Florida Motor Vehicle Dealer Bond

Written by JoAnn Smith on June 21st, 2017. Posted in Florida, Motor Vehicle Bonds, Surety Bond Blog

So you want to become a Motor Vehicle Dealer in Florida and you need to get a Florida Motor Vehicle Dealer Bond?  If you are applying for a bond for the first time it can be confusing and a downright daunting task. We understand that and are here to help.

Here are the absolutes:

  1. Must be a US Citizen
  2. Must not have past due child support
  3. No open tax liens
  4. Must not have open judgments
  5. No large amount of past dues on credit report.
A surety bond is a 3 party agreement between you (the principal), the obligee (the state) and the surety company.   The Florida Motor Vehicle Dealer Bond is a compliance type bond.  You will have rules and regulations to follow to remain compliant with your license.  The bond guarantees that you will be compliant and if not the surety will pay the claim.  You, the principal, are the indemnitor. This means if there is a claim paid on the bond, you will be responsible to repay the surety company.  Having a bond claim paid out may result in cancellation of your bond. Surety companies review the credit of the owner(s) to determine the rate.  The better the credit the lower the rate.  It is important to know that once you are bonded your credit will be reviewed at every renewal period so keeping your credit in good shape or improving it each year will benefit you greatly.  Credit review is a review only and will not affect the credit score in any way. To apply for the Florida Motor Vehicle Dealer Bond you may click here BuySurety.com.

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Surety On The Rocks

Written by JoAnn Smith on March 12th, 2015. Posted in Florida, License and Permit Bonds, Motor Vehicle Bonds, On The Rocks, Surety Bond Blog

Florida MVD Surety Bond – Florida Auto Dealers who sell new or used cars are regulated by the Florida Department of Highway Safety and Motor Vehicles. Florida auto dealers must get bonded or supply a letter of credit before receiving their license. www.buysurety.com
  • General Florida Auto Dealers. Required to provide a $25,000 bond or supply a letter of credit for the same amount.
  • Recreational Vehicle Dealers in Florida. Required to provide a $10,000 bond or supply a letter of credit for the same amount.
  • Florida Mobile Home Dealers. Required to provide a $25,000 bond or supply a letter of credit for the same amount.
    Florida Freeze – Coconut Cream 1 1/4 oz, Dark Rum 1 1/4 oz, Pineapple Juice 2 oz and Orange juice 1 oz.  Blend with 6 ox of ice until the mixture is slushy. three drinks  Enjoy and Share.

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Florida Pot Growers Will Need Performance Bond

Written by JoAnn Smith on July 16th, 2014. Posted in Bond Types, Contract Bonds, Florida, Latest News, Performance Bonds, Surety Bond Blog

     Florida pot growers will need a performance bond.      
Florida pot growers will need performance bonds.
For potential Florida pot growers, the word is out that a $5 million performance bond may be part of the deal to get into the lucrative market, according to a workshop recently held by the Florida health regulators. With Florida joining the growing number of states that are legalizing medicinal marijuana, many will be watching how the Florida approach works and what flaws appear in the system.
 
That $5 million performance bond is just one element to keep only serious investors in the game. In addition, the state has made a few other requirements that will also keep outsiders intent on jumping on the medical pot bandwagon at bay and reward established local businesses that want to invest in what may prove to be the best cash crop they have seen in years. But the question remains, will it prove worth the risk?

Performance Bond Reduces Risk

It is easy to see why the Florida state department wants to put some limitations on exactly who will be able to get in on the ground floor. With an eye on the sales in Washington and Colorado, many expect the medical pot ruling to be just the start of a new and fairly lucrative venture. But Florida has made some smart limitations on just who they will allow to be part of the new medical marijuana market. Initially only five companies, picked via a lottery system, will be involved. All five companies will need to fulfill certain requirements.
  • Only nurseries that have been in business in Florida for a minimum of 30 years and have at least 400,000 plants are eligible for the lottery.
  • Upon being awarded the license, the company will need to come up with a $150,000 investment within 30 days of licensing.
  • This is in addition to the cost of investing in growing facilities, dispensaries and the lab for testing the product.
  • In addition, the company will need to qualify for and obtain a $5 million performance bond.
  • Growers will not see the license form ahead of time and have only 10 days from when they get their hands on it to fill it out and turn it in.

Investors and Growers Have Questions

Naturally with these kinds of specifications, many growers are considering the possibility of partnering with an investment group. At the recent workshop investors were acknowledged but it was not made clear if the business would need to be in the investors name or the name of the nursery owner. Many companies are already reporting a large amount of calls from “experienced expert growers” looking for positions. Of course, another consideration for many growers is that even if they have the facilities to grow marijuana, they would need to install additional security if they should win the lottery. That $5 million performance bond will certainly help cover unexpected problems should the security not prove sufficient, but no one wants to even discuss that possibility.

Get Bonded Quickly and Easily

As this one instance points out, you never can tell when you will need to have the ability to get bonded quickly. You don’t have to be a Florida pot grower to understand the need to qualify quickly for any kind of surety bond whether it is a performance bond for a nursery or an auto dealer bond for a car dealership. No matter what kind of business you do, no matter what kind of surety bond you need, BuySurety can get you bonded quickly and within your business budget. We have been providing surety bonds to a wide range of businesses across the nation since 1998. Why take chances? Get bonded with BuySurety and be sure.

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Do You Know Your Professions License Bond Requirements?

Written by JoAnn Smith on February 11th, 2014. Posted in Bond Types, Commercial Bonds, Florida, Kentucky, Latest News, Legislation, License and Permit Bonds, Michigan, Surety Bond Blog, Wisconsin

     license bond requirement      
Know your license bond requirement for your industry.
Whether you are a tradesman, a salesman or a sub-contractor in the building industry, understanding the license bond requirements for your industry can be a crucial part of any job. Almost any kind of business that involves providing a service or handling money probably also requires a surety bond of some kind. Usually this will take the form of a surety bond that is part of the licensing process for the business or trade. But the laws regarding exactly what that license bond requirement will cover and if it is even necessary can change. Keeping up with the shifting legal requirements for a license bond in your business can be difficult. While by no means an exhaustive list, here are some changes that have gone through legislation recently that will affect the license bond requirements in several industries and states.

Florida Title Insurance Agents

In the past, agents have been required to post either a license and permit surety bond or some other type of security to cover any losses incurred if an agent should violate their contract. This bond or surety of at least $35,000 was posted by the agent, not the agency. But a law was passed in 2012 that required the agency to also post a bond for this type of situation to benefit the appointed insurer. Now Florida House Bill 321 and Florida Senate Bill 570 will change this. It will eliminate the individual agent requirement, so that only the agency will be required to carry a license bond of at least $35,000 to cover any violations of the contracts regarding title insurance.

Kentucky Electrical Inspectors

As the law now stands, all electrical inspectors in Kentucky must post a $5,000 surety bond as part of their license. However, with the passage of Kentucky House Bill 38 introduced to legislature in January of 2014, certain Kentucky electrical inspectors would become exempt from this requirement. The exemptions to the need for a surety bond would include employees of the following:
  • City
  • County
  • Urban-county
  • Charter County
  • Unified local government
  • Consolidated local government
  • Any combination of governing entities
This exemption is only for work that has been authorized by the Department of Housing, Buildings and Construction for the administration and enforcement of its regulations. It should be noted that contractors, when hired by these organizations, will continue to be required to produce the license surety bond. This change for employees acting in this capacity will be effective upon the passage of HB38.

Wisconsin Mortgage Professionals

Currently in Wisconsin, individual mortgage professionals must have a license bond that does not exceed a value of $50,000 as a part of their licensing requirements. It is mandatory in order to make supervised loans and to act as a mortgage loan originator. But with the passage of Wisconsin House Bill 678 each individual branch location of a mortgage company will also have its own $50,000 license bond requirements in addition to the license surety bond for individuals.

Michigan Alarm System Contractors

If you work in the state of Michigan as a contractor that installs alarm systems, then you probably already know that this state requires all alarm system contractors to post a license bond in the amount of $25,000 as part of your licensing requirement. Currently that license bond requirement includes taking out this bond “in the name of the people of the State.” This will be changed with the passage of Michigan Senate Bill 619 to reflect that the surety bond is payable to the Department of Licensing and Regulatory Affairs for the benefit of the people of the state. The amount of the bond requirement will not change.

Knowing Your License Bond Requirement Needs

While most of us like to think we know all the requirements for licensing in our chosen profession, it can be hard to stay on top of all the legislative changes. Surety bond amounts can change or not even be required at all, which may mean you are spending more money than you need to in order to meet regulations. Worst yet, you could be facing charges and fines if you don’t have a license surety bond when you should. Know what you need and when you need it by contacting our knowledgeable and helpful customer service at BuySurety today. Find out what changes in legislature have made your license more expensive or even more complicated. We have been helping out businesses large and small find out what kind of surety bond requirements their business needs to fulfill since 1998 and we can help you. Don’t take chances with your legal standing, find out what type of surety bond you need and make sure it is current by contacting BuySurety today.

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Florida Used Car Dealer Bonds – Getting Started

Written by JoAnn Smith on August 10th, 2013. Posted in Commercial Bonds, Florida, License and Permit Bonds, Surety Bond Blog

     Used car dealer bonds
Do you have your used car dealer bonds?
Getting used car dealer bonds can be a vital step towards getting a Florida used car dealership up and running. Florida’s economy is finally recovering and that makes it a great time to get into business. If like many entrepreneurs you are starting out in a brand new business, finding out what you need to do to get your company not only started but legally protected is an important part of the entire process. Having the information required regarding licenses and registration can make this process not only easier but in the long run could save you money.

Florida Used Car Dealerships

So where do you get started? The best place to begin is with the Florida Department of Highway Safety and Motor Vehicles. They will make it easy for you to find all the paperwork you will need online. This link will send you directly to the licensing page and the forms and information you need. Keep in mind you will need to fill out different information depending on the type of cars you will be selling since Florida regulations differ according to the type of car sold. Used car dealerships will need a different license and used car dealer bonds are different from those used for selling new cars in Florida. Go through each step and keep in mind that there are set costs affiliated with the different steps in the procedure to have your used car dealership license in place. Basic requirements include:
  • Background check
  • Fingerprinting
  • Official place of business
  • Compliance with the Bureau of Motor Vehicles inspection at business
  • Insurance
  • Used Car Dealer Bonds
  • Renewals are every April 30th

Why a Used Car Dealer Bond?

If you have never had a business that requires some type of surety bond before you may not be familiar with them. Anytime you enter into a business that involves some risk there is often a requirement that the business take out a surety bond to cover that risk. In this case, the surety bond reassures your clients that you are meeting all of the requirements of the state of Florida regarding selling used cars. It protects them from unscrupulous sellers and that is why it is required for all businesses selling used cars in the state of Florida. Since you are simply paying the premium on the surety bond, you only pay a fraction of the value of the bond upfront. The price for this premium is based on your credit score, so if you already have a great score you can get your surety bond at a better price. But even if your credit score isn’t anything to write home about, we can still sell you a great surety bond at a very reasonable price.

Getting Surety Bonds Online is Easy

Getting a used car surety bond is actually quite simple. You can go online and get a free price quote and probably have the type of surety bond you will need within 24 hours. If you are a member of a trade association such as an Independent Auto Dealers group we can also offer you a discount on the price of your used car dealer bond. Just call us to ask, it’s that easy. Come by the BuySurety site and find out just how easy it is to qualify and receive your used car dealer bond whether you plan to sell used cars in Florida, California or anywhere else in the US. We can help you find the right surety bond for your business today fast and at a price you will be happy with.

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