(a) Bond required.--A bond shall accompany each license application for a sales finance company and collector-repossessor.
(b) Form.--The bond shall be in the form prescribed by the department.
(c) Amount.--
(1) A bond for a sales finance company shall be in the amount of $10,000.
(2) A bond for a collector-repossessor shall be in the amount of $5,000.
(d) Execution.--
(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.
(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.
(3) The bond shall be executed to the Commonwealth.
(e) Purpose.--The bond shall be for the use of the Commonwealth and for any person aggrieved by the misconduct of the licensee.
(f) Condition.--The condition of the bond is that the licensee will:
(1) comply with and abide by the provisions of this chapter and the rules and regulations of the department; and
(2) pay to the Commonwealth, the department or a person all money due to each under the provisions of this chapter.
(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:
(1) The person is aggrieved by the misconduct of a licensee.
(2) The person receives a judgment against the licensee for the misconduct.
(3) The person executes on the judgment.
(4) The department assents to the action on the bond.
Cross References. Section 6213 is referred to in sections 6216, 6218, 6219 of this title.
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