In the state of New Jersey, a new law was enacted regarding vehicle sales. The new law, titled SB 521, decreases the required surety bond amount to perform an off-site sale of recreational vehicles (RVs) from $500,000 to $10,000. SB 521 did not alter the bond amount required for an off-site motor vehicle sale, but it would have trimmed down the bond amount to $10,000 for such a sale. The new law states that if the surety bond is cancelled before the conclusion of the off-site sale for both motor vehicles and RVs, the dealer must acquire and file a substitute surety bond without delay with the Chief Administrator of the Motor Vehicle Commission. SB 521 became active upon enactment.
New Jersey Recreational Vehicle Dealer Bond
November 10, 2009 by Eric Weisbrot
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Category: Auto Dealer Bonds, Commercial Bonds, Surety News
Tags: bond requirements, legislation, new jersey, NJ, Recreational Vehicle Dealer Bond, surety bond
