If you are engaged in the operation of a motor vehicle sales finance company in Pennsylvania, you are required under the Act of June, 1947, P.L. 1110, as amended, to file a Pennsylvania Motor Vehicle Sales Finance Company 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 Sales Finance Company Bond holds you accountable for your business decisions.
By possessing a Pennsylvania Motor Vehicle Sales Finance Company Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.