Opening a new auto dealership business can be a cumbersome and nerve-wrecking process if you are starting from scratch. However, there are tips that can make the experience easier and smoother. Here is an essential overview of what you need to do if you are based in the state of California and you are planning read more »
Virginia legislators have enacted a new bill concerning the liability of surety companies when it comes to auto dealer bonds and attorney fees. The law is labeled HB 171 and changes the existing law and states that the surety on a bond is responsible for any claims and attorney fees accumulated on a bond. The read more »
Auto dealer bonds now protect the broader public in New Hampshire thanks to new legislation. The new law is named SB 156 and adds extra protection to the bond that’s required of retail vehicle dealers, auto wholesale dealers, and utility dealers. Originally the required bond only protected individuals who purchased a vehicle from the dealer read more »
The state of Nevada has enacted a new law relating to automobile wreckers. The new law is titled AB 204 and states that an automobile wrecker can utilize the new law’s streamlined method for processing a motor vehicle for parts/scrap if they acquire a $50,000 surety bond; the bond must be from a state licensed read more »
Anyone dealing with motor vehicle dealers in Virginia is going to be affected by this new legislation. The new law is named HB 1838 and caps the amount that can be reimbursed in a claim against a motor vehicle dealer’s bond; it’s now capped at $20,000. The previous law capped the amount to be recovered read more »
Surety bonds help separate legitimate businesses from disreputable ones. When a company cannot or avoids obtaining bonds needed to run a legal business, it’s usually a bad sign.