South Carolina Pawnbroker Bonds
What is a South Carolina Pawnbroker Bond?
A Pawnbroker Surety Bond must be deposited by South Carolina pawnbrokers pursuant to Section 40-39-50 of the Code of Laws of South Carolina. The surety bond is typically in an amount or coverage of $15,000 and is required for those seeking a certificate of authority to carry on the business of a pawnbroker in accordance with the laws of the State of South Carolina. If the bonded pawnbroker does not faithfully comply with the South Carolina Pawnbroker Act, S.C. Code Ann. § 40-39-10 et seq. and any regulations set out thereunder, or if anyone is harmed financially because of the principal's misconduct as determined by the Administrator or a court of competent jurisdiction, an actions may be taken by the aggrieved parties to recover against the bond.