Pennsylvania § 6213 - Bond.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 6213 — Bond., with citation guidance and answers to common questions.
§ 6213. Bond.
(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.
Frequently Asked Questions About Pennsylvania § 6213
What does Pennsylvania Consolidated Statutes § 6213 cover?
Section 6213 ("Bond.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Pennsylvania § 6213?
A common citation format is "Pennsylvania Consolidated Statutes § 6213" (Pennsylvania). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 6213 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Pennsylvania.