Title service agent bond cost
Title agent bond costs are determined on a case-by-case basis pending a review of the applicant’s credit report. Applicants with strong financial credentials can expect to pay just 1-4% of the bond amount, or an annual premium of just $250. But don’t worry if you have bad credit – We can approve 99% of applicants.
Why this bond
The Maryland Administrator of Motor Vehicles requires title service agents to file a $25,000 surety bond to ensure they accurately log vehicle registrations, vehicle titles, drivers’ licenses, certified copies of records, and other related documents according to the Transportation Article of the Annotated Code of Maryland.
This bond ensures that the title agent will not:
- perpetrate an act of fraud against the administration or the public
- advertise in such a manner that would imply the agent is associated with the administration or another disassociated body
- conduct business in a way which is detrimental to the administration or to the public
These bonds are also referred to as public official and motor license agent surety bonds.This title service agent bond is required by the Maryland Motor Vehicle Administration. The bond’s term must run concurrently with the individual’s business license term. These bonds are continuous until canceled, and 45 days’ notice is required prior to cancellation.
Become a title service agent
All title service agent license applications should meet the following requirements:
- be submitted on a form furnished by the administration
- contain a zoning approval from a local zoning jurisdiction
- include a posted surety bond in the correct amount of $25,000
- include a fee of $62.50 for the application
The license, once issued, should be displayed in a prominent location within the title agent’s office.Additionally, the agent is required to maintain records for a minimum period of three years for the benefit and access of the administration. These records should include:
- excise tax collection
- titling and registration fees
- customer names and addresses
- vehicle makes, years, ID numbers and types of transactions made
Apply for your surety bond
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