If you are engaged as a Motor Vehicle Converter or Secondary Manufacturer operating in Louisiana, you are required under the Louisiana Revised Statutes Chapter 4, Title 32 et. seq. to file an Louisiana Converter or Secondary Manufacturer Bond as a condition of licensure.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The Louisiana Converter or Secondary Manufacturer Bond holds you accountable for your business decisions.
By possessing a Louisiana Converter or Secondary Manufacturer Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.