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.
(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.