What is a Louisiana Auto Title Company Bond?
Secure your license through this surety bond!
Who needs this surety bond?
Any person, firm, association, or business entity that records and transfers the sales, mortgages, and leases of the following vehicles:
- Mobile homes
- Motor vehicles
Every auto title company in the State of Louisiana is required to submit a surety bond along with their license application.
The surety bond is a way to assure the Louisiana Department of Public Safety and Corrections Office of Motor Vehicles that the licensed auto title company will do the following:
- File all the applications to the Louisiana Office of Motor Vehicles on time
- Promptly remit all fees and taxes that the licensed auto title company has collected
Non-compliance with the conditions mentioned above will result in a claim against the surety bond by Section 32:736 of the Louisiana Revised Statutes.
What is the Auto Title Company Bond amount?
$10,000 – the bond amount for an auto title company that has one location
$20,000 – the bond amount for an auto title company that has multiple locations
Your bond premium will depend on your credit score. Those who have an excellent credit score will be able to pay a low bond premium!
How can I get an Auto Title Company Bond?
By following the simple steps below!
STEP 1: Apply for the bond
You need to submit a bond application to us. If you’re ready to apply now, you may do so HERE!
STEP 2: Underwriting
We will ask you for a couple of important information needed for the bond. This will include your financial history, business performance history, and your credit score. An underwriter will carefully evaluate all those.
STEP 3: Bond execution
What are the surety bond conditions?
- The surety bond company that will be issuing the bond should be qualified to conduct business in the State of Louisiana
- The surety bond should be made payable to the Louisiana Department of Public Safety and Corrections Office of Motor Vehicles
- The tripartite agreement will be among these three:
Principal – auto title company
Obligee – Louisiana Department of Public Safety and Corrections Office of Motor Vehicles
Surety – Surety Bond Authority
- The licensed auto title company is obligated to comply with the provisions of Title 32 of the Louisiana Revised Statutes, as well as the rules and regulations of the Louisiana Department of Public Safety and Corrections Office of Motor Vehicles
- If the licensed auto title company violates any of the provisions and conditions of the bond, the aggrieved party will be eligible to file a claim on the surety bond
Do you need further assistance? Call us at 800-333-7800!