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.
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!
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.
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.
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.
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.
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
Columbus, OH 43215
Yes, Jet just needs a written request from you via email (to firstname.lastname@example.org) 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.
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.
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.
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.