Oregon Motor Vehicle Dismantler Bond - $10,000
What is the Oregon Motor Vehicle Dismantler Bond?
The Oregon Revised Statues 801.236 defines dismantlers as any individual involved in the buy and sell, dealership, and processing of vehicles in order to save, destroy, dismantle or alter the motorized vehicle. This may also include the buying and selling of major component parts.
The State of Oregon Department of Transportation, under the Driver & Motor Vehicle Services, sees to it that licensing requirements for the Dismantler Certificate applications are properly fulfilled to allow the legal operations of the permittees.
According to the Department’s Insurance Division, the total bond amount for limited dealers is $10,000, and must be settled prior the formal operations. The bond is a a pre-licensing requirement imposed by the State of Oregon.
Why do you need an Oregon Motor Vehicle Dismantler Bond?
The State of Oregon provides licensing for motor vehicle dismantlers buying, selling, and processing vehicles for the purpose of altering, salvaging, or dismantling for parts. Businesses interested in dismantling, who are not involved in the selling of brand new vehicles or repair, may be exempted from the certificate. In order to protect future patrons of the dismantler and to avoid any public hazards, the State of Oregon requires dismantlers to be bonded from a verified surety carrier.
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 Motor Vehicle Dismantler Bond
The bond must be filed with Oregon’s Department of Transportation and must be issued by a surety bond provider certified by the state’s Insurance Department. The parties in the agreement are:
- Principal (dismantlers)
- Obligee (State of Oregon)
- Surety/Bond Company or Obligor (surety bond provider)
How much does an Oregon Motor Vehicle Dismantler Bond cost?
The cost of the Oregon Motor Vehicle Dismantler Bond is normally between $100 and $900 and will largely depend on the employer’s credit score, industry experience, business history, and the surety provider’s background. Premium rates may range from 1-9% depending on the credit report status.
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.