Pawnbrokers who wish to conduct business in Indiana must obtain a license with the Indiana Department of Financial Institutions (DFI). An important step in the licensing process is the obtaining and filing of a surety bond with the DFI. An Indiana Pawnbroker Surety Bond guarantees that the principal (pawn broker) complies with all regulations in Section 28-7-5 of the Indiana Code governing the operation of a pawnbrokers business, and provides protection against unethical and unlawful business practices by the principal. If a harmed party files a valid claim against the bond, the surety will pay damages up to the penal sum of the bond to resolve the claim. All damages paid out by the surety must be reimbursed by the principal, including any reasonable attorney fees. The amount of this surety bond is $50,000 per location, with a maximum total bond amount of $200,000. Please consult the DFI for the specific bond amount you need prior to bonding. You can find the application and bond form for this license here.
Pacific Surety is proud to offer industry low rates and quick turnaround time for quoting of Indiana Pawnbroker Surety Bonds. Feel free to complete our simple application to obtain an approval within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.
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Pawn Broker Surety Bonds – Indiana
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