Collateral Loan Broker License

As defined in New York State General Business Law (GBL) §52, a “collateral loan broker” (also known as a “pawnbroker”) is a person, partnership, or corporation that loans money on deposit or pledge of personal property or buys personal property and sells it back at a set price.

Fee of $250. Note: A penalty of twenty dollars ($20.00) shall be charged to the maker of a check returned for insufficient funds.

The applicant must be a citizen of the United States, whether by birth or naturalization, or an alien lawfully admitted for permanent residence in the United States; if by naturalization, the date and place where obtained. The naturalization certificate or permanent Board of Elections personal registration card may be used as proof of citizenship.

A statement as to whether or not the applicant has ever been convicted of or is now under charge of any crime, misdemeanor or violation of any municipal ordinance, the nature of the offense and the punishment or penalty assessed thereof, and such other facts or evidence as is deemed necessary to establish that the applicant is a person fit and capable of properly conducting the activity or business for which the license is sought.

All officers must be fingerprinted, as well as any stockholder holding 10% or more of the stock Upon application, information as to the fingerprint process will be given.

The name and address of the owner or owners of the land and the nature of the right of occupancy of the applicant to the use of such land.

Two photographs taken not more than 60 days prior to the filing of the application. Said photographs shall be two inches by two inches, showing the head and shoulders of the applicant in a clear and distinguishing manner. Two photographs and fingerprints are required of each individual applicant; two photographs and fingerprints are required of each partner; no photographs are required of corporate applicants, but all officers must be fingerprinted, as well as any stockholder of 10% or more of the stock.

An applicant must furnish a copy of the collateral loan broker's registration statement filed in the Office of the State Comptroller for the State of New York prior to the establishment of any premises as a collateral loan broker business.

Individuals operating under a trade name must present a certified copy of the trade name certificate filed in the Suffolk County Clerk's office. A partnership conducting business, whether or not under a trade name, must submit a certified copy of the partnership certificate filed in the Suffolk County Clerk's office when the partnership was formed.

A corporation must furnish a copy of the filing receipt for the certificate of incorporation from the New York State Secretary of State. A corporation from outside New York State must furnish a copy of its application for authority to do business in New York State from the New York State Secretary of State.

Bond- Each collateral loan broker shall furnish a bond to the Town of Huntington, with fees and conditions as set forth in § 41 of Article 5 of the General Business Law, or successor law. Pursuant to § 41 of Article 5 of the General Business Law, the amount of the bond shall be in the penal sum of ten thousand dollars ($10,000.00). Any action on said bonds shall be in accordance with § 42 of Article 5 of that law or successor law.

Continuing education requirements- see Chapter 96 of the Code of the Town of Huntington.