The state of Kentucky defines a pawnbroker as any person who loans money on deposit of personal property, deals in the purchase of personal property on condition of selling the property back again at a stipulated price, makes a public display at his place of business of the sign generally used by pawnbrokers to denote their business, or who publicly exhibits a sign advertising money to loan on personal property or deposit. Per Section 226.020 of the Kentucky Revised Statutes, anyone who is granted a pawnbroker license by a city or county in Kentucky is required to submit a $1,000 surety bond to the local regulatory agency who issued the license. This Kentucky Pawnbroker Surety Bond guarantees that the principal (pawn broker) complies with all provisions of KRS Chapter 226 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.
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Pawn Broker Surety Bonds – Kentucky
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