias agencias y comisionados estatales son sencillas. Para cotizar una simple fianza comercial que contempla una penalidad de $10,000 or menos, requeremos una sencilla solicitud. Para montos más altos nos hace falta revisar los estados financieros personales y empresariales del/la solicitante. El estado crediticio personal del individuo y/o propietario(a) de una empresa importa PERO ofertamos programas especiales para solicitantes con el crédito dañado o falta de historial crediticio. ¡No rechazamos a NADIE!

Surety bond application review and quoting are free of charge. There is no obligation to purchase.

What We Need From You

Additional Attachments

  • Current Business Financial Statement (if bond in excess of $10,000)