Pawn Brokers License

Pawn shops operate under specific regulations in the City of Hastings to help deter theft, protect consumers and ensure transparency in secondhand transactions. Anyone wishing to operate as a pawn broker within City limits must obtain a license and comply with applicable local and State laws.

Who Needs a Pawn Broker License?

A Pawn Broker License is required for any person or business that:

• Offers loans in exchange for pledged personal property (collateral)

• Buys or sells secondhand goods, with the option to repurchase

• Operates a pawn shop or similar business within the City of Hastings

Separate business activities (such as secondhand goods dealers or precious metal buyers) may require additional licensing.

Licensing Requirements

To obtain a Pawn Broker License in Hastings, applicants must:

1. Complete the Pawn Broker License Application

2. Submit the following documentation:

   • Copy of a valid government-issued ID

   • Proof of general liability insurance and bond (as required by State law)

   • Business plan outlining services, location and operations

   • Security plan for safeguarding inventory and customer property

3. Pay the investigation and license fees

4. Receive approval from the City Council before operating

Applications may take several weeks to process due to background checks and public meeting schedules.

License Term and Renewal

• Pawn Broker Licenses are valid for one calendar year and must be renewed annually

• Renewal requires updated documents, continued compliance, and payment of the annual fee

Recordkeeping and Compliance

Licensed pawn brokers must:

• Maintain detailed records of all transactions, including customer identification and item descriptions

• Report transactions electronically to the Hastings Police Department, as required

• Hold pledged items for a minimum statutory period before resale

• Cooperate with law enforcement in cases of suspected theft or fraud

Failure to comply with local or state laws may result in suspension or revocation of the license.