Pennsylvania Consumer Discount Company Bond
Consumer Discount Companys are a business corporation that negotiates or makes loans, or advances of money on credit.
According to the Consumer Discount Company Act of 1937, A bond in the penal sum of five thousand dollars ($5,000) shall accompany every application for license. Such bond shall be executed by a surety company authorized by the laws of Pennsylvania to transact business within this Commonwealth. The bond shall be renewed and refiled annually not later than June first for the first three consecutive years from the date on which the licensee was first licensed.
The mandatory term of this bond is June 1 - June 1 annually.
The bond shall be executed in favor of the Commonwealth of Pennsylvania and shall be for the use of the Commonwealth for the benefit of any person or persons who may have a cause of action against the licensee.
A separate bond shall be provided for each place of business conducted by a licensee.
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