Michigan Pawn Shops. Search all Michigan pawn shops nearest to your area. Find a pawn shop in Michigan to buy or sell treasures today. Pawn shops like the ones in Michigan are known for buying and selling everything like jewelry, electronics, novelty items, antiques, and more. I need info on licensing and all basic info on opening a pawn shop. I have $150,000.00 dollars cash available and i also have a partner that has run several shops as a area manager for a large national chain hear in miami for the last 4 years so experience isn't an issue. But i still need so sound advice location i have percentage in area is 25. Buy a Pawn Shop License For Sale Business For Sale In Detroit, Michigan GlobalBX - World's #1 FREE Business For Sale Exchange! Pawn shops in the State of Michigan are regulated by the CEO of the Local City, Village, or County. The Michigan Pawn Act is available online at the website of Michigan Compiled Laws under Chapter 446 Act 273 of 1917. Click the link below to view the Michigan Pawn Act. Licensing and Regulatory Authority: CEO of the Local City, Village, or County.

The Michigan Pawn Ticket

Preprinted pawn forms are expensive, even more so when a change becomes necessary and a store of forms must be discarded. In MI pawn transactions can be printed using an ink printer. When a change is needed, the pawn ticket resident in the program can be edited and the change will appear on the next ticket printed.

Michigan Pawnbrokers Act 273 Of 1917

Note that Internet drop-off stores are not subject to the Act.

Northern Michigan Pawn Shops

The record of each transaction must include:

The article's description
Sequential transaction numbers
The loan amount
The client's name, address, height, weight, eye/hair color, identifying marks like tatoos, scars, etc.), and a license number, state personal ID, card number or govt ID #The day and hour when the pawned item was received

The state requires that the pawn information be printed on 8.5 x 11 paper. Action games by hamzaall softwares using. When applying for a pawn license the applicant can print a sample of the Pawnbroker Pawn Shop Software pawn form and include that with the application.

As an alternative forms prepared by Burrell may be used with ink and impact printers. Some configuring of the software might be necessary to print the required information on the correct locations on the form.

Burrell Form: Laser Sheet Form 10-2201
Continuous Form (for dot matrix/impact printers): 10-2224

A third alternative would be to have copies of approved forms printed and complete them by hand.

Burrell Form: Handwritten Ticket 10-2210-48

The act requires a daily (except Sundays when pawning is not allowed) 'sworn' report to the chief of police or chief law enforcement officer of pawns and names, addresses and descriptions of pawners. Some jurisdictions in MI may use LEADS Online. Either way, required reports can be generated using Pawnbroker Pawn Shop Software.

New pictures. LEADS Online is a national database of items pawned and purchased from individuals (for resale). Over the years local law enforcement agencies have been adopting this source as a reference to stolen property. Here again reports can be generated within PPSS and uploaded to the LEADS Online database.

Michigan Pawn Shop Laws

Monthly interest on loans is 3% with a minimum of fifty cents. A storage fee of $1 per month is allowed as well as a $1/month 'usage fee' (allowing the pawner to use the pawned item during the loan period). If put in writing the lender may also be granted use of the property during the loan period.

Interest cannot be collected in advance and the calculation of interest cannot be compounded. 'Examination fees' are prohibited.

If the debt is not repayed within 3 months, the pawn becomes the property of the lender. Apparently even after 3 months if the borrower pays all amounts due, payment 'reinvests the pawner withthe title and right of possession to the property pledged'.

Pawn Shop Software is has different levels of features and prices so small shops can avoid big expense for unneeded features while larger shops can equip themselves with the tools need to automate more complex and demanding operations.

There are 4 editions of Pawnbroker Pawn Shop Software which include all of these features:

Pawn Shop Detroit

Automatic calculation and reminders of dates due
Burrell forms compatible(fee based)
Adherence to the Military Lending Act
Customization of fees and interest
Detailed User's Guide
Mailing of due and forfeit notices
No prepayment for support
Consignment option
Editable records for borrowers, pawns, sales and payment
Plain-paper pawn forms
Adhesive labels and nonadhesive hang tags for pricing
Easy reporting to police and L.E.A.D.S

Michigan Pawn Shop License