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I currently own a towing company here in southern az. I would

like find how I can...
I currently own a towing company here in southern az. I would like find how I can legally start repossessions for finance companies. I have heard that I need to be bonded. I don't understand what all that entails?
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10/2/2012
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Hi, I'm a moderator for this topic. I've been working hard to find a professional to assist you right away, but sometimes finding the right professional can take a little longer than expected.

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Law Educator, Esq.
Category: Business Law
Satisfied Customers: 119,529
Experience: All corporate law, including non-profits and charitable fraternal organizations.
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The first thing you would have to do is form your company, which you have already done and obtain your tax ID numbers. You then need to contact your insurance agent regarding bonding. A bond is an insurance type policy and it covers you for any type of damages or any other type of suit against you. You also need to get licensed with the AZ Department of Public Safety as private investigators, since part of the repossession business involves skip tracing of debtors for your customers. Also, because you may have to collect money for your clients, you will have to apply to be licensed with the Arizona Department of Financial Institutions as well.

These are the licenses that you need to set up your repo company.

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