Washington DC Automobile Repossessors are required under the District of Columbia Municipal Regulations, Title 16, Chapter 3, Section 307 to file a Washington DC Automobile 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 Washington DC Automobile Repossessor Bond holds you accountable for your business decisions.
By possessing a Washington DC Automobile Repossessor Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.