(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.Added by P.L. 1081 2013 No. 98, § 4, eff. 11/27/2014.