HB 366 is a new bill that was presented in Utah State concerning pawn brokers. The new bill requires pawn brokers that sell, trade, or pawn motor vehicles as a function of their usual business practices to become licensed as a used motor vehicle dealer. HB 366 requires used motor vehicle dealers to acquire a surety bond to attain the license required under the newly enacted legislation for supplementary locations. HB 366 also requires a $75,000 surety bond in relation to a dealer’s license.
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.