Motor Vehicle Salesperson Bond Cost
Motor vehicle and power sports salespeople in Colorado must post $15,000 surety bonds prior to conducting business. All motor vehicle salespeople in Colorado must be licensed to a motor vehicle dealer.
Why this bond
Colorado Motor Vehicle Salesperson or powers ports vehicle salesperson bonds ensure that principals (vehicle sales people) perform all duties according to law. The bond protects the state and consumers from financial loss that results from the principal’s violations of any provisions of part 1 and/or part 5 of Title 12, Article 6 of the Colorado Revised Statutes up to the full bond amount. The principal must reimburse the surety for any damages paid out.
Motor Vehicle Salesperson bond details
Motor vehicle and power sports salesperson bonds in Colorado can be canceled by the surety for any reason provided by statute by filing written notice of cancellation with both the principal and the Director of the Department of Revenue at least 45 days prior to the effective cancellation date.If, however, cancellation is based on nonpayment of premium, the surety can cancel the bond with only 10 days’ written notice.
Become a Motor Vehicle Salesperson
In Colorado , salespeople are required to be licensed to a motor vehicle dealer. You must first find a dealer who wishes to hire you, and that dealer must complete page 7 of your application. To become licensed as a salesperson in Colorado , applicants must submit the following:
- Application (DR 2115)
- license fee
- Mastery Examination Affidavit (DR 2097)
- Surety bond
- Secure verifiable identification
- Affidavit – Restriction on Public Benefits (DR 4679)
- Certified court documents (if applicable)
- Other documents the applicant feels would be useful to the Colorado Motor Vehicle Dealer Board
Take the first step toward becoming licensed in Colorado by purchasing your surety bond now for just $150!
Apply for your surety bond
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