Pawnbroker License
As defined in New York State General Business Law (GBL) §52, a “collateral loan broker” (also known as a “pawnbroker”) is a person, partnership, or corporation that loans money on deposit or pledge of personal property or buys personal property and sells it back at a set price. The New York City Department of Consumer and Worker Protection (DCWP) issues this license.
You must have the applicable Business Certificate based on your business’s legal structure. Although DCWP does not require submission of your Business Certificate in order to process your application, DCWP may request this document under section 20-104 of the New York City Administrative Code.
- Sole proprietors operating under a name other than your own must have a Business/Assumed Name Certificate.
- Partnerships must have a Partnership Certificate and, if applicable, an Assumed Name Certificate for your business.
- Corporations, Limited Partnerships, Limited Liability Companies, or Limited Liability Partnerships must register and remain active with the New York State Division of Corporations. DCWP will verify active status prior to license issuance. You can check your status at www.dos.ny.gov/corps.
Complete the Basic License Application.
The Basic License Application requires business information, including applicable identification numbers (such as EIN, SSN, or ITIN); contact information for the business location and business owner, history of criminal and / or civil charges for the business owners, partners, shareholders, and officers; and any DCWP license history for individuals named on the application and their relatives.
The business must provide their New York State Sales Tax Identification Number or Certificate of Authority Application Confirmation Number on the Basic License Application .
Submit a copy of a $10,000 surety bond (or third party bond), properly signed. The copy of the bond must name the City of New York as the Certificate Holder. The business name and address on the bond must match the information provided in the license application. The applicant must also submit a copy of the bond receipt showing that the bond has been paid in full and does not expire before the end of the licensing period.
If someone other than the license applicant will prepare and submit this application, complete the Granting Authority to Act Affirmation. Note: The applicant must sign the license application and all related forms.
Within two weeks of DCWP receiving all required materials, applicants will receive one of the following notifications by mail with the status of their license application.
- If the application is approved, DCWP will issue the applicant a license document.
- If the application requires additional information, DCWP will notify the applicant by mail with instructions on how to submit this information. If the applicant does not submit the requested materials to DCWP within 10 days of receiving this notification letter, the application will be denied.
- If the application is denied, DCWP will provide an explanation for the denial and information about the reapplication process.