New and used car dealers in the State of Connecticut must follow new legislation that was recently enacted. The new law, which is referred to as SB 414 boosts the surety bond that is required of both new and used car dealers from $20,000 to $50,000. The present legislation authorizes the Commissioner of Motor Vehicles to require a increased surety bond amount from a license applicant; this is calculated by the applicants financial circumstance.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.