The state of South Carolina defines a pawnbroker as any person engaged in the business of lending money on the security of pledged goods, or engaged in the business of purchasing tangible personal property on condition that it may be redeemed or repurchased by the seller for a fixed price within a fixed period of time. Per Title 40, Chapter 39 of the South Carolina Code of Laws, individuals conducting business as a pawnbroker are required to file a $15,000 surety bond with the South Carolina Department of Consumer Affairs (DCA) before they can be issued a license. This South Carolina Pawnbroker Surety Bond guarantees that the principal (pawn broker) complies with all provisions of South Carolina law governing the operation of a pawnbroker business and provides protection when pawned property is not available for redemption, due to criminal negligence, criminal malfeasance or other criminal conduct of 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.
Pacific Surety is proud to offer industry low rates and quick turnaround time for quoting of South Carolina 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 – South Carolina
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