What is a Virginia Driver Training School Bond?
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What is a Driver Training School Bond?
Applicants for both Class A and Class B Driver Training School licenses must furnish a bond to the Commissioner of the Department of Motor Vehicles of the Commonwealth of Virginia.
A Class A license is required of driver training schools that will provide commercial motor vehicle training.
A Class B license, on the other hand, is required of driver training schools that will train students in operating any type of motor vehicle except for motorcycles and commercial motor vehicles.
The surety bond will be used to compensate any person that will suffer damages due to the unlawful acts committed by the licensee.
The unlawful acts include, but is not limited to, the following:
- Refusing to submit the necessary information, special report, or records to the Department of Motor Vehicles
- Misrepresenting facts
- Performing other acts that are against the relevant statutes, rules, or regulations
This requirement is in line with Section 46.2-1701.1 of the Code of Virginia.
What is the Driver Training School Bond amount?
$100,000 – Class A Driver Training School license applicant or renewing licensee
$5,000 – Class B Driver Training School license applicant or renewing licensee
If you have an excellent credit score, you will be eligible to pay for a low bond premium or just 1% of the bond amount!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Driver Training School Bond?
Here’s a step-by-step bonding process that we have made easier so that you can get your bond in no time:
BOND APPLICATION
You must first apply for this type of surety bond. If you are ready to do this now, you may APPLY HERE!
Our expert surety bond agent will guide you through the entire process – from the time you have applied until the bond is issued to you.
ASSESSMENT
Next, you will be asked to submit a few important information that our underwriter will need 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 prior to submitting.
BOND ISSUANCE
Once the underwriting process is done, we will immediately issue your bond and send it to you right away!
What are the surety bond conditions?
- The bond should be issued by a Virginia-authorized Surety
- The surety bond should be made payable to the People of the Commonwealth of Virginia
- The licensed driver training school must obey the provisions of Chapter 17 of the Code of Virginia as well as the rules and regulations of the Department of Motor Vehicles of the Commonwealth of Virginia
- If the licensee commits a violation, the aggrieved party will be eligible to file a claim against the bond