Is a pawnbroker required to report pawn transactions to any federal government agencies?
Response: If you pay your pawnbroker $10,000.00 or more during any 24 hour period, or if during the course of any 12 month period you pay the pawnbroker $10,000.00 or more as repayment on one loan, one layaway or merchandise sale and the payment is made in cash, money order, bank check, or cashier’s check, the pawnshop is required to make a report of your cash transactions to the U.S. Treasury Department. Every pawnbroker is required to check your name to insure that it is not listed on the O. F. A. C. / S. D. N. list published by the U.S. Treasury Department pursuant to the Patriot Act and applicable Presidential Executive Orders. This list contains the names of suspected terrorists, drug dealers, persons who do illegal business and others. If the pawnbroker refuses to make a loan to you, sell to you, or refuse to return your pawned items because your name appears on the list, you can clear your name by contacting the federal authorities and presenting proof that you are not the perso
