California Commercial Requester Account Bond
Know why this bond matters and how to easily apply for one!
What is a California Commercial Requester Account Bond?
Every person who intends to open a commercial requester account is required to obtain this bond.
This bond must be submitted before the said person can access confidential address information from the California Department of Motor Vehicles.
The purpose of this bond is to cover the following:
- Pay the State all monies due for application fees and department costs related to the release or access of information from the California DMV records to the commercial requester.
- Pay for any loss or damage to the State, the California DMV, its officers, and employees arising from the use of the requester account which includes:
- Obtaining information from the California DMV employing false or misleading representations.
- Using the information obtained from the California DMV for any purpose different from the purpose specified in the application for a Commercial Requester Account.
- Selling, giving, or otherwise furnishing any information obtained from the California DMV to any third party not specifically authorized and approved by the department.
This requirement is in pursuance of Section 1808.22 of the California Vehicle Code.
How much does a California Commercial Requester Account Bond cost?
This will depend on the applicant’s credit score. The bond premium will start at 1% of the bond amount for those who have excellent credit scores.
The bond amount is $50,000.
Want to get a tailored quote ASAP? Get your FREE SURETY BOND QUOTE HERE!
How can I get a California Commercial Requester Account Bond?
Once we’ve received the application, the next step would be the prequalification or underwriting process.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the prequalification process is fulfilled, you will be asked to sign an indemnity agreement. Once signed, we will execute the bond and send it to you!
Our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We’ll make sure that you understand all the conditions before you apply.
How does a California Commercial Requester Account Bond work?
This bond is a three-part agreement involving:
Principal – Commercial requester account applicant
Obligee – People of the State of California
Surety – Surety bond provider
The Principal and the Surety will partner in assuring the performance of the former to the California DMV. The Principal is primarily responsible for fulfilling all legal obligations. If the Principal fails to do any of the bonded obligations required by the relevant laws, rules, and regulations, the Obligee can file a bond claim.
The claim will first be verified by the Surety before it is settled. If the claim is valid, the Surety will pay the Obligee on behalf of the Principal. The Principal is legally required to reimburse the Surety after.
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