Miscellaneous Pennsylvania Motor Vehicle Bonds
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PennDOT defines a miscellaneous motor vehicle business (MMVB) as a vehicle salvage dealer, sales financier collector and repossessor, or a person who maintains an established place of business and who is engaged in the business of repair, service, or towing of motor vehicles including but not limited to passenger cars, trucks, implements of husbandry, and special mobile equipment. Several of these license types require a bond to be filed with either PennDOT or the Pennsylvania Department of Banking with each licensing application.
Starting a new business? Not sure where to begin?
Review licensing information and download free motor vehicle information packets, including a checklist, application, and all of the forms required to secure a contract with PennDOT, from the Pennsylvania Association of Notaries. Each motor vehicle packet will guide you through the PennDOT process and conforms to Act 152 legislation regarding PennDOT’s Driver and Vehicle Services.*
- To obtain a salvor license, a $10,000 surety bond is required by PennDOT for each business location.
- A salvor is a salvage dealer or repair towing service authorized to tow abandoned vehicles in the Commonwealth of Pennsylvania. A salvor must be licensed as a vehicle salvage dealer or repair towing service prior to obtaining a certificate of authorization for processing abandoned vehicles. Application for authorization as a salvor may be made in conjunction with an application for registration as a miscellaneous motor vehicle business (MMVB) (Form MV-359) in the vehicle salvage or repair or towing class. A repair towing service can only be licensed as a salvor if there is no qualified vehicle salvage dealer in a county.
- Approval of each $10,000 salvor bond requires a completed application and may be subject to a credit review for each owner of the business.
- To obtain the license, each applicant must submit a $5,000 surety bond. The surety bond guarantees the license holder will comply with the Motor Vehicle Consumer Credit Code and the statutes set forth by the Department of Banking and Securities. The license and bond expire annually on September 30th.
- A collector repossessor is a business entity licensed as an independent contractor by the Pennsylvania Department of Banking and Securities to repossess motor vehicles purchased through an installment sales contract.
- Approval of each $5,000 surety bond requires a completed application and payment for the premium.
Sales Finance Company
- Each sales finance company license requires a $10,000 surety bond. Both the sales finance company license and bond expire annually on September 30th.
- A sales finance company is an entity licensed by the Pennsylvania Department of Banking that finances installment sale contracts for other sellers or sales finance companies.
- Approval of a $10,000 sales finance company bond requires a completed application and favorable credit score and credit history for each owner of the business.
Pennsylvania Salvor, Collector Repossessor, and Sales Finance Company Bond Applications
Please download the Pennsylvania salvor, collector repossessor, and sales finance company bond application from our bond application page below.
*E. R. Munro and Company and PAN do not provide assistance or legal advice on starting a business.
**Approval of each bond is subject to a credit review and underwriting approval. Financial statements may also be required for review.
Pennsylvania Salvor, Collector Repossessor, and Sales Finance Company Bonds Information Request
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