What is a Midland Texas Junk Dealer and Secondhand Goods Dealer Bond?

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Midland Texas Junk Dealer and Secondhand Goods Dealer BondThe Midland Texas Junk Dealer and Secondhand Goods Dealer Bond is a licensure requirement in Midland, Texas.

The bond’s purpose is to ensure that the junk or secondhand goods dealer will comply with the provisions of Chapter 2 of Midland Code of Ordinances, as well as the laws of the state and all the other rules that govern the industry.

A junk dealer is a person who engages in the business of collecting, buying, and selling items that are considered as junk. Some items that are considered as junk are:

  • Brass
  • Tin
  • Scrap Iron
  • Plumbing and electric fixtures
  • Wires
  • Globes
  • Automobile accessories
  • Prestolite tanks
  • Melted metals
  • Tires
  • Hydrants
  • Faucets
  • Lawn Hose
  • Motorcycle parts
  • Bicycle parts
  • Lawn sprinklers
  • Rubber
  • Fittings

A secondhand goods dealer, on the other hand, is a person who sells or buys previously owned items.

A secondhand goods dealer is also considered as a junk dealer, pawnbroker, or an owner of a property that is converted into a flea market or used goods swapping market. A person who organizes a flea market can also be considered as a secondhand good dealer.

 

What is the bond amount?

The bond amount is $1,000.

 

What are the Midland Junk Dealer and Secondhand Goods Dealer Bond conditions?

  • The bond shall be issued by a surety bond company that is authorized in Texas such as Surety Bond Authority
  • The bond shall be approved by the city attorney
  • The principal will abide by all the applicable rules and regulations in being a junk dealer and secondhand goods dealer in Midland, Texas
  • If in case a person questions or insinuates that the item the junk dealer or secondhand goods dealer has in his possession is stolen and that it belongs to the claimant, the said claimant is eligible to file for a claim.
  • The claimant, however, must issue a 15-day demand for the said items prior to the claim. This will give the junk dealer or secondhand goods dealer time to make payment in kind or give the items back to the claimant if proven true.
  • If such case occurs, the City will not be held liable for any costs between the claimant and the dealer
  • If the city manager deems that the bond is insufficient, the principal will have to furnish a new one within five days

 

How can I obtain this bond?

You can obtain a Midland Junk Dealer and Secondhand Goods Dealer Bond by seeking the expert guidance of a reputable surety bond company.

You will first be asked to apply for this bond.

You will undergo a prequalification process wherein an expert underwriter will evaluate important information such as your financial history, business history, and credit score.

Once done, the surety bond company will execute the bond and send it to you.

Need more information? Call us!

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