Used motor vehicle dealer bond cost
Used car dealers in Massachusetts must post a $25,000 surety bond to legally operate in the state. The cost of this bond is subject to underwriting, but applicants with strong financial credentials could qualify to pay as low as 1% of the bond amount, or just $250!
Why this bond
Massachusetts used car dealer surety bonds protect all people who suffer damages, as defined by Chapter 140, Section 58 of the General Laws as amended by Chapter 422 of the Acts of 2002, as a result of unlawful behavior from the principal (used car dealer). By posting the bond, the principal pledges to comply with the terms listed in the legislation above.
Used auto dealer bond details
Massachusetts used auto dealer bonds are continuous until canceled. The surety can cancel the bond at any time by giving written notice to the state 60 days prior to the effective date of termination.
Become a used motor vehicle dealer
The Massachusetts Registry of Motor Vehicles does not license automobile dealers. Instead, Massachusetts General Law grants licensing authority to the individual cities and towns throughout the state. Applicants should contact the licensing board of the city or town where they wish to conduct business for more information.
Apply for your surety bond
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