The Louisiana Motor Vehicle Lessor Bond is required by the Louisiana Motor Vehicle Commission, in the bond amount of $10,000. Any person engaged in the motor vehicle, recreational products, or specialty vehicle, leasing or rental business must be licensed. Applicants must submit a surety bond in order to become licensed. The bond must be issued by a licensed surety company in Louisiana.
The bond is in place in case the bondholder fails to comply with the conditions of any written contract made in connection with the sale, repair, or exchange of any motor vehicle. And, to comply with all provisions of Chapter 6 of Title 32 of the Louisiana Revised Statutes or any other law in the conduct of business.
Surety1 is licensed to issue surety bonds in all 50 states.
What are the Louisiana Motor Vehicle Lessor License Requirements?
- Applicants must complete the Louisiana Motor Vehicle Commission Application for Licence as a Motor Vehicle Lessor Agent.
- Payment of the $30 licensing fee.
- Have an established place of business, properly zoned in the municipality, with a suitable office, an affixed sign in front of the establishment.
- Furnish a minimum required liability insurance coverage on all vehicles offered for sale, rental, lease or used in any other capacity in demonstrating or utilizing the streets and roadways in accordance with the financial responsibility laws of the state.
Where can I get a Louisiana Motor Vehicle Lessor Bond?
Surety1 can make the process of getting a surety bond easy. We only need you to complete our easy to navigate, free online application form. Shortly after, one of our agents will contact you with a no-obligation quote on the bond premium. You then pay the premium and sign the agreement and we will send you the bond right away.
Surety Solutions Insurance Service (Surety1) maintains an A+ rating from the Better Business Bureau for our excellent service.