Oregon Manufactured Structures Dealer Bond - $40,000
What is the Oregon Manufactured Structured Dealers Bond?
The Oregon Revised Statutes 446.003, defines manufactured structured dealers as individuals involved in the distribution, selling, or leasing or manufactured dwellings or equipments. The provision further defines manufactured dwellings as a mobile or manufactured home or residential trailer.
The State of Oregon mandates individuals aspiring to become a manufactured structured dealers to secure proper licenses, fees, and bonds with the Department of Consumer and Business Services. Accodring to the Department’s Insurance Division, the total bond amount for the dealership is $40,000 and must be settled prior their operation. The application comes with a $542 fee that will cover you for three years.
For more information, you may visit Oregon’s Manufactured Structures Dealer Licensing page or their physical office.
Why do you need an Oregon Manufactured Structured Dealers Bond?
The State of Oregon sees to protect the state and its people planning to buy manufactured dwellings, regulating these homes and trailers to meet the State’s proper construction, plumbing, heating, and electrical safety standards. And any such alterations, before or after the sale, must conform to the National Manufactured Housing Construction and Safety Standards Act.
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 Manufactured Structured Dealers Bond
The dealership 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 (manufactured structured dealers)
- Obligee (State of Oregon)
- Surety/Bond Company or Obligor (surety bond provider)
How much does an Oregon Manufactured Structured Dealers Bond cost?
The cost of dealership bond in the State of Oregon will depend on the employer’s credit score, industry experience, business history, and the surety provider’s background. The bond itself is normally between $400 and $4,000 and are typically charged as such:
| Bond Amount | Premium Rate |
|---|---|
| $400 | 1% |
| $1,200 | 3% |
| $2,000 | 5% |
| $2,800 | 7% |
| $3,200 | 8% |
| $4,000 | 10% |
How do I obtain this bond?
At Surety Bond Authority, we are dedicated to helping you get your bond the fast and easy way. Here is a step-by-step guide to help you get started.
Application
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.
Requirements
- 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.)
Assessment
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.
Bond Issuance
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.