If you are engaged as a motor vehicle collector-repossessor in Pennsylvania, you are required under the Act of June, 1947, P.L. 1110, as amended, to file a Pennsylvania Motor Vehicle Collector-Repossessor 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 Pennsylvania Motor Vehicle Collector-Repossessor Bond holds you accountable for your business decisions.
By possessing a Pennsylvania Motor Vehicle Collector-Repossessor Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.