Lawrence, MA Business Licensing & Operations: Pawnbrokers (2026)

Section 5.72.010 puts pawnbroker licensing in the hands of the city council, acting under MGL c.140 and the regulations in Chapter 5.72. Licenses run for a fixed three-year cycle: issued in April, effective the following May 1, and valid until May 1 three years later unless revoked sooner, for a $300.00 fee per three-year period, plus a $300.00 bond required under MGL c.140 section 77. Section 5.72.070's twelve numbered rules fill in daily operations: pawnbrokers may charge 5% monthly interest on loans up to $25.00 and 3% monthly on anything over that (Rule three); every pawnbroker must keep a permanently bound transaction book plus a computerized record with the pawnbroker's and customer's signatures, the customer's Social Security number or driver's license number, and a photograph of the customer taken at each transaction, retained for at least ten years (Rule five); shops may only open 7:00 a.m. to 9:00 p.m. except Sundays and legal holidays (Rule eight); loans to minors and firearm pawns are barred outright (Rules one and nine, and 5.72.050); and articles held in pawn, unless perishable, cannot be sold for at least four months, with ten days' mailed notice before any sale (Rule two).

Pawnbrokers must report suspected stolen property to the Lawrence Police Department and hold the item until police investigate (Rule seven), and every shop must post a conspicuous sign with the owner's name (5.72.030). The city council may suspend or revoke a license for cause, including violating any rule in the chapter (Rule twelve).