Pawn Shop License Uk

Pawn shop license uk

Pawn shop license uk. Even if you are buying a freehold there may be restrictive covenants but if the premises is already a shop its unlikely there would be anything to prevent use as a pawn shop. Pawn shop licence or renewal of such licence shall be accompanied by the following. 0208 616 7266 email. National pawnbrokers association suite 407 16 high holborn london wc1v 6bx tel.

In order to get one you will need to contact your state s department of financial institutions and submit an application to the non depository division see resources for an example. A pawnbroker is someone who lends money according to the value of goods left with them pledged when you leave your goods with the pawnbroker they must give you a receipt known as a ticket. If you don t repay the loan during the redemption period the pawnbroker can sell it to recover the cash. A pawn shop needs to be registered under the consumer credit act 1974.

Licences and licence applications a to z. Where the applicant is a natural individual two 2 passport size photographs taken within thirty 30 days. Where the applicant is a partnership such photographs shall be taken of one of the partners. This must be done through the office of fair trading.

The pawnbroker must keep the goods for at least six months but you can get them back at any time by paying off the loan plus interest. There is a 14 day cooling off period within which you have a right to withdraw from the agreement and just pay interest for the period of the credit. Licence means licence granted by the commissioner of police to a person to carry on business as a pawnbroker. Pawnbroker means a person carrying on business by advancing on interest or for or in expectation of profit gain or reward any sum of money on the security of goods taken by such person in pawn.

Most pawn shops are licensed at a state level while some are licensed only at a local level and many are licensed at both levels. Know that nobody can operate a pawn shop without a license. You can redeem the pawn at any time by paying what you owe and getting the item back. Amusement permit northern ireland apply for a child performance licence.