Auto Dealer Bond Requirements for New Mexico, Colorado, Wyoming and Montana

Written by JoAnn Smith on November 9th, 2013. Posted in Colorado, Commercial Bonds, Legislation, License and Permit Bonds, Montana, New Mexico, Surety Bond Blog, Wyoming

     car dealer bonds
Find out the car dealer bond requirements for your state

The auto dealer bond requirements change from state to state. They also go through requirement changes as legislation decides to redesign how auto dealerships are licensed. That is why it continues to be very important to stay on top of the changes in the DMV dealership surety bond requirements for your state. To help you keep up to date on any changes, here are the requirements for surety bonds when it comes to having a license for an auto dealership in New Mexico, Colorado, Wyoming and Montana.

New Mexico Auto Dealer Bond Requirements

The folks at the DMV in New Mexico must like to keep things under close control. They require that an auto dealership renews their license every year on December 31st and that they provide proof of bonding at the time of renewal. This is a good date to keep in mind whether you have a regular car and truck dealership or even if you only sell motorcycles. Both types of dealerships are required to be licensed and have surety bond coverage.

  • For new and used motor vehicle dealers – $50,000 surety bond

  • For dismantlers – $50,000 surety bond

  • For motorcycle dealerships – $12,500 surety bond

Colorado Auto Dealer Bond Requirements

Colorado has some specific requirements for how the surety bond is set up, but they only require surety bonds for licenses for new and used motor vehicle dealerships. The $50,000 auto dealer surety bond must be in the legal name of the dealership, the bond must be an original dealer bond signed by the owner or corporate partner of the company or a corporate officer if the company is an LLC.

Wyoming Auto Dealer Bond Requirements

If you have ever driven through Wyoming, you probably remember it for its wide open spaces and giant sky. It is also a state with few roads and even fewer cars and trucks. That may be why the state of Wyoming has one surety bond requirement that covers all auto and truck dealers, whether they are selling new or used vehicles. The surety bond requirement is $25,000 and does not need to be renewed annually.

Montana Auto Dealer Bond Requirements

While Montana may be called The Treasure State, to many of us it is cowboy country and proud of it. The auto dealer bonds for licensing an auto dealership in Montana cover new and used as well as both cars and trucks. Licensing requires a $25,000 surety bond and must cover the period from January 1st to December 31st each year.

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Legislative Update: New License Bond Requirements for Lenders and Mortgage Servicers

Written by JoAnn Smith on October 24th, 2013. Posted in Connecticut, Latest News, Legislation, License and Permit Bonds, Montana, Ohio, Surety Bond Blog

     license bond
license bond legislature moving forward
With legislature back in business, you can expect to see some changes going through at the national level, but what about state legislative changes? One of the areas where we see more legislative change going through is when it comes to how money is lent, particularly when it comes to mortgages. So, it isn’t that surprising, with the home market finally looking like it might recover, to see some new license bond requirements for those who service mortgages. But with the economy still struggling, new businesses such as deferred deposit lenders, also known as payday loans, are being more tightly regulated. Here are the updates for those.

Deferred Deposit Lenders and License Bond Requirements

In Montana, if you run a deferred deposit business, commonly referred to as “payday loans” since most people who use them are borrowing against their next paycheck, you now need a license bond. In fact, you will now need a $10,000 license bond for each location, a smart move since these seem to pop up in multiple locations in many cities. Although in the past the license bonds were required to cover damages to clients for actions taken by the businesses, this new law will also cover civil penalties and restitution ordered by the court.

Mortgage Servicers Will Need Surety Bonds

A new law has been passed that will required mortgage servicers in Connecticut to now post a $10,000 license bond that will cover the business and all of its branch offices. The license bond will be to cover all actions and funds received by the mortgage service office and to ensure that the office performs in accordance to the laws of Connecticut. Direct action on the bond will be permitted and the bond’s liability cannot be more than its penal sum. Ohio is also looking at enacting requirement for a license bond for mortgage servers. However Ohio is considering a requirement of a $250,000 license bond for the first location and a $10,000 bond for each separate location.

Offering License Bonds at Reasonable Rates

If your business is required to have a license bond, do you have a reliable service that can offer you one at a reasonable rate? BuySurety has been in the business of offering surety bonds at reasonable rates since 1998. We can work with your company to help you get bonded for exactly the kind of surety bond you need or are required to carry, and for a great rate. Even if your credit rating is poor, we can help. So why not contact BuySurety today and find out just how easy it is to qualify and receive the right surety bond at the best possible price, no matter what your credit rating or how long you have been in business.

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Surety Bonds Continue to Move through Montana Legislature

Written by JoAnn Smith on May 6th, 2013. Posted in Court Bonds, Indemnity Bonds, Legislation, License and Permit Bonds, Montana, Surety Bond Blog

     Montana surety bonds
Montana State Capital Building
May 06, 2013 – There were a number of bills that went through the legislature for Montana regarding the use of surety bond that are either going through changes or are being introduced. All of these bills will be regulating the use of commercial surety bonds in Montana, and leave out the question of contract bonds or fidelity bonds at this time. Here is a look at that legislature as it stands now. Montana House Bill120 would make changes to the surety bond amount required when a candidate for public office asks for a recount in an election. It will add the cost of compensating public employees for the recount as well as the cost of supplies and travel that related to the recount. Montana Senate Bill 86 involves a surety as part of a lien for livestock care. The indemnity bond insures the payment of costs for keeping, feeding, herding and pasturing livestock is paid within 30 days of doing so and allows a lien in the form of livestock seized if not paid in a timely fashion. Montana Senate Bill 93 includes mortgage services as part of the mortgage professionals that will require license surety bonds as part of the licensing process. Montana House Bill 116 makes changes to the license bond requirements for a deferred deposit lender. The bond would now be required to cover each individual location’s costs for the payment of civil penalties and restitution in addition to any costs that the Department of Administration levies regarding a violation of applicable law. This is in addition to the current law that requires the license surety bond covers all costs for damages owed consumers because of law violations. Montana House Bill 117 now requires that all Escrow Agent Bonds be issued by a surety bond company that has a certificate of authority from the Montana State Auditor. Montana Draft Bill 554 and 671 both are regarding the capping of Appeal Bonds in civil cases to no more than $1 million for individuals or companies that employ 100 people or less full-time.

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Montana Surety Bond Holder Fined For License Issues

Written by Surety Bond Expert on December 6th, 2012. Posted in Latest News, Montana

December 6, 2012 – Montana (ENR) – A recent fine against an unlicensed surety bond provider has highlighted just how easily someone can be fooled by a con artist who sells surety bonds and performance bonds without a license or any kind of financial backing. The Montana Commissioner of Securities has now fined one individual who was operating without a license to the full extent of the law, and feels they are still not doing enough. But as they said, it isn’t as though they can revoke a license from someone who was operating without one in the first place. The lesson here is the check first before posting that surety bond with a new company. Your state department of insurance can verify a company.