Maryland Repossessor | $5,000 Repossessor Surety Bond

Also known as: repossessor bond

Type of Bond

A Maryland repossessor bond is a type of surety bond that may be required for individuals or companies engaged in the business of repossessing vehicles or other collateral in the state of Maryland. The bond serves as a financial guarantee that the bonded repossessor will comply with applicable laws, regulations, and licensing requirements while conducting repossession activities. The purpose of the bond is to protect the rights and interests of vehicle owners and ensure that repossession is carried out in a lawful and ethical manner. It provides assurance that the bonded repossessor will adhere to proper repossession procedures, respect the rights of the debtor, and handle the collateral with care. By obtaining the bond, the repossessor agrees to abide by the requirements set forth by the Maryland Department of State Police or other relevant regulatory authorities. This may include obtaining the necessary licenses and permits, adhering to repossession regulations, maintaining appropriate insurance coverage, and conducting repossession activities in a professional and responsible manner. If the bonded repossessor fails to fulfill their obligations or violates the terms of the bond agreement, a claim can be filed against the bond. This allows vehicle owners or regulatory bodies to seek financial compensation for any damages, losses, or non-compliance issues resulting from the repossessor's actions. The bond amount for a Maryland repossessor bond is typically determined based on the requirements set by the regulatory authority. It may vary depending on factors such as the number of vehicles being repossessed, the size of the repossessor's operation, and the specific bond requirements in Maryland. Repossessors should consult with the Maryland Department of State Police or a surety bond provider to understand the specific bond requirements applicable to their operations and to obtain the necessary bond coverage.


Program

The price you'll pay for your $5,000 Repossessor Bond is generally based on your personal credit score. Start a free online quote by just completing a simple app or by calling 888-518-8011. Our experts will walk you through a very simple process. Compare our quote as the very lowest price, and then you're good to go! It's that simple!

We provide all types of $5,000 Repossessor Bonds. Worldwide Insurance Specialists, Inc. has "in house" underwriting authority with the largest and best Surety (Insurance) companies in the world including, Great American, Liberty Mutual, Philadelphia, Travelers, and CNA Surety. All of these surety bond companies are A-rated under the AM Best credit rating system, and T-listed with the U.S. Department of Treasury. This guarantees that by getting bonded through us, you will be provided the backing of these highly trustworthy and reliable companies.


Application

The application process for a $5,000 Repossessor Bonds is easy! Many Bonds are INSTANT ISSUE! Easy Application, no underwriting, no credit check, no GIA required. Our NEW Desktop underwriting program provides you with a rapid approval process used to determine the degree of risk that you (the Principle) complete a project or obligation. Non-INSTANT ISSUE quotes can also get instantly approved. Submissions require very little information from you. Once you file and sign an indemnity agreement, we issue the Bond. It's that simple! We quote and issue Surety Bonds of every type and will help you through the entire process. These applications only require basic information about your business, bond type, and ownership structure. Once the application is complete, we submit to the insurance company (Surety) who will then issue your bond. Don't pay too much! Get your Bond Fast, and Easy with the best price! Click here to start the Repossessor Bond Application process.

The Maryland Repossessor Bond amount is currently set at  $5,000.

Obligee Information

An obligee is the entity that is requiring you to have the Repossessor bond.

Obligee: Department Of Labor Licensing And Regulation Division Of Labor And Industry
Street: 1100 North Eutaw Street Room 606
State: Maryland
Zip: 21201