Maryland Wine Bond
A quick guide to one of the most important requirements for wine sellers!
What is a Wine Bond?
Those who are intending to sell wine within the State of Maryland are required to submit a surety bond to the Field Enforcement Division of the Comptroller of Maryland.
The purpose of the surety bond is to guarantee the compliance of the wine seller to the relevant laws that pertains to the selling of wine.
This includes promptly filing true reports with the Comptroller of the State of Maryland and paying the required wine taxes on time and in full.
If the seller of wine fails to comply with the aforementioned obligations, any person that has suffered damages due to the wrongdoings of the seller of wine will have the right to be compensated by filing a bond claim.
This requirement is in pursuance of Section 13-825 of the Tax-General Article, Annotated Code of Maryland.
What is the Wine Bond amount?
The bond amount is $1,000.
If you have an excellent credit score, you will be eligible to pay for a low bond premium!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Wine Bond?
In order to secure this type of bond, the seller of wine must seek the assistance of a surety bond company.
You will be asked to apply for this bond. If you’re ready to apply for one right now, you may easily do so HERE!
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
What are the surety bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the State of Maryland
- The surety bond should be made payable to the State of Maryland for the benefit of any aggrieved party
- The seller of wine is obligated to obey the provisions of the Tax-General Article of the Annotated Code of Maryland as well as the rules set forth by the Field Enforcement Division of the Comptroller of Maryland
- If the seller of wine commits a violation, the aggrieved party will be eligible to file a claim against the surety bond