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.
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. He has held a range of different roles within the surety industry, from agent assistant to bond issuer, which gives him a unique insider perspective on surety related topics.