A new law was introduced concerning auto dealers within the State of Vermont. The new law, which is named SB 282, amplifies the quantity of the surety bond required of auto dealers. The present legislation requires a surety bond, a letter of credit or certificate of deposit in a quantity stretching from $5,000 to $15,000; this is calculated by the amount of units sold in the prior year. SB 282 boosts the minimum required bond quantity to $20,000 and the maximum bond amount to $35,000.
Eric is the Webmaster of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.