Arizona Changes their License BondIn Arizona a company that does business as an appraiser of real estate may not be required to have appraisal management company bonds, but they are required to be licensed and carry a license bond as part of that license. Until the passage of Arizona House Bill 2239 that requirement was a $20,000 license bond. With the passage of this bill on April 16, 2014 and the Governor signing it into law on April 22nd the requirement for a license bond for this type of business was changed to not less than $20,000 with a maximum surety bond amount of $50,000. In addition, instead of a criminal background check being required for licensing, owners will now only need to submit a valid fingerprint clearance card.
Mississippi and Appraisal Management Company BondsMississippi’s House attempted to pass a change to the appraisal management company bonds requirements along with a change to authorize Mississippi real estate appraisers to establish standards for measuring certain residential properties. While the change regarding standards was written into law, the surety bond requirement for all real estate appraisal companies in Mississippi still stands. The final version of the new law did not see any changes in the requirements of posting a surety bond as part of the licensing structure.
Changes for Virginia Real Estate Appraisal CompaniesWith the passage of Virginia House Bill 762, both real estate appraisers and real estate appraisal companies will be required by law to hold a license and a real estate appraisal management bond or license bond, whichever is applicable. With this law no one who engages in the business of real estate appraisal can do so in Virginia without a license that is issued by the Real Estate Appraisal Board. In addition, the amount of the real estate appraisal license bond will be increased from $25,000 to $100,000. The bill was signed by the Governor on March 07, 2014 and went into effect on July 01, 2014.
Licensing Needs Met HereObviously many different kinds of businesses need many different kinds of licenses. Just as you see here where three different states have different requirements about surety bonds that go with those licenses, it is the same with a host of different types of businesses. That is why it is always a good idea to check in with a reputable surety bond broker, such as BuySurety, to be sure your business has the license bonds it needs to stay on the right side of the law. Not sure what your state requires of your new business? Contact BuySurety’s customer service and find out today. Keeping your business legal and bonded correctly is just one part of why businesses big and small across the nation have counted on BuySurety since 1998. Contact us today to find out just how fast and easy getting bonded with BuySurety can be for you.
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Arizona Car Dealer RequirementsThere are three different situations where an auto dealer bond will be required as part of doing business. You can get a free quote for any of these Arizona Auto Dealer Surety Bonds. For all three situations, the bond must come from a company that is authorized to do business in Arizona. Lucky for you, BuySurety fits that bill just fine. If you have more than one location, you will need to have a separate surety bond for each county that you do business in. The one exception to this is the title service company which can run under multiple locations and they will be covered by the same car dealer bond.
- For New and Used Motor Vehicle Sales – $100,000 New and Used Motor Vehicle Dealer Bond
- For a Title Service Company – $25,000 Auto Dealer Bond
- For a Wholesale Auto Auction Dealer – $25,000 Wholesale Auto Dealer Bond
- For a Wholesale Motor Vehicle Dealer – $25,000 Motor Vehicle Dealer Bond
- For an Automotive Recycler – $20,000 Auto Dealer Bond
Nevada Car Dealer RequirementsThe Silver State separates out their auto dealer licenses, and the bonds that go with them, according to use. So if all you are planning to sell at your lot are new and used cars, this only needs one type of surety bond. But being the west, horse trailers, utility trailers and motorcycles are designated for a different kind of surety bond requirement. All of these types of Car Dealer Surety Bonds are available directly. Outside of these qualifications, the designations are fairly simple in Nevada for any kind of auto dealer bond.
- For selling new or used motor vehicles – $100,000 Car Dealer Surety Bond
- For selling motorcycles, horse trailers that do not have an area for living or utility trailers with unloaded weight of at least 3,501 pounds – $50,000 Motor Vehicle Dealer Surety Bond
- For selling utility or boat trailers with unloaded weight under 3,500 pounds – $10,000 Surety Bond
Utah Car Dealer Bond RequirementsThe Motor Vehicle Dealer (MVD) Surety Bonds for Utah motor vehicle dealers simply break down into cars versus bikes and trailers. This makes it fairly easy for Utah car dealerships to have their surety bond coverage taken care of with little fuss.
- Dealers of new and used vehicles as well as sellers of large trailers – $75,000 MVD Bond
- Dealers of motorcycles or small trailers – $10,000 MVD Bond
Idaho State MVD Bond RequirementsIf you have ever driven through Idaho and seen the sheer amount of rock and gravel, you would understand why it is called The Gem State. But this combination of mountain and desert makes Idaho a place where having a solid truck is essential, so auto dealerships are a good investment. As it is in Nevada, the auto dealer bond requirements are broken down into two camps: cars and trucks versus the smaller recreational vehicles and trailers. Both types of MVD Bonds are available directly from BuySurety.
- For New and Used Motor Vehicle Sales – $20,000 MVD Bond
- For Motorcycle, ATV, Utility Vehicles, Campers and Snow Machine Sales – $10,000 MVD Bond
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- A $200,000 surety bond for property damage
- A $200,000 surety bond for personal liability
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Arizona Department of Transportation. Motor Vehicle Dealer (MVD) Licensing Applications must be accompanied by a car dealer bond, the amount of the surety bond to be determined by the type of business being conducted. This includes any businesses that have gone through changes since their last license application. A separate bond will be required with each individual application and for each county that the applicant has an established business. As a result, motor vehicle bonds will be required for Arizona for the following amounts: A $100,000 motor vehicle bond will be required for:
- New Motor Vehicle Dealers – Anyone who buys, sells, offers, attempts to offer or is engaged in the business of selling new motor vehicles or used vehicles taken in trade.
- Used Motor Vehicle Dealers – Includes anyone other than a new car dealer who engages in the buying, selling, auctioning, exchanging or offering to negotiate a sale or trade of four or more used vehicles in a 12-month period.
- Public Consignment Auction Dealers – This includes anyone conducting live auctions or providing live auction services on a consignment basis at a public consignment auction dealer’s place of business or authorized off-premise location.
- Motor Vehicle Brokers – This includes a person who for a fee or commission offers to provide the service of arranging or helping to arrange the purchase of a motor vehicle and is not a dealer of used or new vehicles, a manufacturer, a wholesaler or auctioneer of motor vehicles.
- Wholesale Auto Auction Dealers – This includes anyone who provides auction services to wholesale dealers only in wholesale transactions. The must also neither buy, sell nor own the motor vehicles that they auction.
- Wholesale Motor Vehicle Dealers – This includes anyone who sells used motor vehicles. They are sold solely to licensed motor vehicle dealers in Arizona.
- Automotive Recyclers – This includes anyone who purchases at least six motor vehicles for the sole purpose of dismantling and reselling or otherwise disposing of the parts or accessories.
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Senate Bill No. 1280: License Bond—Tobacco Product DistributorsThe Arizona Senate Bill 1280 will reflect changes to require all tobacco product distribution must post a bond for surety of license sales tax. The new bond law requires that the bond must be equal to 4X the average monthly liability for taxes of the distributor based on the preceding consecutive six months history of paid taxes or $500, based on whichever is the greater amount. In the event that a tobacco distributor does not have a six month history of tax payments, then the bond to be paid has to be at least $500. The bill was enacted on May 09, 2012. For full details and to see the actual language of the bill please follow our link here.
House Bill No. 2462: Court BondIn the house bill #2462 recently passed, a requirement will now be made that any dog owners whose dog has been seized for suspected cruel mistreatment or neglect including abandonment will need to post a court bond. That bond will be $25 per animal seized. This is a change from when the bond bill was first introduced, where the requirement would have been $200 per animal. The bond will be paid to ensure that the costs regarding care of the animal are covered. This bill was enacted on March 21, 2012. To see the complete bill in PDF form and read all circumstances that pertain to this bill be sure to click on our link here.
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