Maryland boat dealers must have an application approved and provide evidence of a Maryland boat dealer bond before a license will be issued. Natural Resources Article, §8-710, Annotated Code of Maryland requires a Maryland boat dealer’s license if you are engaged in the business of buying, selling, or exchanging vessels in Maryland. COMAR 08.04.01.01(B)(7) defines “dealer” as any person who is in the business of buying, selling, or exchanging new and/or used vessels, either outright or on conditional sale, bailment, lease, chattel mortgage, or otherwise, and has an established place of business for sale, trade, and display of vessels. The Maryland boat dealer bond must be posted AFTER approval of the applicant rather than along with the license application. The initial bond amount required for a first year licensee is $20,000. Thereafter the surety bond amount must follow a schedule which is based on the value of vessels that a dealer has sold within the previous twelve months. The Maryland boat dealer bond schedule is as follows: $5,000 dealer bond for sales of $500,000 or less, $20,000 bond to $3 million, $50,000 bond to $5 million, $100,000 bond to $10 million, $150,000 bond to $15 million, and $200,000 bond for sales over $15 million annually. The Maryland boat dealer bond guarantees that the licensee will conduct its boat dealer business in full compliance with the Code, Natural Resources Article and the regulations of the Department of Natural Resources relating to collection of fees and taxes. The Bond is for the use and benefit of the state and any member of the public who suffers or sustains any loss by reason of any violation of the Code NR §§8-701 by the dealer. Maryland 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 makes bonding you guaranteed regardless of credit and financial condition. Visit SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com for a Maryland boat dealer bond application or for information on any surety bond need.
