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Army Veteran Owned | Expert Surety Bonds Since 2004
Have a question? +1 815-826-6324 (815-8-BondAI) phil@AmericasSuretyBonds.com
Army Veteran Owned | Expert Surety Bonds Since 2004
A pawn shop in Englewood answers to two sets of rules: the state pawnbroker statute and the city's own license. The $5,000 bond is the city's financial guarantee that you will follow both, and it costs a yearly premium rather than $5,000 in cash.
The City of Englewood requires a $5,000 surety bond from pawn and auto pawn brokers it licenses. Colorado law, C.R.S. 29-11.9-102, gives local licensing authorities the power to license pawnbrokers and to require that they be bonded and insured. The bond protects the city and the public if the broker breaks the state or local pawn rules.
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Colorado does not license pawnbrokers at the state level. C.R.S. 29-11.9-102 says local licensing authorities may license pawnbrokers and may require that they be bonded and insured. Englewood uses that authority, and the $5,000 bond is filed with the City of Englewood as part of the pawn and auto pawn broker license. The same statute requires local rules to be at least as strict as the state article, except that fixed time and fixed price terms can be no stricter than state law.
The bond guarantees the broker will follow the state pawn statute and Englewood's licensing rules. The state duties are specific. Under C.R.S. 29-11.9-103 a pawnbroker must record each transaction with the customer's name, address, date of birth and ID number, describe each item with any serial number, model number or brand name, and take a signed declaration of ownership. Records must be kept for at least three years after the last transaction and be open to local law enforcement. Two records of all property taken in each week go to local law enforcement on the day it sets.
Goods taken under a contract for purchase must be held for ten days after the maturity date. Property bought outright must be held for thirty days after the purchase. In both cases the items must be kept separate and left unaltered. Selling early is one of the fastest ways to draw a claim against a pawn bond.
Confirm the current bond form, filing steps and any insurance requirement with the City of Englewood before the bond is issued. Premium is set by the surety after reviewing the owner's credit and business history.
No. C.R.S. 29-11.9-102 leaves licensing to local licensing authorities, which may require pawnbrokers to be bonded and insured. In Englewood the license and the $5,000 bond go through the city.
State law requires goods under a contract for purchase to be held ten days after the maturity date and goods bought outright to be held thirty days after purchase, kept separate and unaltered.
Each transaction must be logged with customer identity details and a detailed item description, along with a signed declaration of ownership. Records must be kept at least three years and be available to local law enforcement.
The surety prices the bond after reviewing the owner's personal credit and business history. Apply to see the exact quote.
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