The Alabama Designated Agent (TAG) Surety Bond is required by the Alabama Department of Revenue for those that act as dealers, financial institutions, or pawnshop appointments. The bond amount should be for $25,000. This bond complies with section 32-8-2 (2) of the Code of Alabama, 1975. As the principal of the Alabama Designated Agent (TAG) Surety Bond, by posting the said bond you are assuring that you will be conducting your business professionally, and submitting yourself to the laws of the state of Alabama.
Who Needs to Get the Alabama Designated Agent (TAG) Surety Bond?
The Alabama Department of Revenue Motor Vehicle Division, in compliance with the 1975 Code of Alabama section 32-8-2 (2) requires that any person who would wish to conduct the following businesses in the state to post a $25,000 non-dealer designated surety bond:
- law firms for manufactured homes,
- title agents for manufactured homes,
- out-of-state financial institutions,
- pawnshops, and
- licensed financial institutions.
Take note that non-dealers are the ones required to post the bond as the dealer regulatory license already satisfies the designated agent bond requirement. There are additional requirements depending on the business you will conduct. For example, pawnshops must submit their Alabama Pawnshop License while licensed financial institution applicants should submit a copy of their Title 5, Chapter 19, State Banking License or equivalent. Please refer to the Alabama Department of Revenue website for more information.
Where Can You Get an Alabama Designated Agent (TAG) Surety Bond?
Simply click here to access our easy to use, online application and receive your free, no obligation quote. In most cases, we are able to approve your bond the same day you apply. Surety1 has been writing Alabama surety bonds since 2003. The company has been rated A+ by the Better Business Bureau and represents over a dozen “A” rated surety bond companies.