Motor Vehicle Title Lender Bond?
Get to know what this surety bond is for and how to easily get one!
What is a Motor Vehicle Title Lender Bond?
Persons who are engaged in the business of making motor vehicle title loans are required to be bonded under Section 6.2-2204 of the Code of Virginia.
The surety bond should be submitted to the Virginia State Corporation Commission as part of the licensure requirement.
It will be conditioned that the Principal or the motor vehicle title lender will perform his or her duties in line with the relevant statutes, rules, and regulations.
This includes faithfully fulfilling all contractual obligations to the borrowers or prospective borrowers as well as making a complete accounting of all the funds received.
If the motor vehicle title lender commits misconduct, any person or borrower who has been harmed will be eligible to recover the amount through a bond claim.
What is the Motor Vehicle Title Lender Bond amount?
The bond amount is $50,000 per location. However, the maximum amount should not be greater than $500,000.
If you have an excellent credit score, you will be eligible to pay for a low bond premium or just 1% of the bond amount!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Motor Vehicle Title Lender Bond?
Here’s a step-by-step bonding process that we have made easier so that you can get your bond in no time:
You must first apply for this type of surety bond. If you are ready to do this now, you may APPLY HERE!
Our expert surety bond agent will guide you through the entire process – from the time you have applied until the bond is issued to you.
Next, you will be asked to submit a few important information that our underwriter will need to assess the following:
- Your job or business history
- Your credit score
- Your financial strength
To avoid any delays, make sure that you have gathered the right information needed before submitting.
Once the underwriting process is done, we will immediately issue your bond and send it to you right away!
What are the surety bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the Commonwealth of Virginia
- The bond should be made payable to the State Corporation Commission of the Commonwealth of Virginia
- The licensed motor vehicle title lender should comply with the provisions of Sections 6.2-2200 until 6.2-2227 of the Code of Virginia as well as the rules and regulations of the Virginia State Corporation Commission.
- If the licensee commits a violation, the aggrieved party will be eligible to file a claim against the surety bond