Archive for November, 2013

Requirements for Virginia, North Carolina and South Carolina Auto Dealer Bonds

Written by JoAnn Smith on November 28th, 2013. Posted in Commercial Bonds, Legislation, License and Permit Bonds, Motor Vehicle Bonds, North Carolina, South Carolina, Surety Bond Blog, Virginia

     auto dealer bonds
Auto Bonds remain important to car dealers
Auto dealer bonds can differ from state to state, even if those states are pretty similar. A good example of this is the requirements you will see for these three states. While the auto dealer bonds for a dealership in Virginia and North Carolina are pretty much the same, South Carolina’s car dealer bond requirements break up into whether the dealership is primarily wholesale or retail. This is a prime example of why it is so important to carefully consider the car dealer bond requirements when looking at expanding a dealership into a new state. Handling these surety bond needs in dealerships in Virginia and North Carolina would be far easier than if you decided to expand into South Carolina. This is just one simple reason why it is always a good idea to give us a call before making plans and talk to our knowledgeable staff about surety bond requirements any time you are considering expanding your business base. Meanwhile, here are the auto dealer bonds required for Virginia, North Carolina and South Carolina.

Virginia Car Dealer Bond Requirements

For all car dealerships operating within the state of Virginia the requirements are the same whether you are operating a new vehicle dealership, a used vehicle dealership or sell only cars, only trucks or even only anything else that would be considered a motor vehicle such as a motorcycle dealership. They all require a $50,000 Vehicle Dealer Bond. Be sure to check with our friendly and informative staff if you have questions or need help in qualifying for this surety bond.

North Carolina Auto Dealer Bonds

In North Carolina the requirement for a dealership that sells any kind of vehicle whether it is new or used is also a $50,000 Auto Dealer Bond much like you saw in Virginia. However, the difference between North Carolina and Virginia is that here you are required to post an additional $25,000 surety bond for each additional salesroom after the $50,000 Auto Dealer Bond has been posted.

Surety Bonds for Vehicle Dealerships in South Carolina

The difference between South Carolina and its two sister states above is that it requires a surety bond for different ways that you intend to sell those motor vehicles. If you are interested in simply selling new and/or used vehicles retail, then you will need to post a $30,000 MVD bond with the state. However, if you plan to run a wholesale auto auction, offer travel trailers or motorcycles or are planning to open a wholesale dealership you will need to pony up a $15,000 Motor Vehicle Dealer Bond. In addition, no matter what type of dealership you plan to open, this surety bond needs to be in place at the time that your licensing is begun.

Offering Auto Dealer Bonds at Reasonable Rates

If you think operating an automotive dealership is in your future, it doesn’t take a crystal ball to see that part of that dealership is going to be qualifying for surety bonds. If you are new to the business or have bad credit, this could be a problem. But here at BuySurety we know the business and can help you no matter what the situation. Come talk to us about your surety bond needs and find out just how reasonable and easy it is to get bonded through BuySurety.

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Commercial Surety Bond Legislature for Debt Management Services

Written by JoAnn Smith on November 26th, 2013. Posted in Commercial Bonds, Finance Bonds, Hawaii, Latest News, Legislation, License and Permit Bonds, Lousiana, Massachusetts, New York, Pennsylvania, Surety Bond Blog, Washington

Debt Management Services
Recent surety bond legislature for debt management service companies has been sweeping through several states. With the increased regulation of all banking services, it isn’t surprising that many states are looking more closely at this sub-set of the financial industry with a bit more scrutiny. Massachusetts and Pennsylvania have both passed new regulations regarding these services and a few other states have had similar bills defeated that will probably circle back around soon for another attempt at further regulation. For a closer look at all the changes regarding these industries, here are the details:

Massachusetts Surety Bond Changes

After sitting in the House for several months, House Bill 875 has finally been sent to the Senate Ways and Means committee as H3569. It looks likely to pass and will require all debt management service companies to post a surety bond as part of their licensing requirements. The amount of the bond will be determined at the time by the Commissioner of Banks.

Pennsylvania Debt Settlement Service Providers Bonding

In a bill that will see the posted bond run to the Commonwealth for its benefits, Pennsylvania has decided on a $25,000 credit services bond requirement. This will be part of the new licensing requirements for debt settlement service providers and will also oblige that the bond run for the length of the license. An additional $25,000 penal bond will also be required as part of the licensing procedure.

Growing Movement toward Surety Bonds

Although they were defeated in legislature, there were bills for the requirement of licensing and the posting of surety bonds for all debt management service providers in Hawaii, Louisiana, New York and Washington. This marks a definite trend towards the institution of surety bonds as a licensing requirement in this industry in the coming years.

Find All Your Surety Bonds Here

Many businesses that serve non-traditionally in the financial sector may find they will suddenly be required to post a surety bond in the coming years. If your business is considering the move to posting a surety bond as part of their licensing requirements, don’t get caught without them. We can supply any kind of surety bond for any industry in all fifty states. Contact our offices or visit our BuySurety website and find out just how easy it is to get the surety bond your industry requires, regardless of your credit rating or years in the industry.

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Michigan, Ohio and West Virginia Auto Dealer Bonds

Written by JoAnn Smith on November 22nd, 2013. Posted in Legislation, License and Permit Bonds, Michigan, Motor Vehicle Bonds, Ohio, Surety Bond Blog, West Virginia

     auto dealer bonds
auto dealer bonds – do you have yours?
Auto dealer bonds for West Virginia as well as Ohio and Michigan are a big part of the legislative updates that we have seen across the country as these states have gone through economic change. Cities grow, dealerships flourish and each state needs to find a way to ensure that the dealerships conduct business in an ethical way. If you are considering opening your own vehicle dealership in West Virginia, Ohio or Michigan there are some regulations including surety bonds that you will need to fulfill. Here are the basics that you will need to be aware of when getting licensed to sell vehicles in Ohio, West Virginia and Michigan.

West Virginia Auto Dealer Bonds

The Mountain State is well named, for driving through it is like riding a beautiful roller coaster. If you are considering getting your license for a vehicle dealership in West Virginia, you will be happy to know that the requirements are the same for both used and new vehicles of all types. You will simply need to post a Motor Vehicle Dealer Bond for $25,000 as part of the licensing procedure.

Ohio Auto Dealer Bond Requirements

The Buckeye State has plenty of opportunities for anyone considering opening a car dealership in Ohio. If you want to do so, you will need to post two separate surety bonds for each dealership:

Car Dealership Requirements in Michigan

You have to assume that Michigan residents are stubborn, why else would they have decided to be called The Wolverine State? But these hardy people who are known for their pragmatism are smart enough to keep their regulations to a simple requirement. In Michigan you are required to post a $10,000 Motor Vehicle Bond for the dealership regardless of whether it sells new or used vehicles. It certainly keeps things tidy and easy to understand.

Getting Bonded the Easy Way

So now that you know what is required, are you ready to get bonded? Why not drop in to our handy surety bonds site BuySurety and find out just how fast and easy it is? We can help you with qualifying for a motor vehicle bond in any state and regardless of your credit rating. Come and talk to us today, and get that auto dealer bond you need now.

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New Requirements for Surety Bonds for Manufactured Homes

Written by JoAnn Smith on November 20th, 2013. Posted in Idaho, Indemnity Bonds, Legislation, License and Permit Bonds, North Dakota, South Dakota

     manufactured homes
manufactured homes may need surety bonds
Some changes have been made recently regarding the regulations for manufactured homes. In several states this has also meant that state legislature has changed the regulations regarding the requirements for surety bonds as part of the manufactured homes dealer licenses. These may also have affected mobile home manufacturers, mobile home service businesses and other companies that deal with mobile homes and manufactured homes. These tend to be state-by-state changes, and the ones that affect surety bond requirements are named below:

Idaho

Service companies that provide service or repair or even tear-down of manufactured homes have in the past been required to provide a $5,000 license surety bond. This requirement has been repealed. Manufactured home installers will still be required to provide a surety bond as part of their license, however, as they are not considered a service provider. This change will extend to include mobile homes as well as manufactured homes.

North Dakota

The existing requirement for mobile home dealers to post a $10,000 permit surety bond has been increased to $50,000. In addition, dealers of manufactured homes are now going to be required to post the same surety bond amount as part of their licensing. Direct action is permitted on the bond with the aggregate liability limited to the bond amount.

South Carolina

A revision has been made to the licensing requirements for retail dealers of manufactured homes. The license will now require a credit score of 700 with a net worth of a minimum of $150,000. If the retailer cannot meet these requirements they will be then required to post a surety bond with the license.

License and Permit Bonds

Many states demand some type of license and permit surety bond as part of the licensing requirements. If you are considering a surety bond for your licensing needs, BuySurety can help. We provide permit and licensing bonds for all fifty states and for any kind of industry. Contact us today to find out how we can help you to meet all your surety bond requirement needs.

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Wisconsin, Illinois and Indiana Auto Bonds

Written by JoAnn Smith on November 18th, 2013. Posted in Illinois, Indiana, Legislation, License and Permit Bonds, Motor Vehicle Bonds, Surety Bond Blog, Wisconsin

     auto bond
Auto Bonds remain important to car dealers
Wisconsin, Illinois and Indiana auto bond requirements are all pretty straight forward as far as which kinds of dealerships are required to get bonded and which kind of auto dealer bonds. All three states are filled with industrious farms, thriving communities such as Hillsboro and Springfield and plenty of green forests for car camping and other types of outdoor enjoyment. Let’s not forget Chicago, with its bustling business and millions of drivers.  It shouldn’t be surprising to note that car dealerships do well in these areas. Here are the surety bond requirements you need to know for these three states if you were to consider opening a dealership in Wisconsin, Illinois or Indiana.

Wisconsin Car Dealer Bonds

Although a car dealership has the same requirement for selling both new and used vehicles, a $50,000 car dealer surety bond, that doesn’t mean the requirements are simple in Wisconsin for an auto dealership license bond. The company must get bonded and keep the bond active for the full two years of the license period. In addition, that bond must be in force when the dealership applies to renew their license at the end of the two year period.

Illinois Auto Bonds

The Illinois Motor Vehicle Department requires dealerships for both new and used vehicles to post a bond in the amount of $20,000 as part of their dealership license. The bond must be held by the designated agent for the dealership. No other type of vehicle dealer bond is required outside of this car dealer bond to get bonded for selling new and used vehicles in Illinois.

Indiana Car Bond Requirements

Everyone who knows Indiana knows it as The Hoosier State. Here the car dealership surety bond requirements are also very simple to follow, just like in Illinois and Wisconsin. All new and used car dealerships are required to have a $25,000 car dealer bond as part of their licensing. In addition, they have to be able to furnish that proof at the time of their licensing or renewal of their licensing.

Get Bonded Today

Need a surety bond? We can supply, in addition to car dealer bonds, just about any kind of surety bond you need. Whether it is a license bond for your new business or a public official bond for the cities recently appointed staff, BuySurety can help. Come by our site today and see how fast and easy it is to get bonded with BuySurety.

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