{"id":1089,"date":"2013-05-11T04:49:52","date_gmt":"2013-05-11T04:49:52","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1089"},"modified":"2017-01-03T16:20:35","modified_gmt":"2017-01-03T16:20:35","slug":"minnesota-motor-vehicle-dealer-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/minnesota-motor-vehicle-dealer-bond\/","title":{"rendered":"Minnesota Motor Vehicle Dealer Bond"},"content":{"rendered":"

State laws require a Minnesota motor vehicle dealer bond<\/a><\/strong>, certain liability insurance coverages and a commercial lot before an individual can engage in automobile sales. \u00a0The regulating statute defines “dealer” as licensed new motor vehicle dealers, used motor vehicle dealers, motor vehicle brokers, wholesalers, auctioneers, lessors of new or used motor vehicles, scrap metal processors, used vehicle parts dealers, and salvage pools (MN\u00a0168.27<\/a>). \u00a0Regardless of what license class you fall within, the Minnesota motor vehicle dealer bond<\/strong> is mandatory. \u00a0The surety bond must be issued by a\u00a0corporate surety approved by the registrar of motor vehicles. \u00a0In the case of boat trailer, snowmobile trailer, horse trailer or motorized bicycle dealers, or dealers in trailers with a manufacturer’s rated carrying capacity under 15,000 pounds designed to transport small construction or farm equipment, the Minnesota motor vehicle dealer bond<\/a><\/strong> must be written in the amount of $5,000, and for all other license classes in the amount of $50,000.\u00a0The surety bond must guarantee faithful performance by the dealer of the obligations imposed on persons engaged in motor vehicle transactions by the laws of Minnesota, including the conduct required of a dealer by law and other statutory sections governing the sale or transfer of motor vehicles, and the payment of all taxes, license fees, and penalties. The Minnesota motor vehicle dealer bond<\/strong> must be for the benefit of the State and any transferor, seller, or purchaser of a motor vehicle for monetary damages caused by failure of the dealer to meet his or her obligations. Proceedings on the forfeiture of the surety bond<\/a><\/strong> must be filed in the district court of the county wherein the business of the dealership was carried on, or if in more than one county, the county in which the offense occurred.\u00a0National surety leader<\/strong>,\u00a0Surety One, Inc.<\/a>\u00a0offers\u00a0motor vehicle dealer bonds<\/a>\u00a0all states where they are required for licensing under state law or administrative codes. \u00a0Our programs allow us to offer you bond support regardless of your credit and financial condition. Visit SuretyOne.com<\/a>, call\u00a0(787) 333-0222<\/span>\u00a0or\u00a0(800) 373-2804<\/span>, or email us at\u00a0Underwriting@SuretyOne.com<\/span>\u00a0for an\u00a0Minnesota motor vehicle dealer bond<\/strong>\u00a0application or for information on any surety bond need.<\/p>\n","protected":false},"excerpt":{"rendered":"

State laws require a Minnesota motor vehicle dealer bond, certain liability insurance coverages and a commercial lot before an individual can engage in automobile sales. \u00a0The regulating statute defines “dealer” as licensed new motor vehicle dealers, used motor vehicle dealers,… Continue Reading →<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[159],"tags":[1339,1338,1341,1340],"yoast_head":"\nMinnesota Motor Vehicle Dealer Bond • Surety One, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/minnesota-motor-vehicle-dealer-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Minnesota Motor Vehicle Dealer Bond • Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"State laws require a Minnesota motor vehicle dealer bond, certain liability insurance coverages and a commercial lot before an individual can engage in automobile sales. \u00a0The regulating statute defines “dealer” as licensed new motor vehicle dealers, used motor vehicle dealers,... 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