South Carolina Motor Vehicle Dealer and Wholesaler Bond
Know what this bond is for and how to get one fast!
What is a Motor Vehicle Dealer and Wholesaler Bond?
All motorcycle dealers or wholesalers are required by the South Carolina Department of Motor Vehicles to furnish a surety bond in order to guarantee the compliance of the licensee to the relevant state laws and rules.
The surety bond will also serve as a means to financially compensate any person who will suffer damages in case the licensed motorcycle dealer or wholesaler commits a fraudulent act.
A motorcycle dealer is a person who sells motorcycles – with the exclusion of distributors or wholesalers.
A wholesaler, on the other hand, is a person who sells used motorcycles exclusively to motorcycle dealers or to other wholesalers.
What is the Motor Vehicle Dealer and Wholesaler Bond amount?
The bond amount is $30,000.
If you have an excellent credit score, you will be eligible to pay for a low bond premium, or just 1% of the bond amount!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Motor Vehicle Dealer and Wholesaler Bond?
You can easily get this surety bond from us! We will guide you through the entire process. We’ll make sure that you will understand what you are getting into.
Here’s how to do get bonded:
- You have to send an application to us. If you are ready to do that now, you may APPLY HERE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process. These are the following:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three in order to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Your surety bond will be issued and sent to you!
What are the surety bond conditions?
- The surety bond agent or company should be authorized to conduct business in the State of South Carolina
- The surety bond should be made payable to the State of South Carolina for the benefit of any person who will suffer damages due to the misconduct of the motorcycle dealer or wholesaler
- The licensed motorcycle dealer or wholesaler is obligated to comply with the provisions of Title 56 of the South Carolina Code of Laws as well as the rules and regulations of the South Carolina Department of Motor Vehicles
- If the licensed motorcycle dealer or wholesaler commits a valid violation, the aggrieved party will be eligible to file a claim against the surety bond
- A new surety bond or a continuation certificate must be submitted to the South Carolina Department of Motor Vehicles every year prior to the issuance of a license