Thomasville Pawnbroker Bond: A Comprehensive Guide
At a Glance:
- Average Cost: $100 per year or $10 per month
- Bond Amount: $25,000
- Who Needs it: All general pawnbrokers and vehicle pawnbrokers operating in Thomasville, Georgia
- Purpose: To protect the public from financial harm if the pawnbroker violates the terms of their license
- Who Regulates Pawnbroker in Thomasville: The Thomasville Tax, Collections, and Licensing Office
Thomasville Code of Ordinances 18-271 requires all general pawnbrokers and vehicle pawnbrokers operating in the city to obtain a license with the Thomasville Tax, Collections, and Licensing Office before conducting business. The Thomasville City Council enacted the licensing requirement to ensure that pawnbrokers engage in ethical business practices. To provide financial security for the enforcement of the licensing law, pawnbrokers must purchase and maintain a $25,000 surety bond to be eligible for licensure.
What is the Purpose of the Thomasville Pawnbroker Bond?
Thomasville requires general pawnbrokers and vehicle pawnbrokers to purchase a surety bond as part of the application process to obtain a pawnbroker license. The bond ensures that the public will be protected from financial harm if the broker fails to comply with the regulations set forth in the Thomasville Code of Ordinances 18-277. Specifically, the bond protects the public in the event the broker engages in any acts of fraud or breaches any consumer contracts. In short, the bond is a type of insurance that protects the public if the pawnbroker violates the terms of their license.
How Can an Insurance Agent Obtain a Thomasville Pawnbroker Surety Bond?
BondExchange makes obtaining a Thomasville Pawnbroker bond easy. Simply log in to your account and use our keyword search to find the “Pawnbroker” bond in our database. Don’t have a login? Gain access now and let us help you satisfy your customers’ needs. Our friendly underwriting staff is available by phone at (800) 438-1162, email, or chat from 7:30 AM to 7:00 PM EST to assist you.
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Is a Credit Check Required for the Thomasville Pawnbroker Bond?
No, a credit check is not required for the Thomasville Pawnbroker bond. Because the bond is considered relatively low risk, the same low rate is offered to all pawnbrokers in the city regardless of their credit history.
How Much Does the Thomasville Pawnbroker Bond Cost?
The Thomasville Pawnbroker bond costs just $100 per year or $10 per month.
Who is Required to Purchase the Bond?
Thomasville requires general pawnbrokers and vehicle pawnbrokers to purchase a surety bond as a prerequisite to obtaining a pawnbroker license. To paraphrase the Thomasville Code of Ordinances 18-268, a general pawnbroker is a person who issues loans to individuals that leave their property, not including motor vehicles, for the broker to sell on condition that the customer may repurchase the property within a fixed period of time. Likewise, a vehicle pawnbroker is a person who purchases motor vehicles from individuals for resale on condition that the motor vehicle may be repurchased by the seller within a fixed period of time and may be leased back to the seller during such period of time.
BondExchange now offers monthly pay-as-you-go subscriptions for surety bonds. Your customers are able to purchase their bonds on a monthly basis and cancel them anytime. Learn more here.
How do Pawnbrokers Apply for a License in Thomasville?
Pawnbrokers in Thomasville must navigate several steps to secure a pawnbroker license. Below are the general guidelines, but applicants should contact the Tax, Collections, and Licensing Office for details on the process.
License Period – All Thomasville Pawnbroker License expire on January 15th of each year and must be renewed before the expiration date.
Step 1 – Contact the Tax, Collections, and Licensing Office
To obtain a license, general pawnbrokers and vehicle pawnbrokers must contact the Tax, Collections, and Licensing Office. The agency will walk them through the application process, provide them with all required forms, and answer any questions they may have. All license applications will, at a minimum, require the following items:
- Copy of driver’s license number
- Occupational tax certificate
- Notarized citizenship affidavit
- Private employer affidavit
- An original surety bond
Pawnbrokers are required to pay an application fee determined by the department, and all applicants are subject to a background check.
Step 2 – Purchase a Surety Bond
General pawnbrokers and vehicle pawnbrokers in Thomasville must purchase and maintain a $25,000 surety bond.
How do Thomasville Pawnbrokers Renew Their License?
Pawnbrokers should contact the Tax, Collections, and Licensing Office to obtain a renewal application before their license expires. All Thomasville Pawnbroker Licenses expire on January 15th of each year and must be renewed before the expiration date.
What are the Insurance Requirements for the Thomasville Pawnbrokers?
Thomasville does not require pawnbrokers to purchase any form of liability insurance as a prerequisite to obtaining a pawnbroker license. Pawnbrokers must purchase and maintain a $25,000 surety bond.
How Do Thomasville Pawnbrokers File Their Bonds?
Pawnbrokers should submit their completed bond forms, including the power of attorney, to the following address:
111 Victoria Place
Thomasville, GA 31799
The surety bond requires signatures from both the surety company that issues the bond and from the broker. The surety company should include the following information on the bond form:
- Legal name of the entity/individual(s) buying the bond
- Surety company’s name and city
- Date the bond is signed
What Can Thomasville Pawnbrokers do to Avoid Claims Against Their Bonds?
To avoid claims against their bonds, pawnbrokers in Thomasville must ensure that they:
- Do not engage in any acts of fraud
- Do not breach contracts made with consumers
What Other Insurance Products Can Agents Offer Pawnbrokers in Thomasville?
Thomasville does not require pawnbrokers to purchase liability insurance as a prerequisite to obtaining a pawnbroker license. However, most reputable businesses will purchase this insurance anyway. Bonds are our only business at BondExchange, so we do not issue any other types of insurance, but our agents often utilize brokers for this specific line of business. A list of brokers in this space can be found here.
How Can Insurance Agents Prospect for Thomasville Pawnbroker Customers?
Thomasville unfortunately does not provide a public database of active pawnbrokers in the city. We suggest contacting the Tax, Collections, and Licensing Office for this information. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.