Warr Acres Pawnbroker Bond: A Comprehensive Guide
At a Glance:
- Average Cost: $100 per year or $10 per month
- Bond Amount: $1,000
- Who Needs it: All pawnbrokers operating in Warr Acres, Oklahoma
- Purpose: To protect the public from financial harm if the pawnbroker violates the terms of their license
- Who Regulates Pawnbrokers in Warr Acres: The City of Warr Acres
Warr Acres Code of Ordinances 5.34.020 requires all pawnbrokers operating in the city to obtain a license from the City of Warr Acres. The Warr Acres 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 $1,000 surety bond to be eligible for a license.
What is the Purpose of the Warr Acres Pawnbroker Bond?
Warr Acres requires pawnbrokers to purchase a surety bond as part of the application process to obtain a license. The bond protects the public from financial harm if the pawnbroker fails to comply with the regulations set forth in Warr Acres Code of Ordinances 5.34.030. Specifically, the bond protects the public if the pawnbroker engages in acts of fraud or breaches 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 Warr Acres Pawnbroker Surety Bond?
BondExchange makes obtaining a Warr Acres 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 Warr Acres Pawnbroker Bond?
No, a credit check is not required for the Warr Acres Pawnbroker bond. Because the bond is considered relatively low risk, the same low rate is offered to all pawnbrokers operating in the city, regardless of their credit history.
How Much Does the Warr Acres Pawnbroker Bond Cost?
The Warr Acres Pawnbroker bond costs just $100 per year or $10 per month.
Who is Required to Purchase the Warr Acres Pawnbroker Bond?
Warr Acres requires pawnbrokers to purchase a surety bond as a prerequisite to obtaining a pawnbroker license. To paraphrase Warr Acres Code of Ordinances 5.34.010, a pawnbroker is a person who issues loans to individuals that leave their property, as collateral, for the broker to sell on condition that the customer may repurchase the property within a fixed 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 Warr Acres?
Pawnbrokers in Warr Acres must navigate several steps to obtain a license. Below are the general guidelines, but applicants should refer to the licensing statutes for details on the process.
License Period – All Warr Acres Pawnbroker Licenses expire one year from the date of issuance and must be renewed before the expiration date.
Step 1 – Obtain a State Pawnbroker License
Pawnbrokers must first obtain a state pawnbroker license from the Oklahoma Department of Consumer Credit before applying for a local pawnbroker license in Warr Acres. Click here for additional information on the Oklahoma Pawnbroker License.
Step 2 – Purchase a Surety Bond
Pawnbrokers must purchase and maintain a $1,000 surety bond.
Step 3 – Contact the City of Warr Acres
To obtain a license, pawnbrokers must contact the City of Warr Acres. The city will walk them through the application process, provide them with all required forms, and answer any questions they may have. Brokers must adhere to city zoning regulations and also ensure they submit a $1,000 surety bond along with an application fee determined by the city.
How Do Warr Acres Pawnbrokers Renew Their Licenses?
To renew their license, pawnbrokers should contact the City of Warr Acres. Pawnbrokers must also ensure that they renew their surety bond to avoid the termination of their license. All Warr Acres Pawnbroker Licenses expire one year from the date of issuance and must be renewed before the expiration date.
What are the Insurance Requirements for Pawnbrokers in Warr Acres?
Warr Acres does not require pawnbrokers to purchase any additional insurance. Pawnbrokers must purchase and maintain a $1,000 surety bond.
How Do Warr Acres Pawnbrokers File Their Bonds?
Pawnbrokers should submit their completed bond forms, including the power of attorney, to the City of Warr Acres at the following address:
4301 N Ann Arbor Ave
Warr Acres, OK 73122
The bond requires signatures from both the surety company that issues the bond and the applicant. The surety company should include the following information on the bond form:
- Legal name, address, and county of the entity/individual(s) buying the bond
- Surety company’s name and state of incorporation
- Date the bond is signed and goes into effect
What Can Warr Acres Pawnbrokers do to Avoid Claims Made Against Their Bonds?
To avoid claims on their bonds, pawnbrokers in Warr Acres must ensure that they:
- Do not engage in any acts of fraud
- Faithfully honor all consumer contracts
- Maintain all required transaction records
What Other Insurance Products Can Agents Offer Pawnbrokers in Warr Acres?
Most reputable pawnbrokers will purchase liability insurance. 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 Warr Acres Pawnbroker Customers?
Warr Acres unfortunately does not provide a public database of active pawnbrokers in the city. However, we suggest contacting the City of Warr Acres to obtain this information. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.