Resources

Helpful Resources for the Pawnbroker.

PawnMaster has collected documents that you may find useful (ie text message opt-in forms). We’ve also found links to business information & guides, pawnbroker licensing and regulations, and tax information for each state.

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Documents

A collection of documents to help PawnMaster customers!

GoToMeeting Download

GoToMeeting session, preparing to participate in your free demo (one-time installation)

Federal & State Resources

Business, licensing and state regulation information!

Glossary

A list of popular terms used in the pawn industry.

Blog

Stay current with what’s happening with PawnMaster.

Video Channel

Find useful videos, check out the PawnMaster YouTube channel!

DOWNLOADS

Documents

Why software training is important?

Downloadable Text Message Forms

Opt-in PawnMaster to receive news and special offers:

PawnMaster Training Download:

System Set-up Questionnaire:

CA Rate Table Ltr 2012

PawnMaster Brochure

ACH Form



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Federal

Regulations and Requirements

USA Patriot Act – The USA Patriot Act informs you of both local and federal law enforcement\’s rights to conduct searches, and share information in order to protect Americans from acts of terrorism. The USA Patriot Act was enacted to allow law enforcement agencies to collaborate to prevent future terrorist attacks. As a business owner, it is important to understand law enforcement rights when dealing with court orders and search and seizures.

Small Business Information

Taxes

Alabama

Pawnbroker Licensing

Calculating APR for Pawn Transactions – Note: all original Applications must be printed and mailed with all necessary attachments to the State Banking Department. An original application must be completed for each office location that conducts business in Alabama pursuant to each act.
Consumer Credit Act License Original Application – The Consumer Credit Act Application is for companies who will be a lender in the State of Alabama
Small Loan Act Original License Application – Alabama small loan act application package. Contains 4 required documents.

Pawnbroker Regulations

Alabama Pawn Shop Act – Title 5, Chapter 19A

Taxes

California

Prior to the granting of a license, you must contact your jurisdictional local agency (sheriff or chief of police), where your business will be located, not where you reside, to obtain the secondhand dealer or pawnbroker application package. The application package contains all of the necessary documentation and information you need to become authorized. Please Note: The DOJ does not provide this information to the applicant.

Business Information & Guides

CA State FAQ – See the last question: What are the steps I need to take to become an authorized Secondhand Dealer or Pawnbroker? Prior to the granting of a license, you must contact your jurisdictional local agency (sheriff or chief of police), where your business will be located, not where you reside, to obtain the secondhand dealer or pawnbroker application package. The application package contains all of the necessary documentation and information you need to become authorized.

Pawnbroker Regulations

Taxes

Colorado

In Colorado, you are required to get your pawnbroker License through your City or County officials. Contact your local authority to see who your Pawnbroker License is through.

Business Information & Guides

Pawnbroker Licensing

Pawnbroker Regulations

Taxes

Connecticut

Dealers in towns or cities with an organized police department are required to obtain their licenses from that police department.

Business Information & Guides

Pawnbroker Licensing

Pawnbroker Regulations

Taxes

Georgia

In most cases, the local municipal authority is responsible for licensing pawnshops and the local police department or sheriff’s office is responsible for monitoring pawnshops.

Business Information & Guides

Pawnbroker Regulations

Title Loan/ Pawn Lenders

Idaho

Idaho Pawnbroker Licenses must be obtained through city or county officials. Licenses are not obtained at State level.

Business Information & Guides

Pawnbroker Licensing

Pawnbroker Regulations

Taxes

Iowa

Iowa Pawnbroker License must be obtained through city or county officials. Pawn Licenses are not done at state level. Pawnbroker regulations are also done at city level.

Business Information & Guides

Pawnbroker Licensing

Pawnbroker Regulations

Taxes

Kentucky

Pawnbroker licenses are obtained at the city level, not state level.

Business Information & Guides

Pawnbroker Licensing

Pawnbroker Regulations

Taxes

Maine

The Legislature retained the requirement for pawnbrokers to obtain a license from their city or town. (If the pawnbroker does not have a city or town license, then he or she must obtain a Supervised Lender license from the State. This is an expensive and difficult process, so prospective pawnbrokers are urged to work with their municipality to obtain a license.

Business Information & Guides

Pawnbroker Licensing

Pawnbroker Regulations

Taxes

Massachusetts

Massachusetts Pawnbroker’s Licenses are obtained at City or Town level.

Business Information & Guides

Pawnbroker Licensing

Pawnbroker Regulations

Taxes

Michigan

Michigan Pawnbroker’s Licenses are obtained at City or Town level. Cities regulate second hand dealers as well.

Business Information & Guides

Pawnbroker Licensing

Pawnbroker Regulations

Minnesota

Minnesota Pawnbroker’s Licenses are obtained at City or Town level.

Business Information & Guides

Pawnbroker Licensing

Pawnbroker Regulations

Taxes

Nebraska

Pawnbroker License must be obtained at City level.

Business Information & Guides

Pawnbroker Licensing

Pawnbroker Regulations

Taxes

Nevada

The City of Las Vegas is NOT currently issuing new Pawnbroker licenses. Any applications must be for existing Pawnbroker licenses change of ownership.

Business Information & Guides

Pawnbroker Licensing

Pawnbroker Regulations

Taxes

New Hampshire

New Hampshire Pawnbroker’s Licenses are obtained at City or Town level. Cities are responsible to regulate Pawnbrokers.

Business Information & Guides

Pawnbroker Regulations

Taxes

New Mexico

Every pawnbroker shall obtain a pawnbroker permit from the City Clerk.

Business Information & Guides

Pawnbroker Licensing

Pawnbroker Regulations

Taxes

North Carolina

Individuals who engage in the practice of a profession of loan agencies, check cashers, and pawnbrokers must obtain a State privilege license and pay a tax before they engage in business. In North Carolina, Pawnbrokers must also get a pawnbroker’s license through their county or city depending on who regulates.

Business Information & Guides

Pawnbroker Licensing

Pawnbroker Regulations

Taxes

North Dakota

Pawnbrokers are licensed and supervised by the municipality in which they are located.

Business Information & Guides

Pawnbroker Licensing

Taxes

Oregon

Business Information & Guides

Pawnbroker Licensing

Pawnbroker Regulations

Taxes

Pennsylvania

Business Information & Guides

Pawnbroker Licensing

Pawnbroker Regulations

Taxes

South Dakota

County Commissioners are specifically authorized by South Dakota Statutes to regulate and license pawnbrokers.

Business Information & Guides

Pawnbroker Licensing

Pawnbroker Regulations

Small Business Information

Taxes

Tennessee

Tennessee pawnbrokers are required to get a pawnbroker license through their local city or county officials.

Business Information & Guides

Pawnbroker Licensing

Pawnbroker Regulations

Taxes

Vermont

The selectmen of a town or the aldermen of a city may grant to such citizens as they deem proper, and who produce satisfactory evidence of their good character, a license authorizing such citizens to carry on the business of a pawnbroker.

Business Information & Guides

Pawnbroker Regulations

Taxes

Virginia

Virginia Pawnbroker Licenses must be obtained through city or county officials.

Business Information & Guides

Pawnbroker Licensing

Pawnbroker Regulations

Taxes

Washington

Business Information & Guides

Pawnbroker Licensing

Pawnbroker Regulations

Taxes

West Virginia

Pawnshops and Pawnbrokers are not supervised and/or regulated by the State of West Virginia. Instead, they are required to have a license from the municipality or other local area government in which they operate. They are required to obtain a business license from the Secretary of State and register with the State Tax Division.

Pawnbroker Licensing

Pawnbroker Regulations

Taxes

Wisconsin

Pawn shop in Wisconsin apply for a license to the clerk of the municipality.

Business Information & Guides

Pawnbroker Regulations

Taxes

Wyoming

Wyoming Pawnbroker Licenses are obtained through local city or county officials. Check with your local law enforcement and your local Clerk of Courts.

Business Information & Guides

Pawnbroker Licensing

Pawnbroker Regulations

Taxes

Glossary

Form 4473

A Firearms Transaction Record, or Form 4473, is a United States government form that must be filled out when a person purchases a firearm from Federal Firearm License holder (such as a gun shop).

1D Barcode

A 1D barcode is a series of vertical lines that is an optical machine-readable representation of data relating to the object to which it is attached. Originally barcodes systematically represented data by varying the widths and spacing of parallel lines, and may be referred to as linear or one-dimensional.

2D Barcode

Barcodes evolved into rectangles, dots, hexagons and other geometric patterns in two dimensions (2D). Also known as QR codes. Frequently the term 3D barcode is used, but this is generally incorrect as a 3D barcode has depth, is engraved and only used in very specialized applications.

Amortization Schedule

The process of paying off a debt, loan or mortgage over time through regular payments. A portion of each payment is for interest while the remaining amount is applied towards the principal balance. The percentage of interest versus principal in each payment is determined in an amortization schedule.

APR

The term annual percentage rate (APR), also called nominal APR, and the term effective APR, also called EAPR, describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a debit, loan, mortgage, credit card, etc.

ATF

The Bureau of Alcohol, Tobacco, Firearms and Explosives is a federal law enforcement organization within the United States Department of Justice. The ATF also regulates via licensing the sale, possession, and transportation of firearms, ammunition, and explosives in interstate commerce.

Auction

An add-on module for Pawn Master that provides a virtual inventory location used for tracking items that have been listed in various web-sites. Items moved to auction can still be sold from the shop and additional reports are available.

Barbell label

See Jewelry Label.

Barcode

A barcode is an optical machine-readable representation of data relating to the object to which it is attached. Originally barcodes systematically represented data by varying the widths and spacing of parallel lines, and may be referred to as linear or one-dimensional.

BATF

See ATF.

Bin Number

The system used by the shop to locate stored merchandise. May be boxes, selves, cabinets, safes etc. . .

Blind Closeout

The act of totaling the funds in a cash drawer without having the expected total know at the time of summing the funds.

Buy Option

Is a contract to provide the seller the first opportunity to buy back goods sold within the duration of the contract. Buy Option contracts are often used where pawn loans are restricted or prohibited by law.

Compounding Interest

When interest is added to the principal, so that, from that moment on, the interest that has been added also earns interest. The period the interest is compounded may be, daily, monthly or annually.

Counterfeit

To imitate something. Counterfeit products are fake replicas of the real products.

Currency Delimiter

Symbol use for a currency digit separator, used for ease of reading. Different cultures use different symbols for the decimal mark.

Date out

The date that items being held become available to move into sales inventory.

Debit Card

A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.

Depreciated value

is the loss in value that naturally occurs as an object is put to use or ages. When determining this value, use a mathematical formula that will take into consideration the original value of the item, the scrap value of the item and the expected age of the item.

Dumbbell label

See Jewelry Label.

DWT

A pennyweight (abbreviated dwt) is a unit of mass that is equal to 24 grains, 1/20 of an International avoirdupois ounce, 1/240 of an international avoirdupois pound and exactly 1.55517384 grams.

Eat the tax

A formula to recalculate the discount so that the final price includes all taxes.

Encoding

A method of encrypting information that appears on labels using a number/letter substitution cypher.

FFL

A Federal Firearms License (FFL) is a license that enables an individual or a company to engage in a business pertaining to the manufacture of firearms and ammunition or the interstate and intrastate sale of firearms.

Financial Instruments

a tradable asset of any kind; either cash or is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, without conditions.

Forfeit

Lost or surrendered pledged property for failure to pay a loan. (see also Pulls)

Grace Days

A set time period allowed before a penalty is applied.

Gram

Is a metric system unit of mass, defined as one one-thousandth of the kilogram. One International avoirdupois ounce (oz) = 28.349523125 grams (g)

Hold Period

A number of days, usually required by law, before an action can be completed. Such as from the time a firearm is paid for before it may leave the shop or the number of day that must pass before the collateral on a defaulted loan can be sold.

Installment

A sum of money due as one of several equal payments for something, spread over an agreed period of time: “”paid in installments””.

Interest

A fee paid by a borrower of assets (money) to the owner as a form of compensation for the use of the assets.

Jewelry Label

A specialized label with a narrow section used to minimize or eliminate adhesive marring the item it is attached to.

Karat

The carat or karat (symbol: K or kt) is a unit of purity for gold alloys. 24kt is considered to be pure gold with no other alloying metal added. Gold purity is calculated by dividing the karat by 24 (22kt = 91.6% pure).

KeyDX

An add-on module for Pawn Master that uploads over fifty reports to a secure website for retrieval to any web-enabled device anywhere web access is available.

Layaway

An agreement in which the seller reserves an item for a consumer until the consumer completes all the payments necessary to pay for that item. Rather than taking the item home and then repaying the debt on a regular schedule, as in most installment plans or hire purchases, the layaway customer does not receive the item until it is completely paid for.

Mag Stripe

A magnetic stripe card is a type of card capable of storing data by modifying the magnetism of tiny iron-based magnetic particles on a band of magnetic material on the card. The magnetic stripe, sometimes called swipe, is read by swiping past a magnetic reading head.

Markdown

A reduction in price.

Markup

The amount added to the cost price of goods to cover overhead and profit.

Memo

Short for memorandum, memos are a method of tracking inventory assigned to a 3rd party to sell on behalf of the shop.

Memorandum of extension

A short written statement outlining the terms of an agreement, transaction, or contract.

Negotiable instrument

See financial instrument.

Option

See Buy Option.

Ounce

Abbreviated oz, from the former Italian word oncia; is a unit of mass with several definitions, the most commonly used of which is equal to approximately 28 grams.

Pawn

Another name for a pledge. To provide a physical asset to warranty repayment of a debit.

Penny Weight

See dwt.

Principle

The amount borrowed or the amount still owed on a loan, separate from interest.

Prorate

To divide, distribute, or assess proportionately.

Pulls

Items that have forfeited and are eligible to be added to inventory to sell. Any required hold periods have expired.

Quick Quote

Module available for Pawn Master. This Module allows adding more metal types in addition to yellow gold.

Rat tail label

See Jewelry Label.

Rate table

A group of values measured in amounts of funds and percentages used to calculate the terms of a loan.

Redemption

To pay off, such as for a promissory note.

Regulation Z

A specific Federal Reserve Board regulation that requires debt lenders to disclose all the specifics of a given loan. This was done to promote a level of credit protection for the underlying consumer. Most of the requirements imposed by the 1968 Truth in Lending Act are contained within Regulation Z, and the two terms are often used interchangeably.

Scrap

The act of removing metal from inventory to be sent to the refiner.

Scrap bucket

An inventory location in Pawn Master used to hold items allocated to be sent to the refiner. The shop may or may not have an actual physical bucket or buckets for scrap jewelry.

Simple Interest

Determined by multiplying the interest rate by the principal by the number of periods. It is called simple because it ignores the effects of compounding.

SMS

Short Message Service is a text messaging service component of phone, web, or mobile communication systems, using standardized communications protocols that allow the exchange of short text messages between fixed line or mobile phone devices.

Statement

A printed history of all payments made. A formal record of the financial activities of a person, business or other entity.

Surveillance

The monitoring of the behavior, activities, or other changing information, usually of people for the purpose of influencing, managing, directing, or protecting property.

Text Messaging

A module available for installation in Pawn Master used to send payment reminders and promotion alerts. (see also SMS)

Ticket

A pawnbroker’s receipt for articles taken as security bearing particulars of the loan.

Title

The certificate of title for a vehicle (also known as a car title or pink slip) is a legal form, establishing a person or business as the legal owner of a vehicle

Title loan

A type of secured loan where the borrower can use their vehicle title as collateral. Borrowers who get title loans must allow a lender to place a lien on their car title, and temporarily surrender the hard copy of their vehicle title, in exchange for a loan amount.

Truth in lending

See Regulation Z

Vendor

A person or agency that sells merchandise to the shop for immediate resale.

Void

To undue a transaction. A record of the void is retained.

WCSA

Watch Certification Services of America – A database of counterfeit watches. http://www.watchcsa.com/

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