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Alabama DMV Dealer Bond Increases to $50,000




Effective October 1, 2020 the Alabama DMV License bond for motor vehicle dealers increases to $50,000. Now is a good time to shop for a better rate. You can do that by clicking here.

Before any master dealer license may be issued to a new motor vehicle dealer, used motor vehicle dealer, motor vehicle rebuilder, or motor vehicle wholesaler, the applicant shall deliver to the commissioner a good and sufficient surety bond, executed by the applicant as principal and by a corporate surety company qualified to do business in the state as surety, in the sum of not less than fifty thousand dollars ($50,000) or an amount as prescribed by the department. Such bond shall be in a form to be approved by the commissioner, and shall be Alabama DMV Dealer Bond Increases to $50,000conditioned that the motor vehicle dealer, motor vehicle rebuilder, or motor vehicle wholesaler shall comply with the conditions of any contract made by such dealer in connection with the sale or exchange of any motor vehicle and shall not violate any of the provisions of law relating to the conduct of the business for which he is licensed. Such bond shall be payable to the commissioner and to his successors in office, and shall be in favor of any person who shall recover any judgment for any loss as a result of any violation of the conditions hereinabove contained. The bond shall serve in lieu of the bond provided for in subsection (b) of Section 32-8-34 and, in addition to all other conditions, shall also be conditioned upon their performance of their duties as a designated agent under Chapter 8 of Title 32. The penalty provisions provided under this article, in addition to the tax liability incurred under Chapter 23 of this title on the sale of a motor vehicle, may be assessed against the bond.

All DMV dealers renewing a license after 10-1-2020 will be required to increase the require d surety bond from $25k to 50k

Vermont Loan Solicitor Bond

 




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