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Have a question? +1 815-826-6324 (815-8-BondAI) phil@AmericasSuretyBonds.com
Army Veteran Owned | Expert Surety Bonds Since 2004
Alamosa will not issue a pawnbroker license until the $5,000 bond is in place, and every license runs out on December 31 no matter when it was issued. A corporate surety bond is the quickest way to meet the requirement and the mayor's approval, without lining up two personal sureties.
Alamosa Municipal Code 10-141 makes it unlawful to run a pawnbroker business in the city without a city license and a $5,000 bond. The bond runs to the people of the state, must be approved by the mayor, and guarantees that the pawnbroker follows the city's pawnbroker ordinances and keeps and returns pledged items as state law requires. The license fee is $75 and the license expires each December 31.
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Anyone who wants to establish or conduct the business of pawnbroker within the City of Alamosa needs a city license and a bond under Section 10-141 of the Alamosa Municipal Code. The code does not set tiers. Every pawnbroker posts the same $5,000 bond.
At or before the license is issued, the licensee enters into a bond of $5,000 payable to the people of the state and approved by the mayor. It is conditioned on two things. The pawnbroker must observe all city ordinances and regulations on pawnbrokers, including ones adopted later, and must safely keep and return every article held in pawn as state law requires. A customer whose pledged item is lost or not returned properly can look to the bond, and the surety then recovers what it pays from the pawnbroker.
The code allows either two or more sufficient personal sureties or one sufficient corporate surety. Most applicants use a corporate surety bond because it avoids finding individuals willing to sign and qualify.
The application goes to the city and lists the street address of the business, the amount of capital you plan to use, and satisfactory evidence of good character. The license fee is $75. Licenses expire on December 31 and must be renewed every year.
The bond is not the only protection the city wants. Section 10-141 also requires insurance covering all articles held in pawn against loss from the perils in fire and property coverage. Buy that policy separately, because the bond does not replace it.
Confirm the current bond form and filing steps with the Alamosa City Clerk before the bond is issued.
Section 10-141(d) says the bond runs to the people of the state and must be approved by the mayor. Confirm with the Alamosa City Clerk whether the city has a preferred form before the bond is issued.
Every Alamosa pawnbroker license expires on December 31 and must be renewed each year. A license issued late in the year still ends December 31.
No. The code requires both. The bond guarantees compliance and the return of pledged items, and a separate fire and property policy must protect the articles held in pawn against loss.
Failing to follow Alamosa's pawnbroker ordinances or failing to safely keep and return articles held in pawn under state law. The surety pays valid claims up to $5,000 and the pawnbroker repays the surety.
You pay an annual premium that is a percentage of the $5,000 bond amount. The surety sets the rate from the owner's credit and business history, so request a quote.
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