St. Andrews, 1315 Beck Ave. (850) 747-0011   -   Springfield, 3214 E Hwy 98 (850) 785-7763

Regulation

In Florida, pawnbrokers are governed by Florida Statute 539. This is a well-written statute that provides a good balance of consumer protections, pawnbroker rights, and law-enforcement aids. First conceived in 1996, it has been modified continuously, and covers every aspect of the pawnbroker trade.

In addition, Pawnbrokers are governed by all of the major federal laws that apply to other entities designated as financial institutions;

    USA Patriot Act
        - requirement to report to the U.S. Treasury Dept if you ever pawn or purchase something from a person on their SDN list

    Truth-in-Lending Act (TILA)
        - requirement to publish the actual APR (annual percentage rate)

    Bank Secrecy Act
        - and IRS regulations requiring reporting of certain cash transactions

    Trading with the Enemy Act
        - and related Executive Orders and regulations

    Gramm-Leach-Bliley Act
        - Customer’s right to privacy with regards to their financial records
        - better known as the Gramm-Leach-Bliley Financial Services Modernization Act

And for pawnshops that choose to deal in firearms, there are even more laws with which to comply, including;

    The federal Gun Control Act (GCA) of 1968
        - must keep detailed Gun Book (logging all Acquisitions & Dispositions)
        - must run criminal background checks on all guns being sold, picked up
        - compliance administered by Bureau of Alcohol, Tobacco & Firearms

    State Gun Laws
        - 3 day waiting period on handgun sales
        - Purging all “electronically recorded” Gun Records after 30 days

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