Resources

Federal Regulations

State Resources

Alabama

Pawnbroker Licensing
Alabama Pawnbroker License Application APA Original License Application Package Pawn Shop Original Application State Banking Department Credit Report Release Form Dept. of Public Safety Release form 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 Title Loan/ Pawn Lenders
Taxes
Steps to become a Designated Agent Home Page Alabama Banking

Alaska

Business Information & Guides
Obtaining a business license Laws for Obtaining a Business Name Alaska Small Business Development Center FAQ- AK Small Business Alaska Small Business Guide & Resources
Pawnbroker Licensing
Application for Pawnbroker License Alaska Pawnbroker Licensing Information
Pawnbroker Regulations
Regulation of Pawnbrokers
Taxes
Withholding Tax Sales and Use Tax

Arizona

Pawnbroker License’s are Obtained at City & County Level
Business Information & Guides
AZ New Business License Tradename Registration Guidelines Arizona Small Business Services
Pawnbroker Licensing
License Guide Pima County Pawnbroker License
Pawnbroker Regulations
Arizona Legislature Definition Licensing Requirements Pawn Tickets & Requirements Pawnbrokers Report to Sheriff
Taxes
A Guide to Taxes for Arizona Businesses

Arkansas

Business Information & Guides
Brochure For Starting a New Business in Arkansas
Pawnbroker Regulations
Arkansas Rules Arkansas Pawnbroker Act
Taxes
Sales Tax Form Sales Tax Lookup Revenue Rules Withholding Tax Forms

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. Register for CA Business License CA Employer Information Filing Assistance- Business Entities Register CA Business CA Business Home Page
Pawnbroker Regulations
California Pawnbrokers Association CA DOJ Becoming a Pawnbroker or Secondhand Dealer- Application Handbook Financial Code- Pawnbroker Regulations
Taxes
California Business Taxes Business Tax Forms

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
File a Form in Colorado
Pawnbroker Licensing
Denver Pawnbroker License
Pawnbroker Regulations
New Colorado Gun Laws Article
Taxes
Business Taxes Business Tax Basics Tax Forms

Connecticut

Dealers in towns or cities with an organized police department are required to obtain their licenses from that police department.
Business Information & Guides
Register your business Starting a new business guide & resources
Pawnbroker Licensing
Connecticut Pawnbroker Licensing Requirements
Pawnbroker Regulations
CT Pawnbroker Act
Taxes
State Taxes

Delaware

Business Information & Guides
Delaware Business Licensing
Pawnbroker Regulations
Pawnbroker Licensing Regulations Rules and Regulations Pawnbroker General Provisions
Taxes
Business Tax Forms Division of Revenue

Florida

Business Information & Guides
How to Open a Pawn Shop in Florida Florida Business Forms Articles of Incorporation Form
Pawnbroker Licensing
Florida License Info
Pawnbroker Regulations
The 2013 Florida Statutes- Florida Pawnbroking Act
Taxes
Florida Sales Tax Information Florida Sales Tax Registration

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
Applying for a business license Consumer Assistance Information
Pawnbroker Regulations
GA Pawnshop & Title Loan Laws
Title Loan/ Pawn Lenders
Title Pawns & Cash Advances

Hawaii

Business Information & Guides
Hawaii Business Registration Business Name Search Information on Registering Business Registration Forms
Pawnbroker Licensing
Apply for Hawaii Pawnbroker License
Pawnbroker Regulations
Hawaii Pawnbroker Regulation
Taxes
State Department of Taxation

Idaho

Idaho Pawnbroker Licenses must be obtained through city or county officials. Licenses are not obtained at State level.
Business Information & Guides
Starting a Business in Idaho Idaho Loan Programs for Small Businesses Idaho Treasurer
Pawnbroker Licensing
Idaho Pawnbroker License Info
Pawnbroker Regulations
Boise, ID Municipal Code
Taxes
Idaho State Taxes

Illinois

Business Information & Guides
How to Register a Business in Illinois
Pawnbroker Licensing
Illinois Pawnbroker Application
Pawnbroker Regulations
Pawnbroker Regulation Act Pawnbroker Administrative Rules
Taxes
Illinois Business Taxes Small Business Tax Credits

Indiana

Business Information & Guides
New and Small Business Education Center
Pawnbroker Licensing
Indiana Pawnbroker Application Indiana Pawnbroker Legislation
Pawnbroker Regulations
Starting a Pawn Business in Indiana
Taxes
Register Your Business in Indiana Indiana Business 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
Read Before you Register Iowa Business Registration Preview
Pawnbroker Licensing
Cedar Rapids Pawnbroker Application West Burlington Pawnbroker Application
Pawnbroker Regulations
City of Burlington Regulations City of Ottumwa City of Waterloo City of Muscatine
Taxes
Iowa Business Tax Registration Iowa Business Taxes Iowa Tax Registration Form

Kansas

Kansas Pawnbroker Licenses are obtained through the city or county level.
Business Information & Guides
Starting A Business In Kansas Steps to Success- Starting a business in Kansas guide Register your Business
Pawnbroker Licensing
Newton, KS Pawnbroker Application Sedgwick County, KS Pawnbroker Application Overland Park, KS Pawnbroker Application
Pawnbroker Regulations
Regulation of Pawnbrokers Kansas Statutes for Pawnbrokers
Taxes
Kansas Business Tax Information

Kentucky

Pawnbroker licenses are obtained at the city level, not state level.
Business Information & Guides
Start My Business in Kentucky Business startup Checklist
Pawnbroker Licensing
Local Requirements- Search for relevant government information
Pawnbroker Regulations
Kentucky Legislature City of Williamsburg Kentucky Revised Statutes
Taxes
Kentucky Business Taxes Register your Business

Louisiana

Business Information & Guides
Checklist for Starting a New Business in Louisiana Small business information for Louisiana Louisiana Pawnbroker Statutes
Pawnbroker Licensing
Louisiana Pawnbroker Application
Pawnbroker Regulations
Louisiana Pawnshop Act FAQ
Taxes
Business Taxes for Louisiana

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
Starting a Business in Maine Starting a Business Checklist Maine Women’s Business Center
Pawnbroker Licensing
Application for Pawnbroker License
Pawnbroker Regulations
Maine Pawnbroker Regulations
Taxes
Maine Revenue Services

Maryland

Business Information & Guides
Maryland Business Checklist Starting a Business in Maryland
Pawnbroker Licensing
Maryland Pawnbroker Licensing Fact Sheet Maryland Pawnbroker Application
Pawnbroker Regulations
Maryland Pawnbroker Requirements Maryland Pawnbroker Act
Taxes
Information for Business Taxpayers

Massachusetts

Massachusetts Pawnbroker’s Licenses are obtained at City or Town level.
Business Information & Guides
Starting a New Business in Massachusetts
Pawnbroker Licensing
Cambridge, MA Plymouth, MA Lynn, MA Worcester, MA Chicopee, MA
Pawnbroker Regulations
Approved MA Pawnbroker Regulations & Interest Rates MA Pawnbroker Laws Regarding Licensing
Taxes
MA Business Taxes

Michigan

Michigan Pawnbroker’s Licenses are obtained at City or Town level. Cities regulate second hand dealers as well.
Business Information & Guides
Start a Business in Michigan Michigan Business Resource Guide
Pawnbroker Licensing
Required Licenses for Pawnshops
Pawnbroker Regulations
Michigan Pawnbroker Act Michigan Pawnbroker Act- Sections/div>
Taxes
Michigan Business Taxes

Minnesota

Minnesota Pawnbroker’s Licenses are obtained at City or Town level.
Business Information & Guides
Start a Business in Minnesota Starting a Business in Minnesota Guides
Pawnbroker Licensing
Moorhead, MN Application St. Paul, MN License Requirements St. Paul, MN Application Cloquet, MN Application
Pawnbroker Regulations
Minnesota Pawnbroker Statutes
Taxes
Tax Requirements for Businesses

Mississippi

Business Information & Guides
How to Start a Business in Mississippi Register your Business
Pawnbroker Licensing
Pawnbroker Application Forms & Instructions Pawnbroker Application Instructions Mississippi Pawnbroker Application Pawnbroker Surety Bond
Pawnbroker Regulations
Mississippi Pawnshop Act
Taxes
Mississippi State Tax Withholding Register with the Mississippi State Tax Commission

Missouri

Missouri Pawnbroker’s Licenses are obtained at City or Town level.
Business Information & Guides
Start a Business in Missouri Business Registration Checklist MO Small Business Start Up Guide
Pawnbroker Licensing
St. Louis, MO Application Independence, MO Application Stockton, MO Regulation
Pawnbroker Regulations
Missouri Pawnbroker Statutes
Taxes
Missouri Business Tax Information Small Business Tax Information Missouri Tax Registration Application

Montana

Montana Pawnbroker’s Licenses are also licensed by “Title Loan Licensing”
Business Information & Guides
How to Launch a Business in Montana Start a Business in Montana Guide Business Start-Up Checklist Application for Reservation of Business Name
Pawnbroker Licensing
Montana Licensing One Stop Business Licensing
Pawnbroker Regulations
Montana Pawnbroker to Keep a Register Interest Pawnbrokers May Receive Pawnbroker Exemption Repealed
Taxes
Montana Business Tax Incentives Montana Tax Foundation

Nebraska

Pawnbroker License must be obtained at City level.
Business Information & Guides
Starting a Business in Nebraska New Business Information One Stop Business Registration Small Business Administration Nebraska
Pawnbroker Licensing
Lincoln, NE Poulsbro, NE Green Island, NE
Pawnbroker Regulations
Nebraksa Regulation
Taxes
Nebraska Department of Revenue

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
Start a Business in Nevada Nevada Small Business Development Center Start a Business in Nevada
Pawnbroker Licensing
Las Vegas Pawnbroker State Business License Requirements Nevada State FAQ
Pawnbroker Regulations
Nevada Pawnbroker Regulations
Taxes
Nevada Business Taxes Business Tax FAQ Welcome to the Dept. Of Taxation Packet

New Hampshire

New Hampshire Pawnbroker’s Licenses are obtained at City or Town level. Cities are responsible to regulate Pawnbrokers.
Business Information & Guides
Doing Business in New Hampshire Starting A Business in New Hampshire
Pawnbroker Regulations
Belmont, NH Regulations Nashua, NH Plaistow, NH
Taxes
New Hampshire Business Revenue New Hampshire Tax Foundation

New Jersey

Business Information & Guides
Business Registration
Pawnbroker Licensing
Pawnbroker Application
Pawnbroker Regulations
Pawnbroker License Requirements Pawnbroker License Fingerprinting Pawnbrokering Law Regulations
Taxes
Business Tax Center

New Mexico

Every pawnbroker shall obtain a pawnbroker permit from the City Clerk.
Business Information & Guides
Starting a Business in New Mexico Register Your Business Application for Business Tax Steps to Starting a Business
Pawnbroker Licensing
Aztec, NM Application Carlsbad, NM Application
Pawnbroker Regulations
New Mexico Pawnbrokers Act Pawnbroker Regulations
Taxes
New Mexico Business Taxes

New York

Business Information & Guides
Starting a Business in New York Brochure Business Name Availability
Pawnbroker Licensing
Pawnbroker License Info New York Basic License Application Secondhand Dealer License Information Obtain Certificate of Authority Fillable Certificate of Incorporation
Pawnbroker Regulations
Laws of New York for Pawn Brokers
Taxes
New York State Tax Website

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
Organizing your LLC in North Carolina Incorporating your Business in North Carolina Starting a New Business in North Carolina Online Business Registration Business Startup Guide New Business Packet Request Form
Pawnbroker Licensing
Application for State Privelage License
Pawnbroker Regulations
North Carolina Pawnbroker Regulations
Taxes
Tax Information for North Carolina State Businesses

North Dakota

Pawnbrokers are licensed and supervised by the municipality in which they are located.
Business Information & Guides
Registering your Business Name
Pawnbroker Licensing
West Fargo, ND Application Fargo, ND Application
Taxes
Sales Tax Requirements

Ohio

Business Information & Guides
Start A Business in Ohio Register Your Business in Ohio
Pawnbroker Licensing
Ohio Pawnbroker Application
Pawnbroker Regulations
Ohio Pawnbroker Regulations
Taxes
Ohio Department of Tax for Businesses

Oklahoma

Business Information & Guides
How to start a business in Oklahoma Starting your business Register your business
Pawnbroker Licensing
Oklahoma Pawnbroker Application
Pawnbroker Regulations
Oklahoma Pawnbroker Regulations Oklahoma Pawnbroker Association Oklahoma Pawnbroker Act
Taxes
Oklahoma State Taxes for Businesses Oklahoma State Tax Home

Oregon

Business Information & Guides
Starting A Business In Oregon
Pawnbroker Licensing
Oregon Pawnbroker Application
Pawnbroker Regulations
Oregon Statutes for Pawnbrokers
Taxes
Oregon Business Taxes

Pennsylvania

Business Information & Guides
Starting A Business in Pennsylvania Guide Starting A Business in PA Checklist
Pawnbroker Licensing
PA Pawnbroker Licensing
Pawnbroker Regulations
PA Pawnbroker Act
Taxes
Pennsylvania Dept. of Revenue

Rhode Island

Business Information & Guides
Starting A Business in RI Register your new business First Stop Business Info Center
Pawnbroker Licensing
Precious Metals Dealer License
Pawnbroker Regulations
RI Pawnbroker Regulations
Taxes
Rhode Island Taxes Rhode Island Business Taxes

South Carolina

Business Information & Guides
Starting a Business in South Carolina Start Your Business Guide Register your Business
Pawnbroker Licensing
SC Pawnbroker License Information Pawnbroker Application
Pawnbroker Regulations
South Carolina Pawnbroker Regulations
Taxes
Business Tax Guide

South Dakota

County Commissioners are specifically authorized by South Dakota Statutes to regulate and license pawnbrokers.
Business Information & Guides
Start a Business in South Dakota
Pawnbroker Licensing
Licensing & Registering your Business
Pawnbroker Regulations
South Dakota Pawnbroker Regulations
Small Business Information
Small Business Association of South Dakota
Taxes
South Dakota Business Taxes

Tennessee

Tennessee pawnbrokers are required to get a pawnbroker license through their local city or county officials.
Business Information & Guides
Tennessee Small Business Center How to Set Up Your Business
Pawnbroker Licensing
Anderson County, TN Pawn Broker Appliation Hamilton County, TN Pawnbroker Application
Pawnbroker Regulations
Pawnbroker Requirements Tennessee Pawnbroker & Title Loan Regulations
Taxes
Tennessee Business Taxes Business Tax Guide

Texas

Business Information & Guides
Guides and Resources to Start A Business in Texas
Pawnbroker Licensing
Texas Pawn Shop License Information Pawnshop Application Checklist and License Application for Pawnshop Employee License
Pawnbroker Regulations
Texas Administrative Code
Regulations and Requirements
Texas Regulations FAQ
Small Business Information
Small Business Assistance
Taxes
New Business State Taxes Texas Regulations FAQ

Utah

Business Information & Guides
Starting a Business in Utah Start and Grow Your Business
Pawnbroker Licensing
Pawnbroker Application
Pawnbroker Regulations
Utah Pawnbroker Regulations Pawnshop & Secondhand Merchant Packet
Taxes
Utah Tax Information for Businesses

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
Start a Business in Vermont Checklist Vermont Business Resources
Pawnbroker Regulations
Vermont Pawnbroker Statutes
Taxes
Vermont Business Taxes

Virginia

Virginia Pawnbroker Licenses must be obtained through city or county officials.
Business Information & Guides
Start A Business in Virginia
Pawnbroker Licensing
City of Falls Church, VA York County VA
Pawnbroker Regulations
Virginia Pawnbroker Regulations
Taxes
Virginia State Taxes

Washington

Business Information & Guides
Start a Business in Washington
Pawnbroker Licensing
Washington Business License Guide
Pawnbroker Regulations
Washington State Legislature
Taxes
Department of Revenue Washington State

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
Starting a Business in West Virginia Pawnbrokers are regulated at local level
Pawnbroker Regulations
West Virginia Pawnbroker Regulations
Taxes
Business Registration Tax Forms

Wisconsin

Pawn shop in Wisconsin apply for a license to the clerk of the municipality.
Business Information & Guides
Wisconsin Business Services
Pawnbroker Regulations
Wisconsin Pawnbroker Regulations
Taxes
Wisconsin Department of Revenue for Businesses

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
Start a Business in Wyoming
Pawnbroker Licensing
Cody, WY Pawnbroker Packet
Pawnbroker Regulations
Wyoming Legislature
Taxes
Wyoming Department of Revenue

Glossary of Pawn Terms

4473, Form – 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 above.

Bin Number – The system used buy the shop used 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,

T 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 – is 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 – is 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

Vender – 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 – Don’t Buy Fake Rolex Watches. A database of counterfeit watches: http://www.watchcsa.com/