Every person engaged in the business of pawnbroking shall pay to the city or village treasurer for a permit to carry on business the sum of one hundred dollars per year or fifty dollars for every six months, in metropolitan cities, but in all other cities or villages the sum of fifty dollars per year or the sum of twenty-five dollars for every six months. Such permit shall be obtained by filing an application with, and having such application approved by, the governing body of the city or village or an officer or agency designated by such governing body for such purpose.

The application shall contain the following information:

(1) The name and address of the owner and the manager of the business and, if the applicant is an individual, the applicant's social security number;

(2) If the applicant is a corporation, a copy of the articles of incorporation and the names of its officers and shareholders;

(3) The exact location where the business is to be conducted; and

(4) The exact location where any goods, wares, and merchandise may be stored or kept if other than the business location.

When reviewing applications for a permit required by this section, the governing body or delegated officer or agency shall take into consideration the criminal record, if any, of the applicant and, if the applicant is a corporation, of its officers and shareholders. No permit shall be issued to any applicant who has been convicted of a felony and, if the applicant is a corporation, no permit shall be issued when any officer or shareholder has been convicted of a felony.

Such person shall also give bond to the city or village in which he, she, or it is to do business, in the sum of five thousand dollars with surety to be approved by the mayor or its chief executive officer, conditioned for the faithful performance by the principal, of each and all of the trusts imposed by law or by usage attached to pawnbrokers.

No permit fee shall be exacted under this section in municipalities which impose a permit fee for the pawnbroking business by ordinance.