Pawnbrokers are usually licensed by the mayor or by the mayor and aldermen; in Boston, however, they are licensed by the police commissioner. In New York, permits are renewable annually and a pawnbroker must file a surety bond with the state. Business is conducted on much the same lines as in England. Loans are made for four months, with an additional 30-day grace period. Exceeding the interest rate is a misdemeanor. Unredeemed pledges may be sold at any time after the loan expires. New York has one pawnshop for every 12,000 residents. In Massachusetts, unredeemed pledges may be sold four months after the date of deposit. The licensing authority fixes the interest rate, which may vary for different amounts. In Boston, every pawnbroker must submit a daily list of pledges taken (including the time and amount lent) to the police. Pawnshop chains include Cash America International and First Cash Financial Services, both headquartered in Texas.