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.
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New Jersey Recreational Vehicle Dealer Bond
November 10, 2009 by Eric WeisbrotCategory: Auto Dealer Bonds, Commercial Bonds, Surety NewsTags: bond requirements, legislation, new jersey, NJ, Recreational Vehicle Dealer Bond, surety bond | Comments (0)
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New Hampshire Recreational Vehicle & Snowmobile Registration Agents Bond
November 7, 2009 by Eric Weisbrot
In the state of New Hampshire a new law was put in place. The new law, HB 1351, states that off-highway recreational vehicle (OHRV) and snowmobile registration agents have the option of posting a surety bond when certain breaches of the agreement between the agent and the Fish and Game Department have been perpetrated. The surety bond can be obtained in lieu of the agreement being terminated when the infringement is related to the handling of state funds. The surety bond has to be issued by a state licensed surety and must guarantee the payment of all state funds collected accordingly of agent registrations issued for the state; a surety bond option already exists under current law for license agents who issue licenses, tags, stamps, permits for hunting/fishing. Category: Auto Dealer Bonds, Commercial Bonds, Surety NewsTags: bond requirements, legislation, New Hampshire, NH, OHRV, Recreational Vehicle Dealer Bond, Snowmobile Registration Agents Bond, surety bond | Comments (0)
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Tennessee Public Automobile Auctioneer Bond
September 14, 2009 by Eric Weisbrot
Public automobile auctioneers must abide by a new law known as SB 3590 under Tennessee state law. The new law requires public automobile auctioneers to be licensed and post a surety bond of $50,000 from a certified bonding company; it is also mandatory to acquire liability insurance in the amount of $500,000. The new law is specifically for auctioneers who perform auctions that are open to the public.Category: Auto Dealer Bonds, Commercial Bonds, Surety NewsTags: auctioneers bond, bond requirements, legislation, public automobile autioneer bond, surety bond, tennessee, tn | Comments (0)
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Tennessee Motor Vehicle Dealer (MVD) Bond Raised To $50,000
September 10, 2009 by Eric WeisbrotThe state of Tennessee enacted a new law referred to as HB 2809. The new MVD (motor vehicle dealer) law raised the amount of the required license bond from $25,000 to an amount of at least $50,000; it also prohibits the use of letters of credit. The present law allowing the use of a certificate of deposit was preserved. Category: Auto Dealer Bonds, Commercial Bonds, Surety NewsTags: auto dealer bond, bond requirements, dmv bond, legislation, mvd bond, surety bond, tennessee, tn | Comments (0)
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West Virginia MVD Bond Increase
August 23, 2009 by Eric Weisbrot
There is a new MVD (Motor Vehicle Dealer) bond law in the state of West Virginia under the name of HB 4364.The new law more than doubles the mandatory amount of the motor vehicle dealer license bond from $10,000 to $25,000. The new law was enacted on 04/01/2008 and became active on 06/8/2008.Category: Auto Dealer Bonds, Commercial Bonds, Surety NewsTags: bond requirements, legislation, surety bond, west virginia, wv | Comments (0)
