(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.
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