Louisiana Auto Title Company License Bond

Louisiana Auto Title Company License Bond

We write $100,000 Auto Title Company License Bonds in Louisiana.
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Louisiana Auto Title Company License Bonds | BondAbility

Louisiana Auto Title Company License Bonds

Louisiana Auto Title Company License Bonds are required by the Louisiana Department of Public Safety (DPS) for all businesses engaged in transferring and recording vehicle sales, leases, or mortgages. This bond ensures compliance with state regulations and provides financial protection for the public. Here’s what you need to know about this essential requirement.

Bond Details

  • Obligee: Louisiana Department of Public Safety
  • Bond Amount: $100,000 (for single locations)
  • Bond Amount for Multiple Locations: $125,000
  • Bond Premium: Starts at $1,000 annually
  • Expiration: May 31st of each year
  • Renewal Requirement: A continuation certificate must be provided annually to keep the bond active

Who Needs This Bond?

Auto title companies in Louisiana, defined as entities primarily engaged in the transfer and recordation of vehicle sales, leases, or mortgages, must secure this bond. This includes businesses handling mobile homes, trailers, and motor vehicles. However, it excludes insurance companies, licensed vehicle dealers, lending institutions, and other exempt professionals unless they operate as an auto title company.

Why Is the Bond Required?

This $100,000 surety bond is mandated to:

  • Ensure all applications for vehicle titles and registration are filed on time.
  • Guarantee timely remittance of taxes and fees collected from applicants.
  • Protect against financial losses caused by misconduct or failure to comply with state laws.

Key Requirements for Auto Title Companies

  • Bond: Secure and maintain a $100,000 surety bond for single locations. Companies with multiple locations must furnish a $125,000 surety bond.
  • Business Location: Maintain an established, compliant place of business in Louisiana.
  • Application: Submit a notarized application (DPSMV 1968) for each business location.
  • Renewals: Renew the bond and contract with the Department of Public Safety every two years, with a request submitted at least 60 days before expiration.
  • Biennial Fee: Pay $400 for the primary business location and $100 for each additional location.

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Most Obligee's require that the name on the Bond EXACTLY match your license or license application.
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By submitting this Application, the owners listed above hereby authorize BondAbility, (including any of its representatives affiliates, agents or designees) to conduct any and all investigative inquiries including but not limited to obtaining consumer credit reports. Any person who knowingly and with intent to defraud any insurance company or other person files an application for insurance or statement of claim containing any materially false, incomplete, or misleading information, or conceals information concerning any material fact whereto, commits a fraudulent insurance act, which is a crime punishable by incarceration, and shall also be subject to civil penalties