In Mobile, Alabama, Pawnbrokers must register for a business license and post a $1,000 surety bond in order to operate in the City. Jet Insurance Company offers the City of Mobile Pawnbroker Bond as a tool to protect the public good by holding pawnbrokers accountable to the law, and establishes a means to compensate any parties damaged by a fraudulent pawn shop transaction.
Jet is a direct surety carrier, which means we have cut out the middlemen who slow down the process and cost you more for your bond in fees and commissions.
With Jet, the Pawnbroker Bond costs just $10 per month or $100 per year! For pawnbrokers looking to lock in a low rate and make fewer payments, Jet offers 2-year and 3-year payment options for $175 and $250 respectively.
Jet’s monthly payment option is a game-changer in surety bonds. You pay a low rate for your bond on a simple automatic payment, for as long as you need it. No extra paperwork, no renewal deadlines to worry about.
The Pawnbroker Bond is required under the City of Mobile Code of Ordinances Section 53-102 to hold pawnbrokers accountable to the City’s regulations, and to provide a means of compensation for customers and borrowers who may be financially damaged by a pawnbroker.
All pawnbrokers operating in the City of Mobile must register for a business license and post the bond to operate their business.
Applying for your Pawnbroker Bond with Jet is easy! The entire process from application to purchase takes just minutes online. The Jet team will ask for your business name, location, and form of payment. Once your purchase is complete, a receipt will immediately be available along with a copy of the bond for your records.
Let the Jet Team file the Pawnbroker Bond with the City of Mobile for you! We will immediately send the bond to the Revenue Department when you complete your purchase.
Don’t forget: you will need to apply for your business license with the City as well.
If you would prefer to ship the bond to the Revenue Department yourself, that option will be available for you at checkout. Just ensure that the signed bond is delivered to the following address:
City of Mobile
PO Box 3065
Mobile, AL 36652-3065
Cancelling your Pawnbroker Bond with Jet is easy. Just send written notice to Jet (an email to email@example.com is fine) that you would like to cancel your bond. Jet will communicate that to the City of Mobile, and the obligation ends 30 days after notification to the City.
If you selected our monthly payment option, cancelling is easy. Your payments will cease as soon as the 30 day period has elapsed.
If you are paying through an annual, 2-year, or 3-year plan, Jet will review your bond term to see if any premium is available for refund.
While the bond form and Code of Ordinances do not specify a renewal date for the surety bond, business licenses in Mobile are required to be renewed by January 31st of each year, per the Code of Ordinances Section 34-44.
If you have selected Jet’s monthly payment option, there is no need to renew your bond as long as you continue to make the monthly payment. For those on our annual or 2-year and 3-year payment options, Jet will send you a reminder of your upcoming renewal deadline well in advance. Once you have provided your payment, you are all set. No unnecessary paperwork or processing required.
Most importantly, comply with the City’s regulations and act in good faith in transactions with the Alabama public. Mobile’s Code of Ordinances Article 5 emphasizes transparency in reporting for pawnbrokers, requiring frequent detailed reports to the Chief of Police. Pawnbrokers should be thoroughly familiar with these requirements and comply with them at all times. Pawned items can only be sold after the agreed date and items in inventory need verification that they are not reported stolen in the police chief’s records.
Claims may arise when a transaction breaks with the regulations and leaves a member of the public financially harmed. If this occurs, pawnbrokers should endeavor to resolve the matter directly with the customer or borrower, avoiding escalation to court and potentially a bond claim.
First, immediately notify Jet if you are expecting a claim against your bond. Jet will come to your defense as much as possible, but will need your cooperation to do so. The Jet team will need your honest forthright communication to investigate the circumstances and give you support.
If the bond is judged valid, Jet is obligated by the bond terms and Code of Ordinances to pay up to the limit of the bond. If this occurs, consider Jet Insurance Company a financial guarantor, paying on your behalf. You are still responsible, however, for the actions that resulted in the claim. You will need to reimburse Jet for the amount paid. Failure to do so will result in license suspension, and could make future attempts to secure a surety bond more difficult.