If you are looking for information, forms or applications for a Texas Motor Vehicle Dealer Bond 2-year term then connect with a surety expert today by calling (866) 276-3705 or submitting a bond request now. We will make sure to walk you through each step of our simple and easy bonding process.
If you're looking to apply for your dealership license in the state of Texas, you can simply apply through the state's online eLICENSING application.
Whether you are looking for a Texas Motor Vehicle Dealer Bond 2-year term or any other type of surety bond in Texas, The ProSure Group helps you find the right surety bond quicker & easier. Our goal is to provide you with simple and efficient service so you can focus on your business while we make sure your suppliers are dependable.
If you are looking for information, forms or applications for a Texas Motor Vehicle Dealer Bond 2-year term then connect with a surety expert today by calling (866) 426-1645 or submitting a bond request now. We will make sure to walk you through each step of our simple and easy bonding process.
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To apply for a Texas auto dealer bond, simply submit a quote request or visit our secure online application portal which is available 24/7. You'll need to provide your motor vehicle dealership name and existing dealer license number (if applicable) for approval by the Department of Motor Vehicles. Once approved, we'll process your order and send your official Texas MVD bond to you via email. Applying for your bond has never been easier!
In Texas, a motor vehicle dealer bond is a requirement for individuals applying for a Texas dealership license. According to Texas Transportation Code: Sec. 503.004, a 2-year $50,000 surety bond must be filed with the TX MVD during the application process. Each county in which the dealership operates requires a separate bond and business license. The bond language mandates that bonded dealers and dealerships pay all valid bank drafts for purchased motor vehicles and transfer titles for each motor vehicle sold.
A Texas Motor Vehicle Dealer Bond is required by the Texas DMV to obtain a Texas Motor Vehicle Dealer License. Filing a Texas MVD bond means you agree to follow the Texas Transportation Code when operating your dealership. It's important to note that failing to fulfill the bond's terms as outlined in the Texas code can result in claims being filed against your bond. In the event an individual obtains a judgment against you as a dealer, the surety company will pay valid claims up to the full $50,000 bond amount, which you must then reimburse.
The Texas auto dealer bond amount was increased from $25,000 to $50,000 by the DMV on September 1, 2021. Texas Department of Motor Vehicles enforces the $50,000 surety bond requirement for the state's dealerships, making them the bond's "obligee." The "principal" refers to the dealership that purchases and files the bond, while the "surety" is the company that issues the bond, backs its obligations, and pays claims. To maintain a good standing with the DMV, Texas motor vehicle dealer bonds must be renewed when the current 2-year term expires. When your current bond term is nearing the renewal period, a ProSure Group Agent will reach out with your renewal information. Simply pay your ProSure Group renewal invoice, and renewal instructions will be emailed to you along with a continuation certificate for your original Motor Vehicle Dealer Bond. Keeping up with your bond renewal is important to ensure your Texas dealer license is in compliance with Texas regulations.
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