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.
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New Hampshire Recreational Vehicle & Snowmobile Registration Agents Bond
November 7, 2009 by Eric WeisbrotCategory: 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)
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Maryland Auto Dealer Licensing: Surety Bond Requirements
March 18, 2009 by Michele HaddonYou 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.
Category: Auto Dealer Bonds, Commercial BondsTags: 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 vehicle dealer, wholesale dealer | Comments (0)
