The Colorado Bond of Motor Vehicle Buyer Agent is required by the Colorado Department of Revenue. It is a type of surety bond and the the required bond amount is $5,000.
What are the license requirements?
The State of Colorado defines a buyer agent as any person who is retained or hired by a consumer for a fee or other thing of value to assist, represent or act on behalf of a consumer in purchasing or leasing a motor vehicle. Take note that a motor vehicle dealer is not the same as a buyer agent and that buyer agents cannot receive any fee from the dealer.
You will need to apply for the license if you want to be a buyer agent. You can apply anytime within the year. The requirements that must be submitted include :
- Completed Buyer Agent License Application form
- Colorado Sales Tax Withholding Account Application
For applicant’s who are applying as a corporation or limited liability company, you must also submit Secretary of State’s Certificate of Incorporation, Secretary of State’s Certificate of Assumed or Trade Name, etc.
You are also required to submit a Colorado Bond of Motor Vehicle Buyer Agent with the amount of $5,000. This is to ensure that you will be conducting your business professionally, following the rules and regulations of the state.
CLICK HERE to read more about Buyer Agent Licensing from the Colorado Department of Revenue
How to obtain a Colorado Bond of Motor Vehicle Buyer Agent?
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is as follows:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
- Sign some paperwork and pay the bond premium
Once these steps have been completed the Colorado Bond of Motor Vehicle Buyer Agent will be shipped to the bond principal (applicant) for the required original signature prior to submitting the bond to the Department of Revenue.
1- The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003 and maintains an A+ rating by the Better Business Bureau .