Ohio Pawn Broker Licensure Exam
Practice Questions And Correct Answers
(Verified Answers) Plus Rationales
2025|2026 Q&A | Instant Download Pdf
Question 1
Under Ohio Revised Code Chapter 4727, who must obtain a pawnbroker
license?
A) Any person selling used merchandise
B) Any person engaged in the business of lending money on deposit of personal
property
C) Any retail store open after 6:00 PM
D) Any business accepting credit card payments
✔✔✔ANSW✔✔: B) Any person engaged in the business of lending money on
deposit of personal property
Rationale: Ohio law specifically defines a pawnbroker as someone who lends
money on the security of pledged goods or deals in the purchase of personal
property on condition of sale or repurchase .
Question 2
What is the minimum age requirement for obtaining a pawnbroker license in
Ohio?
A) 18 years
B) 21 years
C) 25 years
D) No age requirement specified
✔✔✔ANSW✔✔: A) 18 years
,Rationale: Applicants must be at least 18 years of age to qualify for a
pawnbroker license in Ohio .
Question 3
Which of the following disqualifies an applicant from receiving a pawnbroker
license in Ohio?
A) Being convicted of a felony involving theft
B) Filing for bankruptcy more than 10 years ago
C) Having a civil judgment for unpaid debt
D) Being audited by the IRS
✔✔✔ANSW✔✔: A) Being convicted of a felony involving theft
Rationale: Ohio law prohibits licensing for individuals convicted of a felony
involving theft, fraud, or dishonesty within a specified period .
Question 4
The maximum interest rate a pawnbroker may charge on a pawn transaction in
Ohio is:
A) 3% per month
B) 5% per month
C) 6% per month
D) No statutory limit
✔✔✔ANSW✔✔: C) 6% per month
Rationale: Ohio law establishes a maximum monthly interest rate of 6% on
pawn transactions, though additional service fees may also be permitted .
Question 5
What is the minimum pawn period required under Ohio law before property can
be forfeited?
A) 15 days
B) 30 days
C) 60 days
D) 90 days
✔✔✔ANSW✔✔: B) 30 days
,Rationale: The minimum pawn period is 30 days, meaning the property cannot
be forfeited before this time has elapsed .
Question 6
Which agency administers the pawnbroker licensing program in Ohio?
A) Ohio Department of Commerce, Division of Financial Institutions
B) Ohio Attorney General's Office
C) Ohio Department of Public Safety
D) Ohio Secretary of State
✔✔✔ANSW✔✔: A) Ohio Department of Commerce, Division of Financial
Institutions
Rationale: The Division of Financial Institutions within the Ohio Department of
Commerce oversees pawnbroker licensing and regulation .
Question 7
A pawnbroker must maintain records of each pawn transaction for a minimum
of:
A) 1 year
B) 2 years
C) 3 years
D) 5 years
✔✔✔ANSW✔✔: C) 3 years
Rationale: Ohio law requires pawnbrokers to retain complete records of all
transactions for at least three years for inspection by law enforcement .
Question 8
When must a pawnbroker report pawn transaction data to local law
enforcement?
A) Within 24 hours
B) Within 48 hours
C) Within 72 hours
D) Within one week
✔✔✔ANSW✔✔: A) Within 24 hours
, Rationale: Pawnbrokers are required to report all pawn transaction details to
local law enforcement authorities within 24 hours of the transaction .
Question 9
What information must be included on a pawn ticket provided to the customer?
A) Customer's social security number
B) Customer's driver's license number and description of pledged goods
C) Customer's bank account number
D) Customer's credit score
✔✔✔ANSW✔✔: B) Customer's driver's license number and description of
pledged goods
Rationale: The pawn ticket must include identifying information about the
customer and a detailed description of the pledged items .
Question 10
If a customer's pledged item is lost or damaged while in the pawnbroker's
possession, the pawnbroker is:
A) Not liable under any circumstances
B) Liable for the full retail replacement value
C) Liable for the amount loaned plus interest and fees
D) Only liable if gross negligence is proven
✔✔✔ANSW✔✔: C) Liable for the amount loaned plus interest and fees
Rationale: Ohio law holds pawnbrokers responsible for the safety of pledged
goods and requires compensation to the customer if items are lost or damaged
.
Question 11
A pawnbroker may sell forfeited pawn property after how many days following
the original maturity date?
A) Immediately upon maturity
B) 10 days
C) 30 days
D) 60 days
✔✔✔ANSW✔✔: B) 10 days
Practice Questions And Correct Answers
(Verified Answers) Plus Rationales
2025|2026 Q&A | Instant Download Pdf
Question 1
Under Ohio Revised Code Chapter 4727, who must obtain a pawnbroker
license?
A) Any person selling used merchandise
B) Any person engaged in the business of lending money on deposit of personal
property
C) Any retail store open after 6:00 PM
D) Any business accepting credit card payments
✔✔✔ANSW✔✔: B) Any person engaged in the business of lending money on
deposit of personal property
Rationale: Ohio law specifically defines a pawnbroker as someone who lends
money on the security of pledged goods or deals in the purchase of personal
property on condition of sale or repurchase .
Question 2
What is the minimum age requirement for obtaining a pawnbroker license in
Ohio?
A) 18 years
B) 21 years
C) 25 years
D) No age requirement specified
✔✔✔ANSW✔✔: A) 18 years
,Rationale: Applicants must be at least 18 years of age to qualify for a
pawnbroker license in Ohio .
Question 3
Which of the following disqualifies an applicant from receiving a pawnbroker
license in Ohio?
A) Being convicted of a felony involving theft
B) Filing for bankruptcy more than 10 years ago
C) Having a civil judgment for unpaid debt
D) Being audited by the IRS
✔✔✔ANSW✔✔: A) Being convicted of a felony involving theft
Rationale: Ohio law prohibits licensing for individuals convicted of a felony
involving theft, fraud, or dishonesty within a specified period .
Question 4
The maximum interest rate a pawnbroker may charge on a pawn transaction in
Ohio is:
A) 3% per month
B) 5% per month
C) 6% per month
D) No statutory limit
✔✔✔ANSW✔✔: C) 6% per month
Rationale: Ohio law establishes a maximum monthly interest rate of 6% on
pawn transactions, though additional service fees may also be permitted .
Question 5
What is the minimum pawn period required under Ohio law before property can
be forfeited?
A) 15 days
B) 30 days
C) 60 days
D) 90 days
✔✔✔ANSW✔✔: B) 30 days
,Rationale: The minimum pawn period is 30 days, meaning the property cannot
be forfeited before this time has elapsed .
Question 6
Which agency administers the pawnbroker licensing program in Ohio?
A) Ohio Department of Commerce, Division of Financial Institutions
B) Ohio Attorney General's Office
C) Ohio Department of Public Safety
D) Ohio Secretary of State
✔✔✔ANSW✔✔: A) Ohio Department of Commerce, Division of Financial
Institutions
Rationale: The Division of Financial Institutions within the Ohio Department of
Commerce oversees pawnbroker licensing and regulation .
Question 7
A pawnbroker must maintain records of each pawn transaction for a minimum
of:
A) 1 year
B) 2 years
C) 3 years
D) 5 years
✔✔✔ANSW✔✔: C) 3 years
Rationale: Ohio law requires pawnbrokers to retain complete records of all
transactions for at least three years for inspection by law enforcement .
Question 8
When must a pawnbroker report pawn transaction data to local law
enforcement?
A) Within 24 hours
B) Within 48 hours
C) Within 72 hours
D) Within one week
✔✔✔ANSW✔✔: A) Within 24 hours
, Rationale: Pawnbrokers are required to report all pawn transaction details to
local law enforcement authorities within 24 hours of the transaction .
Question 9
What information must be included on a pawn ticket provided to the customer?
A) Customer's social security number
B) Customer's driver's license number and description of pledged goods
C) Customer's bank account number
D) Customer's credit score
✔✔✔ANSW✔✔: B) Customer's driver's license number and description of
pledged goods
Rationale: The pawn ticket must include identifying information about the
customer and a detailed description of the pledged items .
Question 10
If a customer's pledged item is lost or damaged while in the pawnbroker's
possession, the pawnbroker is:
A) Not liable under any circumstances
B) Liable for the full retail replacement value
C) Liable for the amount loaned plus interest and fees
D) Only liable if gross negligence is proven
✔✔✔ANSW✔✔: C) Liable for the amount loaned plus interest and fees
Rationale: Ohio law holds pawnbrokers responsible for the safety of pledged
goods and requires compensation to the customer if items are lost or damaged
.
Question 11
A pawnbroker may sell forfeited pawn property after how many days following
the original maturity date?
A) Immediately upon maturity
B) 10 days
C) 30 days
D) 60 days
✔✔✔ANSW✔✔: B) 10 days
