What is an Oregon Manufactured Structures Dealer Bond?

Oregon Manufactured Structures Dealer Bond

A manufactured home can be a fantastic way to realize your aspiration of owning a decent and comfortable residential dwelling at an extremely reasonable price. If you make intelligent choices, your expenses on energy every month can be very minimal, and your maintenance costs will be very easy in the pocket.

While considering from which dealer to buy your manufactured home, be aware that the dealer must first furnish you with an acquisition contract before the conclusion of the deal.

Such agreement must inform you of the price and must also enumerate any essential add-ons, services, improvements, or provisions of extended guarantees, alongside any charges or earnest money you must shell out. The most important information you should get though is if your dealer is bonded with an Oregon Manufactured Structures Dealer Bond.


Why do you need an Oregon Manufactured Structures Dealer Bond?

How can an Oregon Manufactured Structures Dealer Bond benefit homebuyers? The Oregon Manufactured Structures Dealer Bond protects any retail customer from suffering loss or damages triggered by fraudulent acts committed by the dealer. With this bond, the dealer pledges an unassailable guarantee that he/she will perform all responsibilities and pay all related taxes in compliance with the stipulations laid down in Chapter 446 of the Oregon Revised Statutes.

As an Oregon Manufactured Structures Dealer, you need the bond because this demonstrates your steadfast commitment against non-performance, derisory performance, or deferred performance. You likewise need this bond because your vocation is important to you the same way that you value your business’ investments. With this bond, current customers and potential patrons will view you as a Manufactured Structures Dealer with trustworthiness and respectability.


What is the cost of an Oregon Manufactured Structures Dealer Bond?

Those applying for an Oregon Manufactured Structures Dealer license must post a $40,000 bond. The bond must:

  • Be in the sum of $40,000 for every year that the license is legally binding;
  • Be in a form approved by the Director of the Department of Consumer and Business Services;
  • Be separate from any bond or letter of credit covering business activities other than dealing with manufactured structures; and
  • Be filed and held by the director.

The Manufactured Structures Dealer Bond premium amount is highly dependent on your financial history and credit score. If you have an objectionable credit rating, it is expected that you will be asked to pay a higher premium amount compared to one having a seamless credit history and commendable financial record.


How do I get an Oregon Manufactured Structures Dealer Bond?

Getting a bond is effortless. However, be sure to contact only lawful practitioners in the field of surety. Give Surety Bond Authority specialists a call now!

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