Spencer, IA — Pawnbroker Bond
Spencer’s pawnbroker licence calls for a $2,000 bond filed with the City Clerk before issuance. Its condition specifically addresses City pawn rules, fines/costs/penalties and damages from wrongfully receiving stolen property. Apply through The Southern Agency with the actual licensee, shop location and City-accepted document ready.
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- Recorded state
- Iowa
- Category
- Professional & occupational licenses
What this bond does
Provide the local security under City Code §114.11 through a surety bonding company licensed in Iowa. The City Clerk is the filing office; use the accepted document’s formal recipient wording rather than naming the Clerk personally or assuming a State obligee.
- Who needs it
- The individual or entity applying to operate as a pawnbroker in Spencer, Iowa, within the Code’s definition and exemptions. The definition includes pledge-backed loans, buyback arrangements and holding oneself out as a pawnbroker; it is not limited to one business label.
- Who it protects
- The condition backs compliance with Chapter 114 and payment of fines, costs or penalties for noncompliance, plus damages to a person from the licensee’s wrongful purchasing, taking or receiving stolen property in pledge or on deposit. It does not establish all-risk coverage for every shop loss or an automatic payment for every dispute.
Your bond option
This is the option on record for this bond.
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The bond amount describes the limit of the bond obligation, not the price. A listed amount does not establish what the requesting party requires. The premium is what you pay and must be confirmed for the actual option. An E&O limit, where listed, is separate errors and omissions insurance.
Sources
- Spencer Iowa Code Chapter114: §114.11 bond and local licensing (opens in a new tab)Checked October 22, 2026
Have these ready
- Actual individual/entity applicant, Spencer place of business and current local application details.
- City-accepted $2,000 instrument with an Iowa-licensed surety company and complete Chapter 114/stolen-property condition.
- Accepted formal recipient/execution and actual financial dates, not a presumed calendar-year offer.
- City Clerk submission directions and the separate police/Council licensing file.
Questions about this bond
Does the condition cover only the licence rules?
No. Section 114.11 also addresses fines/costs/penalties and damages from wrongfully purchasing or taking/receiving stolen property in pledge or on deposit. Match the complete condition rather than shortening it to a generic compliance description.
Can a company be the applicant?
The Code defines person to include individuals, partnerships, associations, corporations and other entities. Use the actual applicant on the City file rather than automatically substituting an employee or owner’s personal name.
Are buyback arrangements relevant even if I call the shop secondhand?
Yes. The pawnbroker definition includes purchasing property on condition of selling it back, as well as pledge-backed loans and holding oneself out as a pawnbroker. The chapter also has stated exemptions; describe the actual activity for the City’s classification.
Does the licence calendar mean this is a one-year purchase?
No. Section 114.13 supplies the licence’s issue-month-based expiration rule. The choice has no duration label, so use the actual accepted financial dates instead of treating the licensing calendar as an offer.