Pennsylvania Collector-Repossessor Bond
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How much does a $5,000 Pennsylvania abandoned vehicle repossessor bond cost?
A Pennsylvania abandoned vehicle collector or repossessor bond costs just $100. Simply click Buy Now to buy your bond online using our secure bond checkout. In just a few minutes you can be on your way to getting bonded as a Pennsylvania collector or repossessor.
Why do I need this bond?
Pennsylvania collector-repossessor bonds are required by the Department of Banking and Securities in the amount of $5,000.
By posting a Pennsylvania collector-reposessor bond, principals (collectors and repossesors) pledge to comply with all terms of the Motor Vehicle Sales Finance Act and the Department of Banking and Securities and pay all money due to the commonwealth, the department and any person who suffers damages as a result of the collector’s unlawful and unethical business practices.
What’s the fine print?
Collector-repossessor bonds are continuously effective until canceled. If the surety wishes to terminate this bond before the expiration date, it must give the department 30 days’ notice prior to termination.
This bond is conditioned so that both clients and the Department may file claims against the principal. Regardless of the number of years the bond may run for, no claim can exceed the penal sum of $5,000.
How to become a collector-repossessor in Pennsylvania
When filling out your application for a collector-repossessor license, be sure to provide the following information:
- Name of corporation and DBA if applicable
- Name and type of business entity if not a corporation
- Street address and office telephone number for business location
- List of all types of services offered on your website
- Name, title, SSN, date of birth, address, phone number and email address for each officer, director or co-owner
- Whether any officer or director has been previously or is currently licensed by the department
- Criminal history of all applicants
- Affidavit, if applicable
All applicants must also be familiar with the Motor Vehicle Sales Finance Act and submit to a fingerprint check upon submission.