Virginia Motor Vehicle Title Lender Bond |
AmeriPro Surety Bonds | 844-589-9732
Motor Vehicle Title Lenders – Virginia
Motor vehicle title lenders operating in the Commonwealth are regulated by Chapter 22 of the Motor Vehicle Title Loans.
The laws, including those relating to the surety bond requirement are administered by the State Corporation Commission.
AmeriPro Surety Bonds provides you with the title lender bond as both a new and renewing surety bond.
Virginia Motor Vehicle Title Lender Bond: Amount Required and the Premium
The Virginia Code requires a Virginia motor vehicle title lender bond in an amount of:
- $50,000 surety bond for each location;
- with a maximum surety bond amount of $500,000.
The amount that you pay will be determined by the number of locations of title lending company, subject to the $500,000 maximum.
There need only be one surety bond which covers all locations of your vehicle title lending company.
Typically, an applicant with good credit may pay around 2% annually for the bond amount required; however, since information provided on both a surety bond application and credit scores will vary, only after completion of an application can a premium amount be determined.
Surety bond amounts which are higher ($100,000 and above) will have an application that may likely request additional information (financial statements, earnings, etc.)
Regardless of the surety bond amount required, our goal will be to have the bond issued to you as soon as possible.
The Purpose of this Surety Bond
The Virginia motor vehicle title lender bond is a financial guarantee which ensures your compliance with all rules of the Code of Virginia relating to title lending.
This bond protects the consumer from all violations of the Code, including willful negligence, theft, malfeasance and misrepresentation.
The bond’s protections also extend to wrongdoing committed by any employees, managers, and agents of your title lending company.
While this surety bond is required of you as a condition for licensing, the protections it offers are solely for the Commonwealth and your customers.
AmeriPro Surety Bonds is a surety bonds-only agency.
We provide license and permit, contractor, court, and fiduciary surety bonds throughout Virginia and nationwide.
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