Persons who lend money at a higher rate of interest than 10 percent per annum and take a pledge of personal property; other than vehicles required to be registered with the Department of Motor Vehicles, securities, or printed evidences of indebtedness; are licensed under this Act. Licensees are required to have a $25,000 surety bond or an irrevocable letter of credit.
As of May 1, 2009, there were 70 licensed pawnbrokers.
Forms
