New Rochelle, NY Business Licensing & Operations: Pawnbrokers (2026)
Key Facts
- Governing sections
- §§ 227-1 through 227-10, Chapter 227
- Licensing authority
- City Clerk, character approved by Police Commissioner
- Bond required
- $1,000, two sureties or surety company
- License term
- One year from start date
- Unclaimed pledge hold
- One full year before auction sale
- Penalty
- Up to $250 fine or 15 days jail
Summary
New Rochelle requires anyone operating as a pawnbroker or collateral loan broker to hold a City Clerk license and post a $1,000 bond under §§ 227-2 and 227-3, with the Police Commissioner vetting the applicant's character before approval. Licensed pawnbrokers must log every pledge, hold unclaimed items a full year before a public auction sale, and face fines up to $250 or 15 days in jail for violations.
No person shall conduct the business of a pawnbroker or collateral loan broker without having obtained a license therefor from the City Clerk. ... every such pawnbroker or collateral loan broker shall give a bond to the City with at least two sufficient sureties who shall be residents and freeholders of the City or of a surety company to be approved by the City Clerk in the penal sum of $1,000, conditioned for the faithful performance of the duties and obligations pertaining to the business so licensed.
Official source re-checked September 7, 2026: no newer edition of the code had been published (publisher’s edition: rev 4601407; v60 updated 2025-12-02; through 12-02-2025).
Full Breakdown
Chapter 227 defines a pawnbroker or collateral loan broker in § 227-1 as anyone who loans money on a pledge of personal property, buys property on condition of selling it back at a set price, or does business as a furniture storage warehouseman while advancing money against pledged goods. " Before that license issues, § 227-4 requires the application to be "approved in writing as to the character of the applicant by the Commissioner of Police," and § 227-5 fixes the license term at one year from whatever date it starts.
Once licensed, § 227-6 requires a pawnbroker to keep a book recording, for every loan, a description of the pledged item, the loan amount, the date, the interest rate, and the pledger's name and address, and to give the pledger a signed memorandum of that entry at no charge. 00 as a pledge. Section 227-9 prohibits selling an unclaimed pledge until it has sat unredeemed for a full year, requires 10 days' mailed notice to the pledger and six days of published notice before a public-auction sale conducted by a licensed auctioneer, and gives the pledger 10 days to redeem the item if the pawnbroker itself buys it back at that sale.
Section 227-10 punishes any offense against the chapter with a fine of not more than $250 or imprisonment of not more than 15 days, or both.
Violations & Fines
Operating as a pawnbroker or collateral loan broker without a City Clerk license and $1,000 bond, selling an unclaimed pledge before the one-year holding period or without the required notice, or taking a secondhand purchase or weapon in violation of § 227-8, is punishable under § 227-10 by a fine of not more than $250 or imprisonment of not more than 15 days, or both.
Frequently Asked Questions
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Sources & Official References
Other rules in New Rochelle
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