If you had a pawn loan with 505 Quick Cash & Pawn LLC between Feb. 16, 2019, and April 15, 2023, you may be eligible for money from a $400,000 class action settlement.
The settlement resolves claims that 505 Quick Cash & Pawn allegedly violated the New Mexico Pawnbrokers Act by using noncompliant pawn tickets, charging certain allegedly improper pawn service fees, and failing to return surplus proceeds from some pawned property sales.
Eligible class members do not need to submit a claim form to receive a payment. The settlement administrator already has the information needed to issue payments.
Why Does This Settlement Exist?
A class action lawsuit was filed by Sean Begaye against 505 Quick Cash & Pawn LLC.
The lawsuit claimed that the company:
Used pawn tickets that allegedly did not comply with New Mexico law
Charged some customers excessive or improper pawn service fees, including certain gun fees or refinance fees
Did not return surplus proceeds when pawned property was sold for more than the amount owed on the loan
505 Quick Cash & Pawn denies the allegations and denies any wrongdoing. The parties agreed to settle the case to avoid the costs and risks of continuing litigation and to provide benefits to affected customers.
Who Qualifies for the 505 Quick Cash & Pawn Settlement?
You may be included in the settlement if you:
Entered into a pawn contract with 505 Quick Cash & Pawn LLC
Had a contract beginning Feb. 16, 2019, through April 15, 2023
The settlement class includes approximately:
2,003 individuals
9,328 total pawn loans
Some class members may qualify for additional payments if their transactions involved:
Allegedly illegal pawn service charges (such as certain gun fees or refinance fees)
Surplus proceeds from property sold for more than the remaining loan balance
How Much Money Can Class Members Receive?
The settlement creates a $400,000 settlement fund.
After deductions for attorneys’ fees, taxes, litigation expenses, administration costs, and a service award, approximately:
$289,526.75 will be distributed to class members.
Every eligible class member will receive:
At least $20
Some people may receive more depending on their individual transactions.
Additional payments may be available for class members who:
Were charged certain allegedly improper pawn service fees
Had pawned property sold for more than the loan balance, creating a surplus amount owed to them
Other Settlement Benefits
In addition to cash payments, the settlement provides:
✔️ Forgiveness of outstanding pawn loan balances
✔️ Deletion of negative credit reporting related to these pawn loans (if reported)
✔️ Resolution of property still held by 505 Quick Cash & Pawn for qualifying unredeemed property
Do I Need to File a Claim?
No. A claim form is not required.
If you are a class member, the settlement administrator will automatically mail your payment check to the address on record.
You should update your address if:
You moved
The notice was sent to an old address
You need to provide updated contact information
Settlement administrator contact information:
Begaye v. 505 Quick Cash
PO Box 23678
Jacksonville, FL 32241
Email: [email protected]
Your Settlement Options
| Option | What It Means | Deadline |
|---|---|---|
| Stay in the settlement | Receive settlement benefits, including a payment if eligible. You do not need to do anything. | No action required |
| Exclude yourself | Give up settlement benefits but keep your right to pursue your own claims against 505 Quick Cash & Pawn. | Aug. 11, 2026 |
| Object to the settlement | Tell the court why you disagree with the settlement terms. | Aug. 11, 2026 |
Final fairness hearing: Sept. 15, 2026
The court will decide whether to approve the settlement at the final fairness hearing.
If the settlement receives final approval and the order becomes final, payments will be issued within 60 days.
How to Get Your Settlement Payment
You do not need to submit a claim.
To make sure you receive your payment:
Confirm your mailing address is current.
Watch for a settlement check from the administrator.
Contact the settlement administrator if you need to update your information or if you have questions.
If you are the heir or beneficiary of a deceased class member, you may need to provide documentation, such as a death certificate and proof of beneficiary status.
