Several states have enacted new legislation affecting Motor Vehicle Dealer (MVD) Bond Requirements. Alabama HB 393, which becomes effective October 1, 2020, makes several changes to the regulations governing the issuance of a motor vehicle dealer license. One of these changes increases the license bond amount for new motor vehicle dealers, used motor vehicle dealers, motor vehicle re-builders, or motor vehicles wholesalers to be for not less than $50,000 or another amount that the Department … [Read more...]
Motor Vehicle Dealer Bond
One of Goldleaf Surety’s partner surety companies is featuring the Motor Vehicle Dealer Bond this quarter and has put together a very good information sheet for their agency partners. We would like to share some of this information regarding motor vehicle bonds with you. Almost every state requires a surety bond as part of the licensing process for motor vehicle dealers. These bonds guarantee a licensed motor vehicle dealership will comply with state regulations and are required to protect … [Read more...]
Goldleaf Surety’s New Quick Access License & Permit Bond Program
Quick & Easy - the best way to describe Goldleaf Surety's approach to license and permit bonds. And now, on license and permit bonds that are obtained through our quick access program, there is no underwriting fee. License and permit bonds include a wide variety of bonds required by various government agencies throughout the country in connection with regulated professions. These bonds provide indemnification for loss or damage resulting from a license or permit holder’s compliance with a … [Read more...]