Effective November 1st, 2014 an Oklahoma vehicle crusher surety bond and licensing will be required of crushers in the state. Under the statute “Crusher” means a person engaged in the business of crushing and/or shredding used motor vehicles, trailers, or nonmotorized recreational vehicles. No person may engage in the business as a crusher without first obtaining a license from the Oklahoma Used Motor Vehicle and Parts Commission specifically authorizing engagement in such business. To be eligible for a crusher license, an applicant shall:
1. Be of good moral character;
2. Have net assets of at least Twenty-five Thousand Dollars ($25,000.00); and
3. Show that the crusher operation will be operated lawfully and fairly within the purpose of the Oklahoma Crusher Act.
Each applicant for a crusher license at the time of filing application shall file with the Commission an Oklahoma car crusher surety bond in the amount of Twenty-five Thousand Dollars ($25,000.00) for each license, with a surety company qualified to do business in Oklahoma. The bond form must be approved as to form by the Attorney General and conditioned that the applicant shall not practice fraud, make any fraudulent representation, or violate any of the provisions of this act or any of the rules made by the Commission hereunder in the conduct of the business for which the applicant is licensed and will pay to the state and to any person or persons any and all amounts of money that may become due or owing to the state or to such person or persons from said obligor under and by virtue of the provisions of this act during the time such bond is in effect. The surety bond shall run to the benefit of the state and of any person or persons who may have cause of action against the obligor of said bond under the provisions of this act up to the maximum amount of the bond. Application materials and the bond should be submitted as follows:
Used Motor Vehicle & Parts Commission
Car Crusher Surety Bond
2401 NW 23rd Street, Suite 57
Oklahoma City, OK 73107
Oklahoma surety leader, Surety One, Inc. is a specialist in the bonding needs motor vehicle dealerships, parts stores, recyclers and crushers. We offer both surety and fidelity bonds needed by these business classes in ALL fifty states, Puerto Rico and the U.S. Virgin Islands. Visit us at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email us at Underwriting@SuretyOne.com for an Oklahoma vehicle crusher surety bond application or information on ANY surety bonding need. También nuestra asesoría está disponible en SU idioma.
