Missouri, Iowa and Minnesota DMV Surety Bond Requirements

Written by JoAnn Smith on November 11th, 2013. Posted in Iowa, License and Permit Bonds, Minnesota, Missouri, Motor Vehicle Bonds, States, Surety Bond Blog

     DMV surety bond
Some DMV surety bonds cover snowmobile sales too!
As we begin to look at DMV surety bond requirements in states that are east of the Mississippi River, we see more densely populated states with even more auto dealerships needing surety bonds. While it is easy to see that Missouri still has many characteristics of the southern states, including a large rural population, it is a state that boasts some pretty big cities such as Kansas City and St. Louis. Iowa is a state we tend to think of as being part of the Mid-West and the city of Des Moines is not only its capital but also its largest city. Plenty of cars to sell in that state! Finally, Minnesota is a state that has a reputation for having citizens that can be stubborn and extremely practical. Must be those northern winters! Even with them, you can be sure that surety bonds for auto dealerships are in big demand! Here are the rules for car dealerships in these three states, when it comes to making sure that your DMV surety bonds are in line with the state requirements.

Missouri DMV Surety Bond Requirements

Although the state has other cities that are larger, it is the state capital of Jefferson City that handles the issuing of DMV bonds for all the car dealerships in the state. Luckily those requirements are not that difficult to fulfill, since all dealerships, whether they sell used cars and trucks or new ones, have the same car dealer bond requirements. All dealerships are required to post a DMV surety bond in the amount of $25,000. The bonds must expire on December 31st of any given year, so it may be a good idea to get your surety bond at the beginning of the year.

Iowa Car Dealer Bonds

The Hawkeye state is smack in the middle of the country. This means that you are close to everything or far from anything, depending on how you view it. Between the corn fields, there are quite a few car dealerships and all of them are required to carry car dealer bonds as part of their business operation. However, the requirements are pretty simple: every dealership must post a $50,000 car dealer bond regardless of whether they sell new or used vehicles. The Iowa Dept of Transportation in Des Moines will handle all the particulars when you register that dealership and get bonded.

Minnesota Dealer Bond Needs

This is a big state and it stretches all the way up to the Canadian border. Folks in Minnesota are used to the cold, and one way you can tell is that they have a separate bond requirement for snowmobile sales. I would guess that there are quite a few of them sold in this state where the wind can get pretty chilly in the winter. Here are the requirements for a vehicle dealership auto dealer bond in Minnesota:
  • New and Used Motor Vehicle Dealer Bond – $50,000
  • DSB Bond( for snowmobiles, small horse trailers and motorized bicycles) – $5,000

Getting Your DMV Bond Today

So if you are considering opening an auto dealership in Missouri, Iowa, Minnesota or any state for that matter, you are going to need a DMV bond. These are also sometimes called a car dealer bond as well. Whatever you end up calling them, you can be sure to find a great price on all your surety bonds with BuySurety. What is even handier, you can talk to our customer support folks and get information on pricing, qualifications and more. Just come by our site and check out the variety of surety bonds, including auto dealer bonds we can offer. Get your car dealer bond the fast easy way at a price you can afford today at BuySurety.

Tags: , , , ,


Comments Off on Missouri, Iowa and Minnesota DMV Surety Bond Requirements

Changes in Home Improvement Contractor Licensing Bonds to Come

Written by JoAnn Smith on November 7th, 2013. Posted in Commercial Bonds, Iowa, Kansas, Legislation, License and Permit Bonds, Oklahoma, Oregon, Surety Bond Blog, Texas

     contractor licensing bonds
contractor licensing bonds changes

With the housing business expecting to improve over the next few years, we can look forward to seeing legislation move towards home improvement contractors being more tightly licensed, especially when it comes to their contractor licensing bonds. One trend is that fewer and fewer states will allow a statewide home improvement contractors license. Most state boards are moving towards licensing for specific types of home improvement such as roofing, or making the licenses connected with a specific location or city.

Contractor Licensing Bonds Required

A good example of this is Iowa, which recently enacted legislation that would create a license and contractors licensing bonds requirement for sheet metal contractors. This will being these contractors into the fold with other home improvement contractor licensing requirements for the state. In Kansas they now require registration certification and a contractor licensing bond posting for anyone considering opening operations as a roofing contractor in the state.

In Oregon, contractors that assess home energy performance scores will need to have a contractors license and to obtain a surety bond in the amount of $10,000 in addition to fulfilling all the requirements of a home contractor for Oregon. In Texas and Oklahoma legislation was introduced to require roofing contractors to post surety bonds along with their new licensing requirements, but in both states the bill was fought and stopped.

More Surety Bond Changes

You can be sure that this is not the last you will hear about new contractor licensing bonds, however. In some states, the changes have been to remove surety bond requirements for licencing in related contractor businesses. For anyone that works as a radon mitigation or measurement professional in Kentucky, the surety bond requirements that were enacted last year have been revoked.

In addition, master plumbers and gas fitters in Alabama that were facing the possibility of new surety bond requirements for the coming year will be interested to hear that this bill has been defeated. The bill would have changed the current city and county bonds to a statewide bond. As noted earlier, that trend seems to be reversing itself as more and more states reject the concept of a statewide contractor surety bond requirement.

Tags: , , , , ,


Comments Off on Changes in Home Improvement Contractor Licensing Bonds to Come

Changes to Surety Bond Requirements for Pest Control Businesses

Written by JoAnn Smith on November 3rd, 2013. Posted in Arizona, Commercial Bonds, Iowa, Legislation, License and Permit Bonds, Nevada, Retail and Professional Services Bonds, Surety Bond Blog

     surety bond requirements
Pest control on farms is vital
Surety bond requirements change all the time, even in as singular a business as pest control services. The pest control industry was handed some new regulations recently in several states. In all three states, Arizona, Iowa and Nevada, changes were made regarding the use of surety bonds that cover risks for pest control services. In Arizona the previous law had been that surety bonds for pest control services were to cover the responsibility for damages that came about as a result of operations. The new law changes this interpretation of the surety bond coverage to include property damage and bodily injury specifically. The amount of the surety bond doesn’t change, just what the bond will cover. In Iowa, changes have been made to the amount of financial responsibility that will now be required as part of the licensing and surety bond regulations. Now commercial applicators of pesticides must carry separately:
  • A $200,000 surety bond for property damage
  • A $200,000 surety bond for personal liability
There is now an option to also carry insurance with a limited liability of $100,000 per occurrence and $300,000 annually aggregated. In Nevada the minimum surety bond requirements for a pest control business has been increased from a $10,000 to a $50,000 surety bond. All other requirements remain the same. Not sure if your state requires a surety bond for your business? Laws change all the time and surety bond requirements change with them. Find out if your business is now required to post a surety bond by contacting our knowledgeable staff and finding out the latest legislative changes. BuySurety can tell you what you need, what it will cost and take care of all the details right away for you.

Tags: , , , ,


Comments Off on Changes to Surety Bond Requirements for Pest Control Businesses

Contract and Commercial Surety Bond Legislature Update for 2012 in Iowa

Written by JoAnn Smith on December 3rd, 2012. Posted in Commercial Bonds, Contract Bonds, Iowa, Surety Bond Blog

State Seal of Iowa
  This legislative session in the Iowa Senate passed a bill allowing the Department of Human Services to implement local administrative services quickly in the event of a disaster by accepting bonds issued for other departments for that person’s service instead of issuing new bonds. They also posted a new bond for dealers at motorcycle rallies and increased the bond amount for commercial pesticide businesses.   The session in the Iowa House passed a few laws affecting bonds being issued. These included one that changed who can post a bond regarding discharging a mechanic’s lien and another that will require those providing navigator services for the new Health Care Law to post bonds.  

Senate File No. 2289: Financial Responsibility—Contracts During Disasters

  The Iowa Senate Bill 2289 allows in the event of a disaster for the Department of Human Services to accept surety bonds or other financial responsibility documents for other State contracts bonds to be applicable for implementing quickly local administrative services.   These grant administrative service contracts are allowed in lieu of any additional bond only if the bond requirements are sufficient for the services required during the disaster. This bill was enacted on April 12, 2012 and came in effect on July 01, 2012.  For a complete reading of Iowa Senate Bill 2289 please follow the link to the legislative site provided.  

House File No. 675: Release of Lien Bonds

  The requirements that state who can post a bond to discharge a mechanic’s lien have been changed by Iowa House Bill 675. Previously the bond could only be posted by the principal, owner, contractor or intermediate subcontractor but the new law will no longer name specifically who can post the bond. This bill was enacted on April 27 2012 and goes into law on January 01, 2013. To read the complete text to HB675, please follow the link provided.  

Senate File No. 2249: Permit Bond—Motorcycle Rallies

  The Senate Bill 2249 requires anytime there is a display, offer for sale or negotiation of sales of used motorcycles at a motorcycle rally that runs between three and seven days long that all Iowa motorcycle dealers obtain a temporary permit and post an auto dealer surety bond for $50,000 that is currently required for motor vehicle dealers. This bond is on the condition that it is in compliance with all other laws.   For those dealers at the rally that are from out of state, they can apply for a temporary permit provided:
  • They have a valid motor vehicle dealer license.
  • The license includes motor cycle sales.
  • The state of issue would allow temporary permits for Iowa motorcycle dealers.
This bill was enacted by the Iowa Senate on March 04, 2012 and went into effect as law as of July 01, 2012. To read the complete text to SB 2249, be sure to follow the provided link.    

Senate File No. 2311: Financial Responsibility—Pesticide Applicators

  With the enactment of Senate Bill 2311, when a commercial pesticide application business is required to post a surety bond or other financial instrument the amount of the bond has been increased. Under the old law the amount was a minimum of $50,000 for the bond or financial security.   The new bill will require that amount to now be a minimum of $250,000. This bill was enacted on April 19, 2012 and went into effect as of July 01, 2012. To read the entire text of Senate Bill 2311, please be sure to follow our link provided in this post.    

HB 2465: License Bond

  Under the new Federal Health Care Law, anyone who is charged with assisting enrollees in the State’s health care insurance exchange program as a “navigator” will be required to post a licensing bond or some other type of financial responsibility. This house bill was enacted on May 25, 2012 and went into effect on July 01, 2012. To see the full text of House Bill 2465 you can follow our link to the legislative site.

Tags: , ,


Comments Off on Contract and Commercial Surety Bond Legislature Update for 2012 in Iowa

New Motor Vehicle Dealer Bond Legislation in Iowa

Written by Surety Bond Expert on May 15th, 2012. Posted in Commercial Bonds, Iowa, Motor Vehicle Bonds, Surety Bond Blog

Iowa State Capital
* Iowa Legislature *
Legislative Detail: IA House Bill 2122 – 84th General Assembly The State of Iowa is considering HB 2122, introduced by Representative Dawn Pettengill and Representative Lee Hein, is “a bill for an act relating to motor home dealer and manufacturer licensing and the business hours of recreational vehicle dealers, making a penalty applicable, and including effective and applicability date provisions. Iowa HB 2122 would require motor home dealers to submit a dealer surety bond in the amount of $50,000 for their dealer licensing. The bill provides that the surety’s aggregate liability would be limited to the penal sum of the bond. The bill was introduced on January 26, 2012.

Tags: , , , , ,


Comments Off on New Motor Vehicle Dealer Bond Legislation in Iowa