What is a Mississippi Pawnshop Bond?
The Mississippi Department of Banking and Consumer Finance requires a $10,000 Pawnshop Bond in order to legally operate a pawn shop in the state. The bond ensures that the pawn shop complies with government regulations related to managing the daily activities of the business.
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Why is a Mississippi Pawnshop Bond Required?
The bond ensures that the business abides by the applicable laws of the State of Mississippi, all other applicable statutes, Additionally, the bond guarantees faithful performance of the duties and obligations pertaining to the business so licensed and the prompt payment of any judgment which may be recovered against such principal on account of damages or other charges arising directly or collectively from any violation of the provisions of the Mississippi Pawnshop Act. Lastly, the bond ensures that principal shall pay and discharge any and all indebtedness for which such principal may become liable under the provisions of the Mississippi Pawnshop Act and any other applicable laws, statutes, or ordinances of the State of Mississippi, or to any county, municipality or other political subdivision.
Additional Mississippi Pawnshop Bond Resources & Links
Mississippi Department of Banking and Consumer Finance Pawnbroker
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