PAWNBROKERS AND PRECIOUS METALS DEALERS
Forms
The Division of Financial Institutions regulates pawnbrokers in Ohio pursuant to
Chapter 4727 of the Ohio Revised Code.
Licensing
A person wishing to act as a pawnbroker must first obtain a license. A pawnbroker is defined as a person engaged in the
business of lending money on deposit or pledges of personal property or other securities, printed evidence of indebtedness,
titles, deeds, or bills of sale, at a total charge, rate of interest, or discount of other remuneration in excess of eight
per cent per annum. The definition also includes a person engaged in the business of purchasing personal property from another
person with an agreement that the personal property will be made available to that other person for repurchase within an agreed
to time period and for an amount greater than the price originally paid to that other person for the purchase of the
personal property.
Instructions and the forms required to apply for a pawnbroker license can be obtained at
http://www.com.ohio.gov/fiin/PBPMForms.aspx . The Division will investigate the applicant to determine
they meet all the statutory requirements for licensure under the act.
Licenses must be renewed semi-annually. Each office operated by a pawnbroker must be individually licensed. If an office is to be
relocated, the licensee must obtain a new license from the Division prior to conducting business at the new location.
Compliance
Licensees are responsible for understanding and complying with the applicable statutes. The Division will periodically examine
licensees for compliance with Ohio law and has the power to issue subpoenas in the process of conducting examinations and
investigations.
In addition, the Division may deny applications for licensure, revoke, suspend, or refuse to renew licenses, or impose fines against
licensees pursuant to the Ohio Administrative Procedures Act, Chapter 119 of the Ohio Revised Code.
The Division of Financial Institutions regulates precious metals dealers pursuant to
Chapter 4728 of the Ohio Revised Code.
Licensing
A person wishing to engage in the business of purchasing articles made of or containing gold, silver, platinum, or other
precious metals or jewels of any description if, in any manner, including any form of advertisement or solicitation of customers,
the person holds himself, herself or itself out to the public as willing to purchase such articles must first obtain a license.
Instructions and the forms required to apply for a precious metals dealer’s license can be obtained at
http://www.com.state.oh.us/dfi/PawnbrokersPreciousMetalsforms.aspx . The Division will investigate the applicant to determine
they meet all the statutory requirements for licensure under the act.
Licenses must be renewed annually. Each precious metals dealer location must be individually licensed. If an office is to be
relocated, the licensee must obtain a new license from the Division prior to conducting business at the new location.
Compliance
Registrants and licensees are responsible for understanding and complying with the applicable statutes. The Division will
periodically examine registrants for compliance with Ohio law and has the power to issue subpoenas in the process of conducting
examinations and investigations.
In addition, the Division may deny applications for registration, revoke, suspend, or refuse to renew certificates of registration,
or impose fines against registrants and licensees pursuant to the Ohio Administrative Procedures Act, Chapter 119 of the
Ohio Revised Code.