Terms Used In Louisiana Revised Statutes 32:736

  • Auto title company: means any person, firm, association, or corporation which is engaged primarily in the transfer and recordation of sales, leases, or mortgages of vehicles including but not limited to mobile homes, trailers, and motor vehicles. See Louisiana Revised Statutes 32:702
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

            A. Each auto title company shall execute a good and sufficient surety bond with a surety company qualified to do business in Louisiana as surety, in the sum of one hundred thousand dollars should the auto title company have only one location in this state and in a sum of one hundred twenty-five thousand dollars should the auto title company have more than one location in this state, if such surety bond is available for purchase. Such bond shall name the Department of Public Safety and Corrections, office of motor vehicles as obligee and shall be subject to the condition that, if the auto title company shall, throughout the entire term of the bond, timely file with the office of motor vehicles all applications delivered to the auto title company for filing, and timely remit all fees and taxes collected, the obligation shall be void. If the company fails to meet the conditions of the bond, the obligation of the surety shall remain in full force and effect.

            B. The surety bond furnished as required in this Section shall be delivered to and filed with the office of motor vehicles.

            Acts 1993, No. 737, §1; Acts 2016, No. 606, §1.

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