Surety Bond Blog » mvd bond

Utah MVD Bond Requirement Update

Eric Weisbrot — Thu, 10 Jun 2010 13:43:24 +0000

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.

Indiana MVD Bond

Eric Weisbrot — Sun, 07 Mar 2010 16:43:34 +0000

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.

Tennessee Motor Vehicle Dealer (MVD) Bond Raised To $50,000

Eric Weisbrot — Thu, 10 Sep 2009 17:34:27 +0000

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.