The State of Florida Department of Agriculture and Consumer Services (FDACS) regulates the licensing of Pawn Shops and Pawnbrokers and is authorized to impose penalties for non-compliance of state laws, up to $5,000.
Further details can be found in the Florida Statutes Chapter 539 and Florida Administrative Code Chapter 5J-13. The licensing process includes:
1. Complete the pawnbroker application and submit payment of licensing fee.
2. The business must maintain a net worth of $50,000, otherwise a $10,000 surety bond will be required. Obtain you surety bond from SuretyGroup.com. In lieu of a bond, a Certificate of Deposit or Irrevocable Letter of Credit may deposited with the State.
3. Submit fingerprints for each owner of the business with 10% of more ownership.
4. Provide a sample copy of the business original pawnbroker transaction form.
5. A current financial statement prepared by a Florida certified public accountant, or an affidavit state the applicants net worth, or a copy of the applicants most recent tax return (first 4 pages including schedule L).
6. An annual license is required for each business location.
The premium that you pay for a Florida Pawn Shop or Pawnbroker Surety Bond is dependent on credit.
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