Buffalo, NY Business Licensing & Operations: Pawnbrokers (2026)
Key Facts
- Bond required
- $5,000 surety bond
- Operating hours
- 7:00 a.m. – 7:00 p.m., weekdays only; no Sundays
- Interest cap (loans ≤$100, first 6 months)
- 4% per month
- Interest cap (loans >$100, first 6 months)
- 2% per month
- Minimum holding period before sale
- 4 months
- Pre-sale notice to pledger
- 30 days written notice
Summary
Pawnbrokers in Buffalo must obtain a license, post a $5,000 surety bond, operate only 7 a.m.–7 p.m. on weekdays (no Sundays), and comply with detailed interest-rate caps, recordkeeping, and reporting requirements.
§ 254-25. Each pawnbroker, before receiving such license, shall file with the Comptroller his bond, in the penal sum of $5,000, with an incorporated bonding or surety company as surety thereon...
§ 254-28.A. No pawnbroker shall ask, demand or receive any greater rate of interest than 4% per month or any fraction of a month for the first six months and 2% per month for each succeeding month upon any part of a loan not exceeding the sum of $100 nor more than 2% per month or any fraction of a month for the first six months and 1% per month or any fraction of a month for each succeeding month on any part of any loan in excess of the sum of $100...
§ 254-30. No pledge may be sold by a pawnbroker until that item has remained in their possession for at least four months.
§ 254-36. No pawnbroker shall receive any goods in pawn before 7:00 a.m. or after 7:00 p.m. on any weekday nor at any time on Sunday.
Full Breakdown
Interest rates are capped at 4% per month for the first six months and 2% per month thereafter on loans up to $100, and 2%/1% respectively on amounts above $100. No loan interest may be collected beyond 15 months. All pledged articles must be held at least four months before sale; 30-day written notice to pledger is required before any auction sale. Records must include seller ID (government-issued photo ID), age, height, weight, race, gender, and date of birth. Pawnbrokers may not accept pledges from persons under 16, intoxicated, or known to be a thief.
Violations & Fines
Failure to comply may result in license revocation after notice and hearing by Commissioner of Permit and Inspection Services; penalties also under Chapter 137, Article I.
Frequently Asked Questions
Can a pawnbroker be open on Sundays?
How long before a pawnbroker can sell an unredeemed item?
Sources & Official References
Other rules in Buffalo
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