Pawnbrokers who conduct business in the state of Massachusetts are required by state law to obtain a license from the city or town that they are operating in. As an important step in the licensing process, state law requires the licensee to file a surety bond in the amount of $300 with the authority who issues the license. This Massachusetts Pawnbroker Surety Bond guarantees that the principal (pawnbroker) complies with all regulations in Title XX, Chapter 140 of the Massachusetts General Laws 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. It is recommended that you contact your local licensing authority for information regarding your specific needs prior to bonding.
Pacific Surety has rates starting at $100 annually for Massachusetts 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 – Massachusetts
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