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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California, Wisconsin, Arkansas, Indiana and Oklahoma. There were several changes proposed in Missouri including both changes to the surety bond amounts and exactly which types of vehicle dealerships would require them, but both bills did not pass and are now dead in the water. Nevada did not make substantial changes but did pass a bill clarifying requirements for surety bonds provide consumers and not dealers with protection. Here are some details on bills either in process or passed recently: California – As of the end of September in 2013, a bill was still in the process of being passed that would now require dealers of such recreational off-highway vehicles as ATVs to be licensed and post a surety bond, although not in the same amounts as the current requirements for auto dealerships. Wisconsin – If AB 262 passes, the amount of a required MVD surety bond would increase from $25,000 to $50,000. Arkansas – While the bill is still in legislature, it looks very likely that dealers who sell recreational vehicles including both low-speed and ATVs will be required to be both licensed and bonded. Indiana – While the legislative bill eliminated the requirement of auto distributor branches to each have their own license and bonding, they will now require licenses and surety bonds for transfer dealers, wholesale dealers and automotive mobility dealers. Oklahoma – Used motor vehicle bonds have been increased from $15,000 to $25,000. But it isn’t all bad news, as the $1,000 surety bond that had been required of all motor vehicle sales representatives is now repealed. If you have any questions about these new surety bond requirements for auto dealers, be sure to give us a call and talk to one of our knowledgeable customer support staff at BuySurety. We have the MVD surety bonds you need at a price you can afford, and always are happy to help you stay current on all your surety bond requirements.
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BuySurety’s surety bond pages for more information on these specific surety bond types.
Alaska Surety BondsIn Alaska legislature, Senate Bill 96 and House Bill 198 have both been scheduled for a hearing with their respective Resource Committees. Both of these bills will revise current laws for oil and gas leases by providing extensions that are conditional upon the posting of a performance bond.
Alabama Surety BondsThe Alabama Legislative House introduced House Bill 503 that would allow surface mining operations that own abandoned wells to recover oil from oil sands upon the posting of a reclamation bond. This bond would provide a security that ground surfaces disturbed by the oil sand recovery would be reclaimed per written agreements.
Mississippi Surety BondsThe House and Senate of the Mississippi Legislature have both adopted a conference report that is the basis for House Bill 1698 regarding oil and gas wells. Operators of horizontally drilled wells and recompletion wells will be required to post a $1 million performance bond at the time that they obtain a permit for the well. The bond will cover compensation for the repair and maintenance of roads damaged by drilling traffic in the county where the wells reside.
Nevada Surety BondsThe State of Nevada’s Senate Bill 390 will authorize hydraulic fracturing for gas and oil drilling in the state. As part of the permit process, the Division of Environmental Protection may require a performance bond to ensure that dry or abandoned wells are plugged and that wells causing waste are repaired.
New York Surety BondsThe New York Senate has introduced Senate Bill 24 and the New York Assembly has introduced Assembly Bill 6365 to regulate the introduction of the hydraulic fracturing method for natural gas drilling. Well operators will be required to furnish a reclamation bond that will be non-recoverable and bankruptcy proof to guarantee the costs of restoring the drilling site. In addition, New York Senate Bill 4028 and Assembly Bill 3634 will establish the requirement of a reclamation bond to cover the costs of addressing contamination of natural gas sites. The bond would be directed by the Department of Environmental Conservation and would be tied to the owner’s or operator’s cleanup and decontamination performance.
Pennsylvania Surety BondsThe Pennsylvania Senate has introduced SB 780, a bill that will require a surface use agreement between surface owners and the gas or oil well operators. A surety bond for $10,000 per well could be posted for the benefit of the land owner in lieu of the agreement. A blanket bond of $25,000 to cover all well locations, if in a readily payable form, would also be permitted.
South Dakota Surety BondsThe enactment of South Dakota’s Senate Bill 1 has changed the requirements of the performance bonds currently required for oil and gas wells plugging. The new law increases the bonds for wells less than 5500 feet to $10,000 per well or a blanket bond $30,000. For wells over 5500 feet deep the surety bond has increased to $50,000 with a blanket bond of $100,000.
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requiring surety bonds. In Texas, House Bill 3803 would require HOAs to be more transparent in their financial duties to the neighborhoods they represent. It would also introduce government oversight, a long time goal of many homeowner activists who say they often have no recourse in disputes with HOA except to bring them to court. The legislative bill is running into opposition from HOA lobby organizations including the Texas Community Association Advocates. They claim that the bill is not only unworkable but that it also punishes the volunteers who work selflessly to help HOA by their involvement in the organizations. It should be pointed out that the TCAA is a representative of for-profit HOA in the Texas region. They are opposed to both the oversight discussed at the House Business and Industry Committee meeting as well as any motion towards the establishment of surety bond requirements for HOA and their boards.
Nevada Bill Addresses HOA FraudNevada is considering a similar bill after dealing with massive fraud within the Homeowners Association industry. The recent uncovering of massive corruption schemes that resulted in millions of dollars being redirected have prompted new legislative action. The new bill would require both greater oversight and surety bonds to ensure proper behavior. Many homeowners have become activists in a bid to curb the huge profits being made by companies that run national home owners association organizations. As a result, more and more states are looking at finding ways to regulate the industry as well as using surety bonds as a way to require more ethical behavior from those within the industry who deal with the homeowner’s funds on a regular basis.
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