Are Pawn Shops Regulated?

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August 8, 2018

Pawn shops are regulated by the federal government and are required by law to follow all standards and regulations set in place by state and federal agencies. This means pawn shops operate according to all state and major federal laws when pawning and selling merchandise to, and buying merchandise from, customers.

Pawn shops are often portrayed as unregulated facilities that are swamped with stolen goods. This is certainly not the case. In fact, less than 1/10 of one percent of all pawned merchandise is identified as stolen goods. Pawn shops strive to ensure all regulatory items passing through its doors are properly documented according to law.

Because pawn shops are designated as financial institutions through loaning services, there are several governing laws that pawn shops are required to follow. This includes the Patriot Act, the Equal Credit Opportunity Act, the Truth-in-Lending Act, as well as additional rules from the Federal Trade Commission (FTC) including the Safeguard of Consumer Information and Data Privacy. Other federal agencies such as the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) regulate pawn shops that deal with firearms.

Most states regulate pawn shops as well. This means pawn shops follow additional rules and regulations set forth by local authorities.

Have any comments, questions, or concerns? Give us a call or chat with us directly on Facebook!

Sportsmans Pawn Utah

Unlike other pawn shops, we accept large collateral such as cars or heavy machinery and store them for you.

Sportsman’s Pawn is fully insured for the loan value of the collateral we keep. We buy and sell a variety of items including Gold & Jewelry, Guns & Ammo, Sporting Goods, Instruments, Electronics, Movies & Games, and more!

Looking to get some fast cash? Bring in almost anything of value and we can establish the item’s worth to determine how much to loan you.

Check out our two store locations for available products and prices.

Murray: 4081 State Street Murray, UT 84107. Phone: 801-281-0073

West Valley: 3930 S Redwood Rd. West Valley, UT 84123. Phone: 801-924-1228

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