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Pennsylvania Bond To Secure A License As A Sales Finance Company (Motor Vehicle Sales)

Product Number: 197854
Pennsylvania Bond To Secure A License As A Sales Finance Company (Motor Vehicle Sales)

Price: $100.00

Surety: Merchants Bonding Company

Credit Check Required
Application Required

MARKET SQUARE PLAZA 17 N SECOND STREET, Suite 1300 HARRISBURG, PA 17101 Ph 717.787.3717 Fx 717.787.8773 W Bond No. SALES FINANCE COMPANY BOND WHEREAS, Department means the Department of Banking and Securities of the nd Commonwealth of Pennsylvania located at 17 N. 2 Street, Suite 1300, Harrisburg, Pennsylvania 17101, and WHEREAS, Principal means , (Name of Sales Finance Company) with its principal place of business at (Principal's Address) and number of . (Principal's Number) WHEREAS, Surety means , (Name of Surety Company) incorporated under the laws of the State of Iowa , (State of Surety Company's Incorporation) with its principal place of business at , Des Moines Iowa (Surety's Address) and number of . (Surety's Number) WHEREAS, Surety is licensed to do business in the Commonwealth of Pennsylvania, and is approved by the Secretary of Banking and Securities of the Commonwealth of Pennsylvania ("Secretary") as an acceptable Surety, and Sales Finance Company Bond 1 of 4 WHEREAS, reference is made herein to the Act of June 28, 1947, P.L. 1110, known and referred to as the "Motor Vehicle Sales Finance Act" (69 P. S. ยงยง 601-637.1), and WHEREAS, Principal has applied to the Department for a license under the provisions of the Motor Vehicle Sales Finance Act ("Act"), and WHEREAS, the granting of the license by the Department to Principal is conditioned upon Principal obtaining a bond in the amount of five thousand dollars ($5,000), and NOW THEREFORE, KNOW ALL MEN BY THESE PRESENTS that Principal and Surety, are held and firmly bound unto the Commonwealth of Pennsylvania in the just and full sum of five thousand dollars ($5,000) to the payment whereof, well and truly to be made, we bind ourselves, and our heirs, executors, administrators, successors and assigns, jointly and severally firmly by these presents: 1. Condition of the Obligation. If Principal shall faithfully: a. comply with and abide by the provisions of the Act; and b. comply with and abide by all the rules and regulations of the Department of Banking issued in accordance with the Act; and c. pay any moneys due to the Commonwealth, the Department, or any person or persons who were residents of the Commonwealth at the time the cause of actions arose, any and all monies due under the provisions of this Act, then this obligation shall be null and void, otherwise to be and remain in full force and effect. 2. Effective Date. The effective date of this bond is set forth below. 3. Duration of Bond. This bond shall continue in full force and effect indefinitely, subject, however, to cancellation. 4. Cancellation. Surety may elect to cancel this bond at any time by filing with the Secretary a thirty (30) day written notice of such cancellation. The bond cancellation shall be th effective on the thirtieth (30 ) day after the filing of the written notice of cancellation. Surety shall remain liable for all transactions associated with the loaning of money at interest by Principal during the term of this bond until the effective date of the cancellation. 5. Surety's Liability. Regardless of the number of years this bond remains in force, the aggregate liability of Surety for any and all claims or judgments to one or more claimants in no event shall exceed the full penal sum. 6. Default. Upon the happening of any default of the conditions and obligations assumed under this bond and the declaration of a forfeiture by the Secretary, or his designee, Principal and Surety hereby authorize and empower any attorney of any court of record in Sales Finance Company Bond 2 of 4 Pennsylvania or elsewhere to appear for them, or either of them, and after one or more declarations filed to confess judgment against them in favor of the Commonwealth, to its use or the use of its certain attorney or assigns, for the penal sum together with costs of suit and five per centum, added as attorney fee, and they do further release all errors, and waive the right of exemption, and stay of execution, and authorize the levy and sale of any or all property of theirs without appraisement or inquisition. 7. Events Not Affecting Bond Liability. This bond shall not be discharged by: a. the recovery of any specific amount of charges for examination, damages, costs, judgments, fines or penalties obtained in any specific action. The bond shall be in full force and effect until the full amount of the bond of five thousand dollars ($5,000) shall have been paid by reason of any number of charges for examination, damages, costs, judgments, fines or penalties to which the Principal may have become subjected; or b. sums due, where the right to which sums did not arise during the license year for which the license found on the application which this bond accompanied was granted. 8. Department Remedies. Nothing herein shall limit the Department from seeking any remedy, in addition to the forfeiture of this bond, which may be authorized or provided under any law. 9. Remedies. If any person shall be aggrieved by the misconduct of a licensee and shall recover judgment against such licensee, such person may, on any execution issued under such judgment, maintain an action upon the bond of the licensee in any court having jurisdiction of the amount claimed provided the Department assents thereto. 10. Disclosure. Principal and Surety agree that the Department may publish, divulge or otherwise disclose to any person or government entity this bond, the contents of this bond, and any information or material related to this bond. The information which may be disclosed includes, but is not limited to, pleadings, other submissions and orders related to any administrative proceedings, when such publication divulgement or disclosure is related to an administrative, judicial or other legal proceeding concerning this bond. 11. Headings. The headings used herein are for descriptive purposes only and have no legal force or effect. Sales Finance Company Bond 3 of 4 IN WITNESS WHEREOF, Principal and Surety have set their hand, intending to be legally bound as of the day of , 20 ("Effective Date"). PRINCIPAL: (Print Principal Name) Signed this day of , 20 . By: (Signature) (Title: i.e. Attorney in Fact) ATTEST OR WITNESS: (Where Required) SURETY: (Print Surety Name) Signed this day of , 20 . Approved as to legality and form: By: (Signature) PRE-APPROVED OAG 4/8/13 /Robert A. Mulle/ Office of Attorney General (Title: i.e. Attorney in Fact) ATTEST OR WITNESS: PRE-APPROVED OGC 2/21/13 /Shawn E. Smith/ (Where Required) Office of General Counsel Form No. 3-FA-12.0 Sales Finance Company Bond 4 of 4

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