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Pawnbroking Dating back as far as the 13th century pawnbroking is as rich in history as it is in legend.
A far change from the past, modern day pawnbroking is a well-organized and regulated industry. In the state of Florida, a pawnbroker is regulated and licensed by the
Florida Department of Agriculture and Consumer Services. A pawn is when a consumer is advanced funds in exchange for personal property that will be stored in the "pawnbroker's" possession until the consumer redeems the merchandise according to the agreed upon terms, or the pawn contract defaults. All pawnshops are required to apply and obtain a license with the Department annually. Each pawnshop must maintain a net worth of at least $50,000 or file security in the form of a surety bond, letter of credit or certificate of deposit in the amount of $10,000. The Department is authorized to impose penalties for noncompliance of the law, up to $5,000. Listed below are some commonly asked questions and answers. If you have not found what you are looking for please feel free to contact us and we will assist you to the best of out abilities.
How old do you have to be to pawn or sell in a pawn shop?
18
What can I pawn?
Anything of value, contact us if you are not sure.
What do I need to have to pawn?
Your item(s) and a valid drivers license or state I.D.
Can I pawn, in Florida if I live out of state?
Yes
What is the difference between pawn and sell?
A pawn you come back for, a sale you don't.
What is the maximum interest charge a pawnshop can charge? >What are the terms of the loan?
25% > 30 days.
Is a pawn legal if I do not have a written contract?
No, always get your pawn transactions in writing on a pawnbroker form. What happens if my merchandise is lost or stolen while in the pawnbrokers possession? The pawnbroker may replace your item with like kind of merchandise of equal value. If you are not satisified with what is offered, you may file a complaint with the State. What if I have a complaint about a pawn transaction?
The Florida Department of Agriculture and Consumer Services regulates pawnbrokers. If you have reason to believe you were treated unfairly you may file a complaint with our Department. Does the pawnshop have to grant an extension on a pawn?
No, but according to the Pawnbroking Act you have 60 days from the date of the pawn to pick up your merchandise with payment of principle and interest charge.
Is there a limit on the number of extension that may be given on a pawn?
No-Section 539.001 11(b) F.S., states there is no limit on the number of extensions.
What is the definition of default date?
Section 539.001 2(s) F.S., defines default date as the date the pledgor's right to redeem expires. Can a default date be extended at any time before the pawn goes into default?
Yes-Section539.001 11(b) F.S., the pawn may be extended to a subsequent date by mutual agreement betwen the pledgor and the pawnbroker.
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