In South Dakota no person may engage in the business of selling or advertising the sale of new or used vehicles or boats without a dealer license and a South Dakota boat dealer bond. South Dakota defines a “boat dealer” as any person who, for commission or with intent to make a profit or gain, sells, exchanges, rents, or leases with option to purchase, offers or attempts to negotiate a sale or exchange of new or used boats as defined in chapter 42-8, or who is engaged wholly or in part in the business of selling new or used boats. (South Dakota 32-7B-1). The state interprets the law NOT to include boats bought, sold or traded for personal use or those that make five or less transactions per year. The South Dakota boat dealer bond runs to the Department of Revenue in the amount of $20,000. The bond form is the same for dealers of all types of vehicles and runs to the State in favor of any customer who suffers any loss that may be occasioned by reason of the failure of title or by reason of any fraudulent misrepresentation or breach of warranty as to freedom from liens. South Dakota surety leader, Surety One, Inc. offers dealer bonds of ALL types, terrain and maritime in all states where they are required by law. Our special program puts these bonds within your reach regardless of credit and financial condition. For information visit SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com for a South Dakota boat dealer bond application or for information on any surety bond need in any state.
