How To Get A Type 02 FFL License
The Type 02 FFL license is typically issued to those whom engage in the lending of money on a short or long term basis such as pawnbrokers. The 02 FFL is basically the same as an 01 FFL. The exception being that it allows pawnbrokers the ability to loan money against firearms. This allows the pawnbroker to retain the firearms as collateral.
Having a Type 02 license does not make it automatically legal to loan money on firearms. The majority of states require that all pawnbrokers within the confines of their state have the necessary business licenses in place before acting as a pawnbroker.
Application Cost For 02 FFL
The application cost for a 02 FFL license is $200 for the first 3 years.
Renewal Cost For Type 02 FFL
The renewal cost for a 02 FFL is $90 for a 3 year period. It is up to you as the FFL holder to insure that your renewal fees are paid on time. Failure to do so may be cause for revocation of your FFL license by the ATF.
Type 02 FFL ATF Inspections
Those whom hold a type 02 FFL will often times find that they undergo ATF inspections on a more rigorous schedule. This is due to the nature of the business transactions that they make.
You can learn how to get a Type 02 FFL in your particular state by visiting the Federal Firearms License page and choose your particular state.