How do I start a repossession business in PA?

Obtain a bond in an amount of at least $5,000 from a surety agent authorized to transact business in Pennsylvania. You will need to show evidence of a valid bond when you apply for a repossession license with the Pennsylvania Department of Banking.

How to become an insurance agent in PA?

After doing some research and reviewing the basics, you know you want to become an insurance agent in Pennsylvania. Here are the 4 steps for earning your license. Step 1: Complete all Pre-Licensing Education Requirements. Before you can apply for your Pennsylvania insurance license or take the exam, you need to complete prelicensing education.

Do you need a license to be a repo officer?

If you hire a team of repo officers, you will also need to ensure that they each have the necessary licenses to operate the types of vehicles that come with this territory. Now that you have the office space and proper licensing, it’s time to either buy or lease the towing equipment.

How much does it cost to start a repo business?

Select a name for your company and file a Doing Business As, or DBA, with your state. The name could be direct or vague in regards to the focus of your business, but it should be something memorable. As with any self-run business, you’ll need to get a business license, which typically costs between $50 and $60.

How often do you need to renew your repossession license?

You’ll also need to renew your license every 12 months. Draft a business plan that accounts for your marketing and budgetary needs. Draw up a list of all the supplies that will be necessary to operate as a repossession officer.

Do you need a license to sell insurance in PA?

You must be licensed to sell, solicit or negotiate insurance in the Commonwealth of Pennsylvania, or be appropriately licensed to transact other insurance related functions such as appraise physical damage to motor vehicles. To be licensed there are various requirements you need to fulfill such as pre-licensing education and testing requirements.

What is the bonding requirement for a notary public bond in PA?

Bonding Requirement. Each notary public bond shall have as a surety a duly authorized surety company or two sufficient individual sureties, to be approved by the Secretary of the Commonwealth. A duly authorized surety company is any insurance company authorized to do business in this Commonwealth by the Pennsylvania Insurance Department.

What kind of business license do you need in PA?

All businesses selling products and services subject to sales tax in Pennsylvania are required to register for a Pennsylvania Sales, Use and Hotel Occupancy Tax License, also known as Form PA-100, from the Pennsylvania Department of Revenue.