If you have applied for a license from the District of Columbia Taxicab Commission and need a MTS-PSP Certificate, you are required by the provisions of Title 31 of the District of Columbia Municipal Regulations Chapters 4, 6, 8 and 16 to file a Washington DC Modern Taximeter System Payment Service Provider (MTS-PSP) 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 Modern Taximeter System Payment Service Provider (MTS-PSP) Bond holds you accountable for your business decisions.
By possessing a Washington DC Modern Taximeter System Payment Service Provider (MTS-PSP) Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.