Gov. Tom Corbett of Pennsylvania signed HB 1128 into law on November 27, 2013. HB 1128 increases the required bond amount for motor vehicle sales finance companies from $5,000 to $10,000. The legislation also introduces a new bond requirement for collection-repossessing professionals.

The new bond requirements are stated in § 6213.

 “(a) Bond required.–A bond shall accompany each license application for a sales finance company and collector-repossessor.

 (b) Form.–The bond shall be in the form prescribed by the department.

 (c) Amount.–

          (1) A bond for a sales finance company shall be in the amount of $10,000.

(2) A bond for a collector-repossessor shall be in the amount of $5,000.”

This legislation change will go into effect on November 28, 2014.

If you’re in need of a surety bond in Pennsylvania or any other state, contact SuretyBonds.com online 24/7 or by phone at 1(800) 203-4358 Monday through Friday between 7 a.m. and 7 p.m. CST.