The Illinois Vehicle Dealer’s Bond is required of some vehicle dealers by the Illinois Secretary of State.
A vehicle dealer is any person who’s business is selling or dealing in, on consignment or otherwise, 5 or more vehicles in a year. Also includes anyone or who acts as an intermediary, agent or broker for any other party. Finally, any person or business that advertises that they are a vehicle dealer. There are about 6,000 licensed vehicle dealers in the State of Illinois. Brokers and wholesalers are required to meet the same license requirements as retail vehicle dealers.
Vehicle dealers must be bonded for the first 36 consecutive months of business operations. If you have not been delinquent or deficient in remitting fees for title and registration or taxes, the surety bond requirement is waived. All licenses expire December 31st of the issuing year. The bond will expire with the license. The required Illinois Dealer’s Bond amount is $20,000.
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