California DMV Business Partner Automation Bond
Secure your permit ASAP through this bond! Fast processing and approval!
What is a California DMV Business Partner Automation Bond?
It is a financial guarantee required of every first-line business partner or first-line service provider permit applicant.
A first-line business partner is a person who joins the California Department of Motor Vehicles for the purpose of receiving data directly from the Department. The data will be used for completing registration and titling activities for first-line business partner’s business services.
A first-line service provider, on the other hand, is someone who transmits information obtained from the California Department of Motor Vehicles to an authorized second-line business partner.
This bond’s purpose is to safeguard the information obtained by the first-line business partner or first-line service provider.
The California Department of Motor Vehicles requires this bond in pursuance of Section 225.09 of the California Code of Regulations.
How does a California DMV Business Partner Automation Bond work?
This bond is a legal agreement between the State of California (Obligee), permit applicant (Principal), and the Surety (surety bond provider).
As long as the Principal performs his or her duties in accordance with the applicable laws of the State, no claim will be taken against this bond by the Obligee. If the opposite happens, and a claim is made, the Principal must settle it.
If the Principal fails to settle the claim, the Surety will pay the Obligee on behalf of the Principal. The Surety will check first if the Principal has committed a violation, if the violation is against the relevant laws, and if the violation is covered by the bond. If the claim is valid, the Surety will pay the Obligee up to the maximum amount of the bond. The Principal will then have to pay the Surety as part of the indemnity agreement.
How much does a California DMV Business Partner Automation Bond cost?
Your bond premium will depend on your credit score. Permit applicants who have excellent credit scores will be able to pay as little as 1% of the bond amount.
The bond amount are as follows:
$650,000 – first-line business partner
$1,000,000 – first-line service provider
How can I get a California DMV Business Partner Automation Bond?
- You must first apply for this bond. If you’re ready to do that now, you may APPLY HERE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process. These are the following:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three in order to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Once you’ve signed the indemnity agreement, your surety bond will be issued and sent to you.
Need to get your surety bond ASAP? APPLY NOW!