The Delaware Motor Vehicle Sales Finance Company Surety Bond is required by the State of Delaware, Office of the State Bank Commissioner. The bond amount required is $25,000.
Title V of the Delaware Banking Code defines a “sales finance company” as a person engaged in the business of purchasing retail installment contracts from one or more retail sellers. If you wish to be in this business, dealing with motor vehicles, you will need to get a license issued by the state. To obtain your Sales Finance Company License in Delaware, you first need to complete the license application. You will also need to pay a fee of $287.50 for the initial license and another $287.50 for the investigation fee.
In addition to this application, the state requires you obtain a Motor Vehicle Sales Finance Surety Bond. This bond is required to be in the amount of $25,000 and issued by a surety company licensed in the state of Delaware. The bond acts as an added assurance to the state that you will be conducting your business professionally, following the rules and regulations set forth by the Delaware Banking Code.
The process of getting the surety bond is easy. We offer an easy to use online application that can be completed in a matter of minutes. Within 24 hours one of our licensed agents will contact you with a free, no-obligation quote for the cost of the bond. Once you remit payment and sign any necessary paperwork, your bond will be shipped to you via USPS priority mail, with overnight shipping options also available.
Surety1 is licensed in all 50 states and is rated A+ by the Better Business Bureau . Surety1 has been writing surety bonds in Delaware since 2003.