There is a new bill that was enacted concerning off-highway vehicle dealers in Nevada State. Named SB 394, the new law requires a $50,000 surety bond from a corporate surety for off-highway vehicle dealers, lessors and manufacturers. The surety bond is conditioned on cooperation with the new law and that the licensee will operate its company without violating a consumer contract, partaking in deceiving trade practices, fraud, or deceptive representation. SB 394 authorizes direct actions on the surety bond, but the surety’s total aggregate liability is restricted to the quantity of the surety bond. The new law also authorizes licensees that conducted their businesses for 5 years in an approach that the Department of Motor Vehicles found satisfactory to acquire a diminution in the quantity of the required surety bond for up to 50% of the surety bond amount.
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.