Auto vehicle sales finance company bond cost
Pennsylvania car sales financing company bonds are set in the amount of $5,000. Companies can purchase this bond for a 1-year, 2-year or 3-year term. We can issue these bonds instantly for as low as $100 without the need of a credit check! We are also proud to offer discounted rates for multiple-year bond terms.
Why this bond
Motor vehicle sales finance company bonds are required of any individuals or businesses who sell motor vehicles and offer installment payment plans in Pennsylvania. These bonds ensure that the principal (company) adheres to the stipulations of the Motor Vehicle Sales Finance Act. If the company fails to comply with these terms, a claim can be filed against the bond. If the claim is validated, the bond protects any harmed parties from financial loss.
Auto vehicle sales finance company bond details
Motor vehicle finance bonds are continuously effective until canceled. If the surety chooses to cancel the bond, the cancellation becomes effective 30 days after receipt of notification by the Secretary of Banking or his representatives.
This bond is conditioned so that clients and the Department alike can file claims against the principal in the case of damages. Regardless of the number of years the bond runs for, no claim can exceed the penal sum of $5,000.
Start a motor vehicle sales finance company
When filling out your application for a sales finance company license, you must provide the following information:
- name of corporation and D/B/A if applicable
- if not a corporation, name and type of business entity
- copy of operating agreement, by-laws, etc.
- street address and office telephone number of business location
- company email and web addresses
- explanation of how sales finance business will be conducted via the internet
- name, title, SSN, date of birth, address, phone number and email address for each officer, director or co-owner
- and more
All applicants must also be familiar with the Motor Vehicle Sales Finance Act and be prepared to submit to a fingerprint check upon submission.
Apply for your surety bond
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