Car Dealer Bond Requirements for Arizona, Nevada, Idaho and Utah

Written by JoAnn Smith on November 5th, 2013. Posted in Arizona, Commercial Bonds, Idaho, License and Permit Bonds, Motor Vehicle Bonds, Nevada, Utah

     car dealer bonds
Find out the car dealer bond requirements for your state.
Car dealer bonds are probably one of the most commonly required surety bonds when it comes to business. The bottom line for most is that you simply cannot run an auto dealership, sell cars in auction or even sell such recreational vehicles as boats and All Terrain Vehicles (ATVS) without a car dealer bond. But not every state requires them for all of these types of vehicles. Many states have different car dealer bond amounts for different vehicles and some states only require them when you are selling new cars on a lot. Confused yet? Well, we will try to make it a bit easier by every week presenting a few more states and the regulations for auto dealer bonds in those geographical locations. Here is a continuation as we move east from the Pacific coast to look at the car dealer bond regulations in the western desert states of Arizona, Nevada, Idaho and Utah.

Arizona Car Dealer Requirements

There 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
In all of these the surety bond is continuous and does not need to be renewed. If a business or individual needs to cancel their auto dealer bond, they must do so in writing at least 60 days prior. The notice can be sent to Dealer Licensing.

Nevada Car Dealer Requirements

The 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 Requirements

The 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
In Utah, the definition of a small trailer for the purposes of the surety bond is an unloaded weight of between 750-1999 pounds. We can supply a fast quote for either of these MVD bonds over the phone or via request on our website.

Idaho State MVD Bond Requirements

If 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

Tags: , , , ,

Comments Off on Car Dealer Bond Requirements for Arizona, Nevada, Idaho and Utah

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

Surety Bond Legislature Updates: Auto Dealerships

Written by JoAnn Smith on October 28th, 2013. Posted in Arkansas, California, Commercial Bonds, Indiana, Latest News, Legislation, License and Permit Bonds, Missouri, Motor Vehicle Bonds, Nevada, Oklahoma, Surety Bond Blog, Wisconsin

     surety bond legislature
Legislative Changes affected MVD Bonds this year
There was actually quite a bit of surety bond legislature this year in the various states regarding surety bonds for auto dealerships. Amongst the states looking to make changes to the requirements for auto dealer bonds are 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.

Tags: , , ,

Comments Off on Surety Bond Legislature Updates: Auto Dealerships

Surety Bonds for Gas and Oil Leases Go Through Changes

Written by JoAnn Smith on June 14th, 2013. Posted in Alabama, Alaska, Latest News, Mississippi, Nevada, New York, Pennsylvania, Reclamation, Mining and Removal Bonds, South Dakota, Surety Bond Blog

     gas and oil exploration surety bonds
*Gas and oil leases need surety bonds*
In the recently completed state legislative sessions, quite a few states have made legislative revisions to how oil and gas lease procedures and their attendant performance bonds are handled. The majority of the bills reflect the growing interest in using hydraulic fracturing as part of the gas and oil extraction process. They also reflect the growing demands of environmental concerns regarding the extraction industry. Many bills involve ensuring reclamation of the surface lands upon plugging of old wells. Links are provided to legislative online reports as well as BuySurety’s surety bond pages for more information on these specific surety bond types.

Alaska Surety Bonds

In 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 Bonds

The 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 Bonds

The 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 Bonds

The 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 Bonds

The 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 Bonds

The 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 Bonds

The 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.

Tags: , ,

Comments Off on Surety Bonds for Gas and Oil Leases Go Through Changes

Texas & Nevada Consider HOA Surety Bond Bills

Written by JoAnn Smith on May 22nd, 2013. Posted in Commercial Bonds, Nevada, Texas

     HOA Cheating
Will Surety Bonds Help Fight HOA Fraud?
Legislative bills in both Texas and Nevada are looking closely at find ways to regulate and oversee Home Owner Associations (HOA) including 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 Fraud

Nevada 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.

Tags: , ,

Comments Off on Texas & Nevada Consider HOA Surety Bond Bills