What is a California Commercial Information Requester Bond?
A commercial information requestor bond, also known as a DMV Commercial Requestor Bond, is required by the Department of Motor Vehicles (DMV) for any company or individual who has a legitimate purpose for requesting otherwise private information from the DMV.
This bond is designed to protect the general public against the fraudulent use of their personal information.
Who Needs a California Commercial Information Requester Bond?
Anyone who wishes to obtain information from the California DMV must first establish a commercial requestor account. There must be a legitimate purpose for requiring the information. Applicants submit their completed application form, the required application fee, and a $50,000 California commercial information requestor bond.
The surety bond and the requestor accounts run concurrently and expire after two years. At that time, the principal must renew both the requestor account and the surety bond.
Why Do I Need a California Commercial Information Requester Bond?
A California commercial information requestor bond ensures that the principal will conduct business according to the laws surrounding sensitive information. This bond includes paying all sums due to application fees and costs related to the release of or access to information from the DMV records. The principal is then held responsible for any damages resulting to the DMV or any other person whose information has been misused.
How Much Does a California Commercial Information Requester Bond Cost?
The DMV requires commercial requestors to carry a $50,000 bond for the length of the commercial requestor account. California commercial information requestor bonds are subject to underwriting, and therefore are dependent on the credit scores of all company owners. Those with good credit may find premiums as low as 1% of the bond.
Get Started Today!
To receive a DMV commercial requestor account, you must first secure a California commercial information requestor bond. Don’t delay your application. Begin by getting your quote today.