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They were outstanding in helping us get business licenses all squared away and saved us lots of time in the process.
Overview of pawn shop and second hand dealer licensing
The pawn shop industry is regulated by various federal laws, including the Patriot Act, Truth in Lending Act, and Credit Opportunity Act. Both state and local authorities further regulate pawnbrokers and second hand dealers by making it illegal to operate without a license. Regardless of your location, a pawn shop industry license will almost always be required, and in certain jurisdictions, it may even be required for your employees.
In addition to completing an application form and fee, states generally also require applicants to provide varying supporting documentation. This may include fingerprints, credit reports, financial statements, letters of reference, surety bonds and/or proof of insurance. To remain in compliance with industry regulations, each business is required to maintain its license by filing renewals and, in some cases, daily reports of their transactions.
In addition to completing an application form and fee, states generally also require applicants to provide varying supporting documentation. This may include fingerprints, credit reports, financial statements, letters of reference, surety bonds and/or proof of insurance. To remain in compliance with industry regulations, each business is required to maintain its license by filing renewals and, in some cases, daily reports of their transactions.
How CT Corporation supports your business
Unmatched expertise and scale with 50,000 licenses managed annually in 15,000 locations
10 average years of experience of our service team members
300+ license types across 110 industries and 8,300 jurisdictions
Business license considerations
State and local authorities issue specific business licenses and permits depending on your industry. In some cases, regulations require special education and unique credentials.
Businesses functioning without the proper license are generally penalized based on the size of the operation and the gravity of the offense.
Businesses functioning without the proper license are generally penalized based on the size of the operation and the gravity of the offense.
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