§ 32:736 — Surety bond required; amount and conditions of surety bond; filing of bond

§736. Surety bond required; amount and conditions of surety bond; filing of bond
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.

Legislative History

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