California Vehicle Registration Service Bond
The financial guarantee you need!
What is a California Vehicle Registration Service Bond?
It is a license requirement that every person who is intending to start a vehicle registration service must submit.
This bond should be submitted before the said license applicant can perform the following services:
- Solicit or receive any application for the registration, renewal of registration, or transfer of registration or ownership of any vehicle of a type subject to registration under Chapter 2.5, Division 5 of the California Vehicle Code and Chapter 2, title 14, part 2 of the California Code of Civil Procedure.
- Solicit or receive an application for a motor carrier permit under Division 14.85.
- Transmit or present any of the registration documents to the California Department of Motor Vehicles if any compensation is solicited or received for the service.
The purpose of this bond is to ensure that the license applicant will comply with the aforementioned Code, and will indemnify any person who will be harmed by the vehicle registration service’s non-compliance.
This bond is in pursuance of Section 11401 and 11402 of the California Vehicle Code.
How much does a California Vehicle Registration Service Bond cost?
The bond premium will depend on the license applicant’s credit score. Those who have excellent credit scores will be eligible to pay as little as 1% of the bond amount.
The bond amount is $25,000.
Know more by calling us, or GET YOUR FREE SURETY BOND QUOTE HERE!
How can I get a California Vehicle Registration Service Bond?
You can easily get this bond from us. Just simply follow this step-by-step guide:
If you are ready to do this now, you may APPLY HERE!
One of our expert surety bond agents will guide you through the entire process – from the time you have applied until the bond is issued to you.
Next, you will be asked to submit a few important information that our underwriter requires to assess the following:
- Your job or business history
- Your credit score
- Your financial strength
To avoid any delays, make sure that you have gathered the right information needed before submitting your application.
RECEIVE YOUR BOND:
After the indemnity agreement is signed, the bond will be issued and sent to you!
How does a California Vehicle Registration Service Bond work?
This bond has 3 parties:
Principal – Vehicle registration service license applicant
Obligee – State of California
Surety – surety bond provider
Under the terms of this bond, the Principal must comply with the relevant laws of the State and to all the conditions of the license. The Surety will assure the Obligee (beneficiary of the bond) that the Principal will fulfill all the obligations.
If not, the Obligee can file a claim against the bond. The Surety will first investigate the validity of the claim. Once the Surety has paid the Obligee, the Principal must reimburse the Surety of the full amount.
You may apply for this bond HERE!