Florida Department of Agriculture and Consumer Services

Pawnbroking

The Florida Pawnbroking Act requires pawnshops to obtain an annual license with the Florida Department of Agriculture and Consumer Services (FDACS). Each pawn shop must maintain a net worth of at least $50,000 or file security in the form of a bond, letter of credit or certificate of deposit in the amount of $10,000 with FDACS.

FDACS is authorized to collect licensing fees and impose penalties for noncompliance with the law.

Frequently Asked Questions

Select a question below to expand the answer.

I'm a military veteran. How can I apply for a business registration fee waiver?

Initial business registration fees can be waived for honorably discharged veterans, the spouse of a veteran, or a business with a majority ownership held by a veteran or spouse of a veteran within 60 months after the date of discharge. The waiver is available to veterans from any branch of the United States Armed Forces.

Applicants must meet the licensing requirements of the specific industry and must submit a separate Military Veteran Fee Waiver Request [ Adobe PDF Document ] form. The applicant must also submit a DD-214 form as proof of honorable discharge. This waiver does not include examination fees or other incidental fees. 

Call 1-800-HELP-FLA (435-7352) or 1-800-FL-AYUDA (352-9832) for more information regarding the veteran fee waiver.

What is the maximum interest/service charge a pawnshop can charge per month?

Twenty-five percent.

Does the pawnshop have to grant an extension on a pawn?

No, but according to the Pawnbroking Act the pledgor has 60 days from the date of the pawn to pick up their merchandise with payment of principal and finance charge. A pawn may be extended upon mutual agreement of the parties.

Is there a limit on the number of extensions that may be given on a pawn?

No, there is no limit on the number of extensions that the parties may agree to. Extensions are by mutual agreement between the pledgor and the pawnbroker.

What is the definition of default date?

Subsection 539.001(2)(s), Florida Statutes, defines default date as the date the pledgor's right to redeem expires.

Can a default date be extended at any time before the pawn goes into default?

Yes. The pawn may be extended to a subsequent date by mutual agreement between the pledgor and the pawnbroker.

Can law enforcement require a pawnshop to transfer pawn transactions electronically?

If a pawnbroker presently has computer capability and law enforcement supplies the appropriate software, then a pawnshop is required to electronically transfer. If the pawnbroker does not have computer capability, the law enforcement agency may provide the necessary computer equipment.

Can law enforcement take possession of misappropriated merchandise?

Yes. If a hold order has been placed on the merchandise, a pawnbroker must release the property for use in the investigation, but the pawnbroker retains property rights until court orders differently.

My license has expired, but my application is in your office to be processed. May I continue to pawn?

No. A person may not engage in business as a pawnbroker unless the person has a valid license issued by FDACS.

Can a temporary license be issued on a pawnshop that is being sold to someone else?

Yes. FDACS may issue a temporary pawnbroker's license on receipt of an application to transfer an existing license from one person to another or on receipt of an application involving principals and owners who are identical to those on the existing license.