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Jan 3, 2011 · The surety bond requirements: The bond needs to include the registered business name of the dealership, as filed with the Bureau of Motor Vehicles and Secretary of State; The bond must be posted to the Attorney General’s Office in the amount of $25,000; The bond must be retained for the entire duration of the license; and
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What is a surety bond for a used car dealer license in Ohio?
How do I get a license with a surety bond?
What is a surety bond?
How much does a surety bond cost?
Jan 3, 2011 · Pursuant to Ohio Administrative Code 4501:1-3-11 and with some limited exceptions, each person applying for a used motor vehicle dealer license under Chapter 4517 of the Revised Code is required to post with the Ohio Attorney General's Office a surety bond of not less than $25,000.
The first step in obtaining a surety bond for your vehicle revolves around contacting your local Department of Motor Vehicles (DMV). It is the DMV that regulates vehicle sales and oversees the issuance of new titles.
Prove you are now financially responsible through insurance or a bond. File a form (SR-22) with the Ohio Bureau of Motor Vehicles. Pay an impound fee to get your vehicle back ; Questions or Concerns? The Ohio Department of Insurance regulates agents and companies that are licensed to sell insurance in our state.
Surety bond costs vary drastically depending on the bond amount that you need and your rate (which is the percentage of the full bond amount you must pay). You can get an instant estimate by using our bond premium calculator, or apply online to get a firm bond quote.
- Apply, get approved online, submit the indemnity agreement, and pay for the bond online. Then we will ship the original bond to you using your pref...
- Yes. We have exclusive programs that allow us to write these bonds, even if you have credit issues. You can apply and get a quote instantly.
- Yes. Due to the large volume of bonds written, we provide the lowest rates possible. Apply on our website and receive an online approval instantly.
- You need to contact the surety company's claims department and present proof that the claim is false.
- No, many do not. You can view our full list of state bond requirements. It is also wise to contact your state directly to determine any requirement...
A SURETY BOND OF $30,000 issued by any authorized surety company or insurance company. A BMV BOND SECURED BY REAL ESTATE having equity of at least $60,000. A BMV CERTIFICATE FOR MONEY OR GOVERNMENT BONDS in the amount of $30,000 on deposit with the Ohio Treasurer of State.
Auto Dealer License. Auto dealership licenses are handled by the the Ohio Bureau of Motor Vehicles (BMV). More information is available from the dealer licensing section. In order to be issued a license, your dealership needs to have a net worth of $75,000.
