Albany, NY Business Licensing & Operations: Pawnbrokers (2026)
Key Facts
- License fee
- $137.50 per year
- Issued by
- City Clerk
- Business hours
- 8am-6pm weekdays, to 9pm Sat
- Bond required
- $10,000 with two sureties
- Max interest
- 3%/mo under $100 loans
Summary
Albany requires anyone running a collateral loan broker (pawnbroker) business to hold a City Clerk license, pay a $137.50 annual fee, and post a $10,000 bond before opening.
The City Clerk of the City of Albany is hereby authorized to grant, from time to time, under his hand and the Official Seal of his office, to such citizens as he may deem proper, and who shall produce to him satisfactory evidence of their good character, a license authorizing such citizen or citizens to carry on the business of collateral loan broker, which license shall designate the house in which such person shall carry on said business and the length of time for which such license is issued, provided that such person desiring said license shall make application to said City Clerk, in writing, for said license and shall file with such application the sum of $137.50 annually.
B. All money collected for such license shall be paid to the City Treasurer of the City of Albany.
Official source re-checked September 7, 2026: no newer edition of the code had been published (publisher’s edition: rev 4873446; v61 updated 2026-03-18; through 03-18-2026).
Full Breakdown
The City Clerk grants collateral loan broker licenses to applicants of good character who file a written application and pay $137.50 a year, per City Code § 147-1. Operating without one is unlawful and carries a $25 penalty under § 147-2. Licensees must post a $10,000 bond with two sureties (§ 147-6), keep a daily record book of pledged goods open to police inspection (§ 147-7), and cap interest at 3% per month on loans under $100 and 2% on larger loans for the first six months (§ 147-8). Shops may open only 8:00 a.m. to 6:00 p.m. weekdays, extended to 9:00 p.m. Saturdays (§ 147-3).
Violations & Fines
Unlicensed operation: $25 penalty per offense (§ 147-2). False or omitted daily reports to police: $25-$100 per offense (§ 147-5). Violations can trigger license revocation by the City Clerk (§ 147-10).
Frequently Asked Questions
Who licenses pawnbrokers in Albany?
Can a pawnbroker sell unclaimed items right away?
Sources & Official References
Other rules in Albany
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