Pawnbrokers who operate in the city of Baltimore are required to register for a local business license with the Baltimore City Department of Finance – Bureau of Revenue Collections (BRC). As part of their licensing requirements, pawnbrokers must submit and maintain a $50,000 surety bond with the BRC before a license can be issued. This Maryland Pawnbroker Surety Bond guarantees the principal (pawnbroker) complies with all regulations in Article 2, Subtitle 11 of the Baltimore City Code governing the operation of a pawnbroker 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.
Pawnbrokers who operate in the counties of Anne Arundel, Harford, Howard, Montgomery and Prince George are subject to local pawn laws and licensing of each individual county. Pawnbrokers operating in the remaining areas of the state are required to obtain a license from the Maryland Department of labor, Licensing & Regulation. At this time, there are no surety bond requirements for these county’s licenses or for the state license.
Pacific Surety is proud to offer industry low rates and quick turnaround time for quoting of Maryland 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 – Maryland
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