The Los Angeles Parking Lot License Bond is required by the City of Los Angeles, California.
Parking operators in Los Angeles are required to provide a bond in order to be issued. The bond amounts range from $50,000 for smaller lots to $500,000 for larger lots.
The Los Angeles Parking Lot License Bond does not guarantee payment of the Parking Occupancy Tax (POT), only damages to vehicles. This bond helps make sure that the lot operator complies with city law and helps make sure damage to vehicles is kept to a minimum. It was implemented to try to help the city of Los Angeles with the problem of fraudulent parking lots and tax evasion.