Motor vehicle dealers must submit to and successfully complete a Dealer’s Certificate of Registration. The certificate is an affirmation that the person is registered as a dealer with the DMV. It is issued by the DMV, only after the dealer has successfully completed all requirements required by the department.
The dealer must then pay a $100 fee to the Department of Motor Vehicles. Failure to pay the required fee within thirty days will result in the cancellation of the Dealer’s Certificate of Registration. The DMV does not post the bond amount on the DMV’s website.
However, the Motor Vehicle Dealer’s Bond is required when you are applying for a bond for snowmobile sales. The bond amount required by the DMV is found on the application for your new motor vehicle dealer license.
Prior to buying the bond from the DMV, the motor vehicle dealer should make sure that he has all the information that he needs. He should be able to provide proof that he has the required liability insurance coverage.
The sections that describe what the coverage is for are found in the appendix of the DMV’s booklet describing the required business name and license numbers. The sections that describe how to apply for the dealer bond and the procedures that must be followed are found in the appendix of the same booklet.
When you are applying for the bond online, it is important that you follow the procedures that the DMV describes in the appendix. The first thing that the motor vehicle dealer must submit is his business name. If he uses the name that is already used by another company, he must submit an application with that company for a surety bond, not his own.
The name that the DMV accepts as business names are those that are closest to the names of the registered dealers in the state. The name can also be one that was suggested by the applicant.
Next, the applicant must submit his state registration number. This is required to prove that the person is who he claims to be. If you don’t have your state registration number, you must submit a complete set of it with the application.
The completed application form and the required identification documents must be submitted along with the completed dealer bond. After submitting the business name and the required identification documents, the applicant must submit his business certificate or business license.
This is an identification card with a photograph that proves that the person is who he says he is. To obtain a business certificate or license, the applicant must submit an application with the appropriate forms.
The applicant must also submit a surety bond. This is a bond that guarantees that the applicant will pay for the damages if the motor vehicle dealer’s company becomes bankrupt or the motor vehicle dealer’s company becomes delinquent.
The surety bond is also used as legal protection in case a claim is filed against the motor vehicle dealers. Once all of these documents are submitted, the applicant will be required to attend a hearing. At this point, the hearing officer will make sure that everything was filled out correctly.
If anything is wrong, the applicant will need to either re-submit the application or new forms will need to be filled out. A surety bond is not something that the applicant needs to worry about when it comes to motor vehicle dealerships. For more about Florida motor vehicle dealer bond, please pop over to the provided link for better understanding.