The State of Utah updated the current requirements that motor vehicle dealer’s must meet by introducing a new bill. The new bill is named HB 404 and expands the present requirements for a motor vehicle dealer’s surety bond; it must guarantee the cooperation with the present legislation, which requires payoff of liens on trade ins.
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Utah MVD Bond Requirement Update
June 10, 2010 by Eric WeisbrotDiscuss: Comments (0)
Category: Auto Dealer Bonds, Commercial Bonds, Surety News
Tags: bond requirements, legislation, mvd bond, surety bond, ut, utah
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Indiana MVD Bond
March 7, 2010 by Eric Weisbrot
HB 1376 is a new law set fourth in Indiana concerning motor vehicle dealers. The new law requires motor vehicle dealers to preserve a $25,000 surety bond in support of the State. The present law already requires licensure for motor vehicle dealer businesses. The surety bond is conditioned on the payment of charges, penalties, fines, expenses and fees that the Secretary of State appraised. The surety bond also guarantees the reimbursement of damages to be paid to individuals acquiring a judgment against the vehicle dealer for infringement of the law. HB 1376 became active on July 1st, 2009. Discuss: Comments (0)
Category: Auto Dealer Bonds, Commercial Bonds, Surety News
Tags: bond requirements, IN, Indiana, legislation, mvd bond, surety bond
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Tennessee Motor Vehicle Dealer (MVD) Bond Raised To $50,000
September 10, 2009 by Eric Weisbrot
The 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. Discuss: Comments (1)
Category: Auto Dealer Bonds, Commercial Bonds, Surety News
Tags: auto dealer bond, bond requirements, dmv bond, legislation, mvd bond, surety bond, tennessee, tn
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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.
Discuss: Comments (0)
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 vehicle dealer, wholesale dealer
