A West Virginia motor vehicle dealer surety bond is required of both dealers in new and used motor vehicles. Current dealers must renew their surety bonds no later than the 30th of June of each year. Failure to maintain the bond in effect will result in the suspension of the dealer’s license so timely renewal of the bond is a priority.
Pursuant to West Virginia Code the renewal applicant must provide a surety bond in the penal sum of twenty-five thousand dollars, in the form prescribed by the Commissioner, conditioned that the applicant will not in the conduct of his or her business practice any fraud which, or make any fraudulent representation which, shall cause a financial loss to any purchaser, seller or financial institution or agency, or the State of West Virginia, with a corporate surety thereon authorized to do business in this state. The obligation is not continuous therefore a new surety bond must be provided to the Commissioner by June 30th.
Bond documents and motor vehicle sales persons must be delivered as follows:
Dealer Services
West Virginia Motor Vehicle Dealer Bond
PO Box 17100
Charleston, WV 25317
West Virginia surety bond leader, Surety One, Inc. offers same-day servicing of your new or renewal dealer bond request. Our special programs allow us to offer you bonding regardless of your credit and financial condition. Damaged credit? No problem! We have non-standard bonding programs for you. Do you operate in multiple states? No problem! We offer motor vehicle dealer bonds in all states where they are required by law. We also offer certificate of title bonds and lien release bonds which are sometimes needed in the course of your dealership operations. Visit us at SuretyOne.com, call (800) 373-2804, or email us at Underwriting@SuretyOne.com for a West Virginia motor vehicle dealer bond application or for information on any surety need.
#SuretyOne #suretybond #suretybonds
