Pawnbrokers in Toledo must obtain a license from the Ohio Division of Financial Institutions under ORC Chapter 4727, post a $50,000 bond, and report every loan transaction to police via the LeadsOnline database.
Operating a pawn shop in Toledo requires both an Ohio Division of Financial Institutions license under ORC Chapter 4727 and Toledo Police registration as a secondhand dealer. State law caps interest at 5 percent per month plus storage fees, and pledged items must be held at least 60 days before forfeiture. A $50,000 surety bond protects pledgors. Daily electronic transaction reports identify each pledgor and item, with photographs and serial numbers. Toledo zoning concentrates pawnbrokers in commercial corridors and bars new shops within 500 feet of existing ones to prevent saturation.
Unlicensed pawnbroking is a fifth-degree felony under ORC 4727.99; usurious interest charges void contracts; failure to report transactions triggers license suspension by the Division of Financial Institutions.
See how Toledo's pawnbrokers rules stack up against other locations.
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