Limited Manufactured Structures Dealer Bond - $15,000
What is the Oregon Limited Manufactured Structures Dealer Bond?
Under the Oregon Revised Statutes 446.706, licensed Limited Manufactured Structures Dealer are allowed to sell up to 10 dwellings in a calendar year. These manufactured dwellings must be located in a place duly indicated in the registration. Under the license, however, the dealer is not allowed to hire a salesperson on his behalf.
The State of Oregon mandates dealers planning to sell manufactured dwellings to secure proper licenses, fees, and bonds with the Department of Consumer and Business Services. According to the Department’s Insurance Division, the total bond amount for limited dealers must annually be at $15,000, for as long as the license remains valid and must be settled prior the formal operation.
Why do you need an Oregon Limited Manufactured Structures Dealer Bond?
The State of Oregon provides licensing for dealers and owners of manufactured dwellings and mobile homes. In line with ORS 446.721, the license fee for new applications and renewals for limited dealership is at $30, with a standard validity of two years. However, this may be adjusted by the Director of the Department of Consumer and Business Services to set uniform expiration date.
Apart from the mandatory legal compliance, securing your own licensing bond also ensures:
- Clients are completely safe and secure under your agency
- Your credibility is boosted in terms of financial security
- You are able to use your full line of credit
- The confidentiality of your activities (unless requested by legal authorities)
- Your access to professional advice counseling from lawyers, estimators, and similar professionals.
More details about the Oregon Limited Manufactured Structures Dealer Bond
The Oregon Limited Manufactured Structures Dealer Bond must be filed with Oregon’s Department of Consumer and Business Services and must be issued by a surety bond provider certified by the state’s Insurance Department. The parties in the agreement are:
- Principal (limited manufactured structures dealer)
- Obligee (State of Oregon)
- Surety/Bond Company or Obligor (surety bond provider)
How much does an Oregon Limited Manufactured Structures Dealer Bond cost?
The cost of the bond in the State of Oregon will depend on the employer’s credit score, industry experience, business history, and the surety provider’s background. While the total bond amount is set at $15,000, the bond itself is normally between $150 and $1,500.
How do I obtain this bond?
At Surety Bond Authority, we are dedicated to help you get your bond the fast and easy way. Here is a step-by-step guide to help you get started.
To secure your bond, be sure to transact with a reputable surety company early. If you are ready to get yours processed today, you can APPLY HERE. Rest assured our expert surety bond agent will guide you from the time of your application until the issuance of your bond.
- Completed bond application form (to be provided by our trusted surety agents)
- Bond forms (as designed and mandated by the state regulation department)
- Financial documents (this includes your bank account statements, sources of income, balance sheets, personal and business capital, escrow accounts, etc.)
- Other requirements as prescribed (seller’s permit, facility permit to legally conduct business, etc.)
In the assessment phase, our underwriter will need the following information:
- Nature of your business
- Credit Score
- Financial strength
For the speedy processing of your application, ensure you have gathered and provided accurate information upon submission.
Once the assessment is done, we will promptly issue your bond and send it your way. Contact us today and get your bond issued in no time.