Ohio Pawnbroker Bond

Ohio Pawnbroker Bond

Pawnbrokers in Ohio must be licensed with the Superintendent of the Ohio Financial Institutions. Part of that requirement is obtaining a $50,000 Pawnbroker’s Surety Bond. The Superintendent utilizes surety companies as a third-party guarantor who will provide the bond and supply payment to anyone financially harmed by a pawnbroker’s violations of the Ohio Revised Code.

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By choosing Jet, you are working directly with the insurance company—we don’t tack on additional fees. Apply for the Ohio Pawnbroker Bond by clicking the button above!

What Is the Cost of the Ohio Pawnbroker Bond? 

With Jet, you can pay as low as $375 for one year or $38 monthly. A soft credit check will be completed to confirm your rate. The table below shows preferred credit tier rates and Jet’s different payment options.

Bond TermCost
Monthly$38
1 Year$375
2 Years$656
3 Years$938
Ohio Pawnbroker Bond Pricing

Check out our monthly subscription; it is exclusive to the market! We know running a business can be pricey, so opt to pay as you go rather than a large lump sum. Not having to worry about paying for a renewal is another major benefit. 

Why Does the Superintendent of Financial Institutions Mandate Pawnbrokers to Have a Surety Bond?

If you can show at least $125,000 of liquid assets with your initial application and maintain a minimum of $75,000 in liquid assets throughout your licensure, you do not need a surety bond according to Section 4727.20 of the Revised Code. Some may still opt to purchase a bond as it’s easier than procuring financial statements and providing them to the Superintendent of Financial Institutions regularly.

The bond assures the Superintendent that even if you don’t have the appropriate amount of liquid assets there will be a way to reimburse those financially harmed by your actions as a pawnbroker.

Jet’s role is to guarantee compensation is readily available to the Superintendent and/or the public when a valid claim is filed on the Ohio Pawnbroker Bond.

How to Apply for the Ohio Pawnbroker Bond With Jet 

We will need some basic information including your business name and address. Like most license bonds, a soft credit check must be completed to get you an approved rate (don't worry, it doesn’t affect your score).

Jet will quickly review the information and send you different payment options via email. You will be able to purchase the Ohio Pawnbroker Bond directly online and receive a copy of the bond and your receipt immediately after.

Can Jet File the Ohio Pawnbroker Bond to the Superintendent of Financial Institutions for Me?

Absolutely! After you’ve paid, we will send the license bond to the Superintendent for you, free of charge. The option to file the bond yourself will be given to you at checkout and it must be sent to the address below:

Division of Financial Institutions
77 South High Street
21st Floor
Columbus, OH 43215

Can I Cancel My Ohio Pawnbroker Bond and Get a Refund?

Yes, Jet just needs a written request from you via email (to [email protected]) or mail. We will send the cancellation notice to the Superintendent of Financial Institutions where the bond still carries liability for 30 days, which must be taken into account for any refunds.

Monthly payments will discontinue after the 30-day liability period. Those who paid for a one-, two-, or three-year option may be eligible for a refund. Jet will calculate any remaining premium on the bond and send it to you once the bond is cancelled.

Keep in mind that the Superintendent requires the Ohio Pawnbroker Bond to stay active for two years upon ceasing your operations. 

How to Renew the Pawnbroker Bond With Jet

Paying monthly? No need to worry about renewal. If Jet continually receives payments your bond will stay active with the Superintendent of Financial Institutions.

Bonds paid for annually or on multi-year terms will need to be renewed. Jet makes it easy by sending you an invoice via email and to your mailing address. You can remit payment through the mail or by clicking the link in the email and paying online. Failure to make payment on time will result in Jet requesting cancellation of the bond with the Superintendent.

How Does an Ohio Pawnbroker Avoid Bond Claims?

As a pawnbroker, you must uphold provisions of the Ohio Revised Code Chapter 4727 to avoid penalties. For example, do not accept an item that you know has been stolen.

A claim can come from the Superintendent of Financial Institutions or any member of the public financially harmed by your actions. The Superintendent may conduct an investigation, hold a hearing, and/or suspend or revoke your license when they find you in violation of the Ohio Revised Code. Mistakes happen, but you will typically be given the chance to correct any issues before serious disciplinary action is taken, including a bond claim.

What Happens if I Get a Claim on My Ohio Pawnbroker Bond?

Jet will conduct a thorough investigation by asking you questions and reviewing all documentation provided. You won’t be able to get out of any valid claims, but if there are any discrepancies, Jet will reject the claim.  

If any person files a claim or other judgment, you must notify the Superintendent by certified mail within 10 days of the action’s commencement and include sufficient details. 

Legitimate claims are paid in the claim amount to the claimant by Jet, up to the bond limit. You are liable for your actions and therefore must reimburse Jet for the paid-out claim to avoid future difficulties obtaining licensure or surety bonds.

Notary Bond Application:

X

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

X

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

X

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: