{"data":{"id":"us-pa/12-pa.c.s.-6213","jurisdiction":"us-pa","citation":"12 Pa.C.S. § 6213","heading":"Bond.","body":"(a) Bond required.--A bond shall accompany each license application for a sales finance company and collector-repossessor.\n(b) Form.--The bond shall be in the form prescribed by the department.\n(c) Amount.--\n(1) A bond for a sales finance company shall be in the amount of $10,000.\n(2) A bond for a collector-repossessor shall be in the amount of $5,000.\n(d) Execution.--\n(1) Except as provided in paragraph (2), the bond shall be executed by a surety company authorized by the laws of this Commonwealth to transact business.\n(2) If the bond accompanying a license application for a sales finance company is filed by a financial institution within this Commonwealth, the financial institution may execute the bond on its own behalf.\n(3) The bond shall be executed to the Commonwealth.\n(e) Purpose.--The bond shall be for the use of the Commonwealth and for any person aggrieved by the misconduct of the licensee.\n(f) Condition.--The condition of the bond is that the licensee will:\n(1) comply with and abide by the provisions of this chapter and the rules and regulations of the department; and\n(2) pay to the Commonwealth, the department or a person all money due to each under the provisions of this chapter.\n(g) Action on bond.--A person may maintain an action on the bond in a court having jurisdiction of the amount claimed if all the following occur:\n(1) The person is aggrieved by the misconduct of a licensee.\n(2) The person receives a judgment against the licensee for the misconduct.\n(3) The person executes on the judgment.\n(4) The department assents to the action on the bond.","path":["Title 12 - COMMERCE AND TRADE","PART V CONSUMER CREDIT","CHAPTER 62 MOTOR VEHICLE SALES FINANCE","SUBCHAPTER B LICENSES"],"source_url":"https://www.palegis.us/statutes/consolidated/view-statute?txtType=HTM\u0026ttl=12\u0026div=0\u0026chpt=62\u0026sctn=13\u0026subsctn=0","current_through":"2026-08-31 (Statute Update stamp, 12 Pa.C.S.)","vintage":"","retrieved_at":"2026-09-02T16:30:58Z","sha256":"01a33637b05bc242b8a653d21b078d8a1df0ea85493e45d65a38c4fd6904d2bf","source_id":"us-pa","stale":false,"prev":"us-pa/12-pa.c.s.-6212","next":"us-pa/12-pa.c.s.-6214"},"notice":"GroundRules: Original legal text. Not legal advice."}