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Council approves JE Bullion pawnbroker license after counsel flags state surety‑bond conflict
Summary
The council approved a pawnbroker license for JE Bullion but heard from the applicant’s attorney that a town requirement for a resident to issue a surety bond conflicts with state insurance regulations and is effectively impossible to meet.
The Town Council voted to approve a pawnbroker license for JE Bullion, a business at 1848 Smith Street, after hearing legal counsel explain a technical conflict between a town licensing clause and state insurance regulation.
Peter Petracca appeared for JE Bullion and said the business operates a storefront buying precious metals and bullion. The applicant said it intends to operate in a jewelry‑store model (high‑value merchandise, no lawnmower or gasoline‑smelling items) and will use the state’s precious‑metals regulatory system and a transaction database required for pawn activity.
An attorney for the applicant explained that the town’s local requirement—language in the town code that a surety bond be issued by a resident of the town—cannot be satisfied because surety bonds must be issued by licensed insurance producers under state law (the Department of Business Regulation). The attorney said similar conflicts have arisen in other municipalities and recommended the town solicitor treat the town provision as incompatible with state law in practice; the council discussed that legal opinion but did not formally change the town ordinance at the meeting.
A motion to approve the pawnbroker license was made, seconded and carried. Council asked the applicant to comply with all other application requirements and recordkeeping obligations for pawnshops and precious‑metals dealers.
