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Surety Bond Blog
You must obtain a surety bond in order to become a licensed dealer in the State of Maryland. There are different types of dealer licenses and requirements for each.
The following is a list of the different types of Surety Bonds required by the Maryland Motor Vehicle Administration:
Surety Bond of Vehicle and Trailer Dealer
The bond amount requirements vary depending on the type of license and volume of business.
- New Vehicle Dealer
- Used Vehicle Dealer
- Wholesale Dealer
- Trailer Dealer
- New Motorcycle Dealer
- Used Motorcycle Dealer
- New Emergency Vehicle Dealer
- Used Emergency Vehicle Dealer
Surety Bond of Motor Vehicle Manufacturer
This bond is for the following types of licenses:
- Manufacturer
- Second State Manufacturer
- Distributor
- Factory Branch
Surety Bond of Title Service Agent
The bond amount is $25,000 and a separate bond is required for each licensed location.
If you are unsure which license you need to apply for, refer to the Motor Vehicle Administration’s Summary of Dealer Types. There you will find descriptions of the different license types and links to their licensing instructions.
Depending on the type of license, you may be able to download the application from the Motor Vehicle Administration’s website. If the application is not available online, you can request one by contacting the MVA Business Licensing and Consumer Services Unit either by phone (800) 950-1MVA or email businesslicensing@mdot.state.md.us.
When applying for your license, be sure to follow all the instructions detailed in your licensing package. There are several forms to be completed, as well as various documentation to obtain (permits, insurance, bond, etc.). All required documents must be submitted along with your application, including the surety bond.
This guide should serve as a good starting point. But remember to check with the Motor Vehicle Administration for the most up-to-date licensing & bond requirements.
Comments (5)
Category: Auto Dealer Bonds, Commercial Bonds
Tags: auto dealer, auto dealer bond, dealer, dealer bond, distributor, dmv, dmv bond, emergency vehicle dealer, manufacturer, motorcycle dealer, mvd, mvd bond, new vehicle dealer, title service agent, trailer dealer, used car dealer bond, used vehicle dealer, wholesale dealer
I am having problems with a Nigerian woman, Ifeyinwa Obianagha who claimed to be a licensed Maryland used auto dealer with experience in shipping cars to Nigeria. She helped us to purchase 2 crashed vehicles at an insurance auction and agreed to oversee the repairs and shipping to Nigeria for us. We live in Belize full time and had to leave before the project was finished. It is now 3 months later and we have prepaid for shipping to NIgeria plus sent thousands of dollars to her for additional repairs and still there is no bill of lading. Now I am sure she has scammed us out of more than $11,000. Is there anything we can do to pursue this legally or to make a complaint to the appropriate agency that deals with licensing and exports? I have VIN numbers for the vehicles and photos as they appreared before the repairs were supposed to me made.
I'm sorry to hear this. You'll want to contact the state to see if the individual has a bond filed with Maryland. If they do, you can file a claim on the bond with the surety company who wrote the bond.
If she doesn't have a bond filed, I don't have information to offer as that falls out of our jurisdiction.
I need to know how much the security bond cost
Jacqueline,
Prices vary drastically by bond type. Is anyone requiring a bond of you? If so, who?
I was shocked when I read the experience of the guy residing in Belize at the hands of Ifeyinwa Obianagha. I have to immediately write to express that my sister who is a bank manager in Nigeria is currently going through the same experience. The same story line and the same tricks is the modus operandus of this lady called Ifeyinwa. She hails from Ogidi in Idemili local government of Anambra state. Since 2012, my sister remitted $17,000 by wire transfer to her for the purpose of buying Toyota highlander. Till today April 8th 2013, neither the car nor the money has been delivered to my sister and all pleas to refund the money have , so far fallen on deaf ear. The next line of action I am contemplating is to report her to law enforcement in Maryland and hopefully get her arrested as a 419 scammer. I have her phone number, address and all the documents to prove that she collected $17,000 from my sister. I am going to involve the Nigerian Economic and financial crime commission as well as notify the American embassy in Nigeria so this lady can be stopped. Anybody who knows her should please tell her to do the right thing and stay out of trouble. I am writing from North Carolina and hail from Abatete, in Idemili L.G.A of Anambra state.