Pawnbroker
STATUTES AND RULES:
Oklahoma Pawnshop Act: Title 59 O.S. §§ 1501-1515
Oklahoma Administrative Code: Title 160, Chapters 1,3,5,15
DESCRIPTION:
This license allows a business to take goods of value on receipt from the public, making loans against them as security. The goods are then held for a fixed length of time for the buyer to repurchase, or then may be sold outright.
TIME FRAME TO ISSUE:
The approval process for this license requires up to 60 days to complete.
FEES:
The fees for this license include: a $325.00 one-time investigation fee, a $240.00 license fee and a $400.00 examination fee of books and records for a total of $965.00.
LICENSING PERIOD:
This license is valid for one year, beginning on January 1st.
PREREQUISITES:
The business must have a surety bond of $5,000 per shop, and a reviewed financial statement showing at least $25,000 in net assets.
