The state of Louisiana requires anyone operating as a pawnbroker to be licensed with the Louisiana Office of Financial Institutions (OFI). Applications for pawnbroker licenses are handled by the Nationwide Mortgage Licensing System (NMLS), and additional licensing information can be found on the NMLS website. Licensing fees are $750, including the NMLS processing fee, and $36.26 will be added per FBI criminal background check authorization. All fees are collected through the NMLS and are not refundable.
As part of their licensing requirements, pawnbrokers must submit and maintain a $50,000 surety bond with the OFI. An original copy of the surety bond can be submitted directly to the OFI, or an Electronic Surety Bond (ESB) can be submitted via the NMLS website. This Louisiana Pawnbroker Surety Bond guarantees that the principal (pawnbroker) complies with all regulations under the “Louisiana Pawnshop Act”, R.S. 37:1781, et seq., and any other legal obligations arising out of the conduct as a pawnshop.
This bond is for the benefit of the State of Louisiana and all persons suffering damages by reason of Principal’s failure to comply with the aforesaid statute or other legal obligation arising out of Principal’s conduct as a pawnshop. 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.
Pacific Surety is proud to offer industry low rates and quick turnaround time for quoting of Louisiana 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 – Louisiana
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