Motor Vehicle Collector-Repossessor Bond

A Motor Vehicle Collector-Repossessor Bond is a type of surety bond required for those in Pennsylvania applying for a license under the provisions of the Motor Vehicle Sales Finance Act. The Department of Banking and Securities granting of the license is subject to the principal obtaining a surety bond in the amount of five thousand dollars ($5,000). The bond ensures that the principal adheres to the provisions of the Act, complies with all the rules and regulations of the Department and pays any moneys due to the Commonwealth, the Department, or any persons as required by law, contracts or licensing terms.