The state of Nevada has enacted a new law relating to automobile wreckers. The new law is titled AB 204 and states that an automobile wrecker can utilize the new law’s streamlined method for processing a motor vehicle for parts/scrap if they acquire a $50,000 surety bond; the bond must be from a state licensed surety company. The bond specified in this bill is in addition to other possible bonds already required of the wrecker. The bond also can cover multiple business locations but only if the wrecker holds ownership of at least 51% in each location.
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.