Surety On The Rocks

Written by JoAnn Smith on February 22nd, 2016. Posted in Georgia, On The Rocks, Surety Bond Blog

Georgia Motor Vehicle Dealer Surety Bonds
Georgia MVD Surety Bonds expire every 2 years on March 31st, in even numbered years.  This means that now is the best time to purchase your new bond or renew your current bond.  At BuySurety.com we can make this process very easy.  First, here is a little information about this bond. The Georgia Motor Vehicle Dealer bond is a $35000 bond.  It goes by the name Dealer bond, MVD bond, Auto Dealer, Used Auto Dealer, or Car Dealer.  It guarantees that your company, the motor vehicle dealer, complies with all federal, state, and local laws.  It also guarantees that your dealership will comply with tax and judgement guidelines as they relate to motor vehicles.  This bond is required by the state motor vehicle dept to obtain a dealership license.  It will not clear your dealership from lawsuits, but will protect your clients from fraud or misrepresentation. The first step in purchasing your bond is to fill out an application on BuySurety.com.  One of our agents will get with you quickly to give you a quote on this 2 year bond.  Once quoted we will quickly execute your bond and send it to you for compliance with your state dealership license.    
Georgia Peach 1 oz Peach Schnapps Orange juice and Cranberry juice Pour Peach Schnapps over ice in a highball glass.  Top with orange and cranberry juice for taste and serve.three drinks

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Auto Dealer Bonds for Georgia, Tennessee and Kentucky Car Dealerships

Written by JoAnn Smith on November 15th, 2013. Posted in Georgia, Kentucky, Legislation, License and Permit Bonds, Motor Vehicle Bonds, Surety Bond Blog, Tennessee

     auto dealer bonds
A Proud southerner and his truck!
Auto dealer bonds are a part of the Deep South like fried chicken and late night used car ads on TV. Southerners love their cars so it is no surprise to see plenty of used and new car lots when heading through this part of the country. You know you are in Dixie when you drive through southern states such as Georgia, Tennessee and Kentucky and spot that Confederate flag flying over miles of great looking used cars. Some can be as distinctive as this truck, with Southern Pride flying high. But legislation has made rules for these sales, and they often include auto dealer bonds as part of the licensing. Just keep these in mind when considering any used or new car transaction in Georgia, Tennessee or Kentucky.

Georgia Auto Dealer Bond Requirements

Georgia actually has several categories within the basic car dealership business that require auto dealer bonds as part of the licensing process. Surety bond requirements for used vehicles are separate from used vehicle parts dealers. In addition they have distinct bond requirements for recreational vehicles that sell retail from those that sell wholesale or are distributors or importers. Bonds for van conversions are also covered under recreational vehicles. However, you will notice that there are no requirements for an auto dealer bond for new vehicle dealerships. The bond requirements are:
  • Used Motor Vehicle Dealers – $35,000 Used Car Dealer Bond
  • Used Motor Vehicle Parts Dealers – $10,000 Used Car Dealer Parts Bond
  • Recreational Vehicle Dealers – $10,000 Recreational Dealer Bond
  • Recreational Vehicle Manufacturers – $10,000 Recreational Dealer Bond
  • Recreational Vehicle Distributors or Importers – $10,000 Recreational Dealer Bond
  • Van Convertors – $10,000 Recreational Dealer Bond

Tennessee Car Dealer Bonds

With Georgia and Tennessee right next door to each other, it would be easy to expect that their auto bond needs would be very similar. But in fact, they are very different from each other. Where in Georgia the car dealer bond requirements are varied depending upon what kind of vehicle you are selling and how you sell it, in Tennessee they have one car bond requirement for both used and new vehicles period. If you want to sell used or new vehicles in Tennessee you will need to post a $50,000 Auto Dealer Bond with the Tennessee Motor Vehicle Commission. That is it as far as surety bond requirements go for car and truck sales in the state.

Selling Vehicles in Kentucky

If you have ever driven through the countryside of Kentucky, where some of the finest horses in America are raised, you would understand why it is called The Blue Grass State. If driving cars or trucks are more your style, then you might be happy to note that the requirements for setting up a vehicle dealership in Kentucky is much less stringent then in many other states. For both new and used vehicles, the car dealer bond requirement is for dealers to post a surety bond for $15,000.

Qualifying for an Auto Dealer Bond

Of course, for all of these states you have to qualify for an auto dealer bond before you can purchase it. If you aren’t sure what surety bond you need or if you qualify for it, we can help. BuySurety has been supplying surety bonds for used car dealerships, new car dealerships, and every kind of auto dealer bond you can name in all 50 states for years. Contact BuySurety today to find out just how easy it is to qualify and get set up with the surety bonds you need to run your business, whatever that business may be.

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2013 Proves To Be Busy Legislative Year for Commercial Surety Bond Issues

Written by JoAnn Smith on May 8th, 2013. Posted in Alabama, Commercial Bonds, Court Bonds, Florida, Georgia, Illinois, Kentucky, License and Permit Bonds, Missouri, Motor Vehicle Bonds, Surety Bond Blog

Georgia surety bonds for horse race betting
Georgia surety bonds for horse race betting

May 08, 2013 – It looks like many state legislative branches have already had a fairly busy year. There has been a quick flurry of bills introduced and sent on to committee for many of the state’s legislative bodies when it comes to House and Senate bills that touch on commercial surety bonds.

The list of possible bill movement is quite long for a wide range of states. To get a closer look at the first states to start moving legislature thorough, let’s look a tthe first bunch. Here is just the beginning legislative action that looks likely to begin to happen in Alabama, Florida, Georgia, Illinois, Kentucky and Missouri:

Alabama – The House will be looking at a possible revision of the surety bond requirements for pre-need funeral contracts, while the Senate has a bill that may require an agent of a professional sports player to post a $25,000 sports agent surety bond if there is no players’ association for that sport.

Florida – The House is considering a bill that would require a consumer who is initiating civil litigation against a motor vehicle dealer for claims against their motor vehicle dealer bond to file a demand letter first. The Florida Senate has a bill before it that would require an employee bringing an employer to court regarding the use of a credit history report to deny them employment to post a court bond first.

Georgia – The House is considering the approval of pari-mutual betting at horse racing that would then require the posting of a surety bond by racetrack owners to cover losses to the State along with the requirement of the newly created Piemont Altamaha Transit Authority’s secretary-treasurer to post a public officials bond.

Illinois – The House will consider repealing a bill that allowed the Department of Healthcare and Family Services to requite the posting of a surety bond from any vendor terminated, excluded, suspended or who might pose a risk for fraud, waste or abuse. Instead the Department will require all vendors of non-emergency medical transportation services to post a surety bond.

Kentucky – The House is considering repealing the requirement of a license and permit surety bond by any radon mitigation and radon measurement professionals, but continuing the requirement for an insurance policy.

Missouri – The Missouri Senate is considering eliminating a program for solid waste facilities that includes the requirement of the posting of a surety bond. It is also looking at changing the requirements to take action against the county collector’s posted public official bond to add that the act would need to be done knowingly as well as be improper as stated in current law.

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Commercial Bonds and Contract Surety Bonds in Legislature during 2012 for the State of Georgia

Written by JoAnn Smith on April 22nd, 2013. Posted in Commercial Bonds, Georgia, Surety Bond Blog

Surety Bonds
State of Georgia Seal
April 22, 2013 – There were five bills passed that affected the need for a surety bond in the State of Georgia, one a Senate bill and the other four were House bills. The Senate bill dealt with the payment of civil penalties imposed by the Commissioner of Agriculture. The four House bills were concerned with bonding of public officials, changes to the way retail vehicle service agreements are bonded and a licensing bond requirement for shrimp bait dealers. All five bills were passed in both the State House and the Senate and went into effect on July 01, 2012.

Senate Bill No. 367: Miscellaneous Bond—Civil Penalties

The Senate recently revised a law regarding civil penalties that are imposed by the Commissioner of Agriculture. The Commissioner now has the authority to require that whenever there is a balance on a monetary penalty or if a decision is final and review or additional action cannot be taken or is not allowed that a surety bond posting can be imposed. This new law will also give the Commissioner the authority when the aggrieved or adversely affected party does not follow the terms of consent or the final decision to take action on the surety of the bond against the principle. This change to the law was enacted on May 02, 2012 and went into effect on July 1, 2012. To read the details on Senate Bill 367 please follow our link shown.

House Bill No. 665: Public Officials

The House recently introduced a bill that would have increased the amount of a public officials bond posted for superior court clerks. The initial proposal was to increase the bond amount to $1 million from the current requirement of $25,000. The actual bond amount that will need to be posted will now be $150,000. This bill was enacted on April 16, 2012 and went into effect on July 1, 2012. Please follow the link shown here for a full reading of the details for House Bill 665.

House Bill No. 1067: Miscellaneous Bond—Vehicle Service Agreement Sellers

The House passed House Bill 1067 allowing vehicle service agreement sellers of retail installments to post a surety bond in lieu of reinsurance that will allow them to be exempt from the current reinsurance requirements. The bond or a deposit may not be more than $250,000 and is made upon the request of the Insurance Commissioner for the State of Georgia. This bill was enacted on May 07, 2012 and went into effect on July 01, 2012. For a look at the complete details of House Bill 1067 please click on the link provided.

House Bill No. 869: License Bond—Bait Dealers

Bait dealers who engage in selling shrimp as bait, whether the shrimp is dead or alive, must now post a $2,000 license bond with the enacting of House Bill 869. This bond is to ensure the complete compliance of both the licensee and all of their employees to the applicable regulations and laws regarding taking, possessing or selling bait shrimp. This bill was enacted on May 01, 2012 and went into effect on July 01, 2012. For complete details on House Bill 869 please follow our link provided.

House Bill No. 1171: Public Officials

Upon the enactment of House Bill 1171 the government for the City of Macon and Bibb County will be consolidated into one entity known as Macon-Bibb, Georgia. All officials of this new unified government will be required to post a Public Officials Surety Bond that will guarantee the honest and faithfully performed compliance of their duties in this new capacity. The bond requirements will be determined by the Macon-Bibb Commission, which will be established also by HB1171, which was enacted on April 20, 2012 and went into force on July 01, 2012.  For the full reading of House Bill 1171 please feel free to follow our link provided.

There were no Contract Surety Enactments in 2012 for the State of Georgia

 

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Georgia Firm Posts Agriculture Dealer Bond with USDA

Written by JoAnn Smith on January 16th, 2013. Posted in Agricultural Bonds, Georgia, Latest News

     agricultural dealer bond
USDA surety bonds protect our farm industry
  A surety bond has been posted by Patrick Family Farms with the U.S. Department of Agriculture in the amount of $20,000. The Agriculture Dealer Bond was posted as an assurance that the Georgia business will be faithful in its payment of all produce purchased and abide by the rules and regulations outlined in the USDA’s Perishable Agriculture Commodities Act (PACA) moving forward out of its bankruptcy that was filed last year. The company recently emerged from that bankruptcy filing and is looking to retain its USDA license and return to business as normal within 2013. Georgia Firm Emerges from Bankruptcy The Georgia agrifarm company was required to post this surety bond with the USDA as part of its renewal of its license to assure the USDA that it will be conducting business according to the agreements set out in the license. Patrick Family Farms is required, as are all traders that do interstate business in fresh and frozen fruits or vegetables, to be licensed with the USDA. Surety Bonds Protect Industry and Consumers As required by PACA, all businesses that do interstate business in fresh or frozen fruits or vegetables must be licensed through the USDA and post a surety bond as a way to establish good business conduct. The PACA Division works with the Agricultural Marketing Service (AMS) to ensure that the rules outlined in the act are followed and that all buyers, seller, dealers, brokers and commission merchants abide by these regulations. In addition, the USDA is authorized to suspend or revoke the license of any company that it feels has violated the terms of its agreement with the USDA and the regulations set out in the PACA.

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