The Florida Pawnbroking Act requires pawnshops to obtain an annual license with the Department. Each pawn shop must maintain a net worth of at least $50,000 or file security in the form of a bond, letter of credit or certificate of deposit in the amount of $10,000 with the Department. The Department is authorized to collect licensing fees and impose penalties for non-compliance with the law.
- Certificate of Deposit SAMPLE: PDF WORD
- Letter of Credit SAMPLE: PDF WORD
- Surety Bond SAMPLE: PDF WORD
- Chapter 539, Florida Statutes (F.S.)
- Chapter 5J-13, Florida Administrative Code
On the FAC site, please select "latest version" to view the rules
Frequently Asked Questions
What is the maximum interest/service charge a pawnshop can charge per month?
25% - Section 539.001 (11)a, F.S.
Is a pawn legal if I do not have a written contract?
No - Section 539.001 (8)a, F.S., always get your pawn transactions in writing on a pawnbroker transaction form.
What happens if my merchandise is lost or stolen while in the pawnbrokers possession?
Section 539.001 (13)d, F.S. - The pawnbroker may replace your item with like kind of merchandise of equal value. If you are not satisfied with what is offered, you may file a complaint with our Division of Consumer Services.
Does the pawnshop have to grant an extension on a pawn?
No, - Section 539.001 (IV), F.S. 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 finance charge. A pawn may be extended upon mutual agreement of the parties.
Is there a limit on the number of extensions 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 that the parties may agree to. Extensions are by mutual agreement between the pledgor and the pawnbroker.
What is the definition of default date?
Section 539.001 2(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 - Section 539.001 11(b) F.S., the pawn may be extended to a subsequent date by mutual agreement between the pledgor and the pawnbroker.
Can law enforcement require a pawnshop to transfer pawn transactions electronically?
Section 539.001 (9)b, F.S. If a pawnbroker presently has computer ability and law enforcement supplies the appropriate software, then a pawnshop is required to electronically transfer. If the pawnbroker does not have computer capability, the law enforcement agency may provide the necessary computer equipment.
Can law enforcement take possession of misappropriated merchandise?
Yes - Section 539.001 (16)e1, F.S. If a hold order has been placed on the merchandise a pawnbroker must release the property for use in the investigation but the pawnbroker retains property rights until court orders differently.
My license has expired but my application is in your office to be processed, may I continue to pawn?
No - Section 539.001 3(a) F.S., states a person may not engage in business as a pawnbroker unless the person has a valid license issued by the agency.
Can a temporary license be issued on a pawnshop that is being sold to someone else?
Yes - Section 539.001 3(d) F.S., states the agency may issue a temporary pawnbroker's license for the operation of a pawnshop upon receipt of an application to transfer an existing license from one person to another or receipt of a application involving principals and owners that are identical to those on the existing licensee.
If you have any questions, please contact us:
1-800-HELP-FLA (435-7352) Calling from Florida
850-410-3800 Calling from outside of Florida
Terry Rhodes Building
2005 Apalachee Parkway
Tallahassee, FL 32399-6500
Map to the office