What is a Georgia Used Motor Vehicle Dealer and Used Motor Vehicle Parts Dealer Bond?
Get to know what this surety bond is for and how to easily apply for one!
In the State of Georgia, a used motor vehicle dealer includes a motor vehicle wholesaler, motor vehicle broker, independent motor vehicle leasing agency that sells used motor vehicles, and a motor vehicle auction company that auctions used motor vehicles.
On the other hand, a used motor vehicle parts dealer is any person or business entity that buys or sells used motor vehicle parts. A motor vehicle dismantler, motor vehicle rebuilder, salvage dealer, and salvage pool dealer fall under this category.
This bond is a licensure requirement mandated by the State Board of Registration of Used Motor Vehicle Dealers and Used Motor Vehicle Parts Dealers. To be classified as a used motor vehicle dealer, the person should have successfully sold more than five used motor vehicles in one calendar year.
The purpose of the surety bond – as required by Chapter 681-3 Georgia Administrative Code and Section 43-47-8 of O.C.G.A – is to ensure the strict compliance of the used motor vehicle dealer and used motor vehicle parts dealer to the laws that govern them once licensed.
If any fraudulent act or misconduct is committed during the sale, the person who has been harmed will be financially compensated through the surety bond.
What is the Used Motor Vehicle Dealer and Used Motor Vehicle Parts Dealer Bond amount?
$35,000 – Used Motor Vehicle Dealers
$10,000 – Used Motor Vehicle Parts Dealer
How can I get a Used Motor Vehicle Dealer and Used Motor Vehicle Parts Dealer Bond?
Here’s how to do get bonded:
- You have to send an application to us. If you are 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 to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Your surety bond will be issued and sent to you!
What are the surety bond conditions?
- The surety bond agent or company should be authorized to conduct business in the State of Georgia
- The surety bond should be made payable to the Governor of Georgia
- The licensee should comply with the provisions of Title 43 Chapter 47 of the O.C.G.A, as well as the rules and regulations of the State Board of Registration of Used Motor Vehicle Dealers and Used Motor Vehicle Parts Dealers
- If a violation is committed by the licensee, the aggrieved party will be eligible to file a claim on the surety bond
Get bonded ASAP! APPLY TODAY!