PawnSmarts ships ready for New York — the 4% monthly interest cap, the four-month term plus thirty-day grace, $10,000 DCWP bond tracking and daily NYPD reporting are built in, so every ticket is right the first time.
New York pawn shop software is a point-of-sale and loan-management system configured for General Business Law Article 5 — the 4% monthly interest cap (48% APR) with a 25¢ minimum charge, the four-month term plus thirty-day grace period, and the NYC DCWP licensing, $10,000 bond and daily NYPD reporting requirements. It calculates each charge and tracks the term, grace period and disposition dates to New York's rules so a pawnbroker can write a compliant ticket without doing the math by hand.
If you run a pawn shop anywhere in New York — the Bronx, Brooklyn, Manhattan, Buffalo or Rochester — your software has to speak New York law. PawnSmarts comes pre-configured for it. The state's interest cap, term, grace period and disposition rules are loaded out of the box, and the NYC reporting and bond requirements are tracked for you. You write the ticket; PawnSmarts keeps it legal.
New York regulates pawnbrokers — "collateral loan brokers" — under General Business Law Article 5. Under GBL §46, the maximum charge is 4% per month (48% APR), with a minimum charge of 25¢ per month, and no interest may be charged after fifteen months without an agreed extension. PawnSmarts applies the 4% rate to the principal automatically, enforces the 25¢ floor on small loans, and never lets a ticket drift past the cap.
GBL §46 caps the rate — you may charge less, never more. PawnSmarts applies the maximum legal rate automatically, or any lower rate you set:
| Loan Amount | 4% Monthly Interest | 4-Month Total Interest |
|---|---|---|
| $100 | $4 | $16 |
| $500 | $20 | $80 |
| $1,000 | $40 | $160 |
| $5,000 | $200 | $800 |
Under GBL §48, a New York pawn loan runs a four-month term followed by a thirty-day grace period after maturity. The pledgor may redeem anytime during the term or the grace period, and extensions or renewals are permitted by agreement. Only after the grace period expires may the property be sold — no sale is permitted during grace. Disposition can be by private sale at the broker's place of business or by public auction with a licensed auctioneer.
New York City pawnbrokers are licensed and regulated by the Department of Consumer and Worker Protection (DCWP). PawnSmarts keeps the records and dates these rules demand:
The rules PawnSmarts is pre-configured to follow, drawn straight from New York law:
Interest rate (GBL §46):
Loan terms (GBL §48):
NYC DCWP requirements:
Disposition of unredeemed property (GBL §48):
PawnSmarts is $89/month for Essential or $129/month for Professional — month to month, no contract, cancel anytime. Prefer to own it outright? Professional is also $2,995 one time. There is no setup fee and no exit fee. On Professional, pledgors get three automatic reminders before a loan is due and can pay online with a secure link, so fewer items reach the grace period at all.
PawnSmarts works offline and auto-syncs, so a Bronx counter keeps writing tickets even when the connection drops. Switching from your current system takes under 24 hours — we migrate your data for you for a one-time $395. Compare the details on our comparison page, see the states we serve, or start with what pawn shop software does.
Under General Business Law §46, New York caps pawnbroker interest at 4% per month (48% APR), with a minimum charge of 25¢ per month regardless of the loan size. No interest may accrue after fifteen months unless the parties agree to an extension.
Under GBL §48, a New York pawn loan runs a four-month term followed by a mandatory thirty-day grace period. The pledgor may redeem the item at any point during the term or grace period; the pawnbroker may not sell the property until after the grace period ends.
NYC pawnbrokers must hold an annual pawnbroker license issued by the Department of Consumer and Worker Protection (DCWP) and maintain a $10,000 surety bond naming the City of New York. They must also register a sales tax identification number with the NYS Comptroller and submit daily transaction reports to the NYPD.
Pawn shop software generally runs from about $89 to $350 per month depending on features and number of stations. PawnSmarts is $89/month for Essential or $129/month for Professional — month to month, no contract and no setup fee — or $2,995 as a one-time purchase, and it can be free with integrated card processing.
Open the live demo and click around. If it looks right, sign up and we'll move your data for $395.
Questions? [email protected] · 800-710-6184