New York Retailer of Manufactured Homes Bond
What is a New York Retailer of Manufactured Homes Bond?
In order to protect the residents of the State of New York from the following, the New York State Department of State obligates retailers of manufactured homes to secure a surety bond:
- Commit fraudulent practices when selling manufactured homes
- Engage in dishonest or misleading advertising
A retailer of manufactured homes who’s applying for a certification from the New York State Department of State is required to get this surety bond. The primary purpose of this bond is to ensure the compliance of retailers of manufactured homes to the provisions of Article 21-B of the Executive Law and Part 1210 of Title 19 of the NYCRR.
Exemptions to this requirement applies to individuals or business entities with limited certificates or have multiple-category certifications. Limited certificates pertains to persons who are employed by certified retailers of manufactured homes, and the certified retailer has submitted a sufficient surety bond. Persons who have multiple-category certifications are those who are certified as a manufacturer and as a retailer.
How much does a New York Retailer of Manufactured Homes Bond cost?
Bond premium starts at 1.5% of the bond amount for retailers of manufactured homes with excellent credit scores. Bond amount is $25,000.
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How can I get a New York Retailer of Manufactured Homes Bond?
APPLY FOR A RETAILER OF MANUFACTURED HOMES BOND – You may apply for this bond HERE! The entire bond process will be through our secured online transaction management system.
UNDERWRITING – In order to assess the following, you will be asked to submit several documents.
- Proof of your financial capability
- Your business’ history
- Your credit score
In order to avoid any delay, make sure that your requirements are complete prior to submitting them.
BOND ISSUANCE – Once the underwriter has completed the necessary in-depth check, you will be asked to sign an indemnity agreement and pay the necessary bond premium. Once those have been fulfilled, we will immediately issue the bond and send it to you.
How does a New York Retailer of Manufactured Homes Bond work?
A New York Retailer of Manufactured Homes Bond is an assurance provided by two parties to another party. The two parties are the Principal (retailer of manufactured homes) and the Surety.
The Obligee is the New York Department of State. The Obligee is the beneficiary of the bond. Both the Principal and the Surety are indebted to the Obligee. As long as the Principal fulfills all his contractual obligations, then no action will be taken against the bond. If Principal violates any of the provisions of Article 21-B of the Executive Law and Part 1210 of Title 19 of the NYCRR, the obligee will be eligible to file a claim against this bond. The claim will be investigated by the Surety. If the claim is valid, the Surety will pay the Obligee.
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