The is required by the Pennsylvania Department of Banking and Securities. The bond amount is set at $10,000. The bond ensures that the bondholder will comply with the provisions of the Motor Vehicle Sales Finance Act and the rules and regulations issued by the Department of Banking. In addition, any money due to the Department of Banking or to the Commonwealth of Pennsylvania shall be paid.
Who needs a Pennsylvania Sales Finance Bond?
A Sales Finance Company is one who engages in the financing or soliciting of financing for installment sale contracts made between other parties. The Department of Banking issues licenses under the provisions of the Consumer Credit Code. The Sales Finance bond is one of the licensing requirements.
What are other licensing requirements?
Applicants must submit a Sales Finance Company Application to the Department of Banking and Securities. Each applicant or control person must complete an online criminal background check with the State Police. In addition, applicants are subject to a search via the FBI Fingerprinting Check. Payment of the $500 licensing fee must accompany the application.
How do I obtain a Pennsylvania Sales Finance Bond?
Surety1 can get you bonded with fast and reliable service. Start the process by completing our free online application form. Next, one of our licensed agents will contact you with a no-obligation quote for the bond premium. After that, we will collect the premium payment and have you sign the agreement. Lastly, your Pennsylvania Sales Finance Bond will be mailed out to you by USPS Priority Mail. Overnight delivery is available for an additional fee.
Surety1 works with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.