{"id":1237,"date":"2013-06-14T03:14:36","date_gmt":"2013-06-14T03:14:36","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1237"},"modified":"2017-01-03T16:20:33","modified_gmt":"2017-01-03T16:20:33","slug":"iowa-motor-vehicle-dealer-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/iowa-motor-vehicle-dealer-bond\/","title":{"rendered":"Iowa Motor Vehicle Dealer Bond"},"content":{"rendered":"<p>An applicant must furnish an <strong><a title=\"Surety One\" href=\"https:\/\/suretyone.com\" target=\"_blank\">Iowa motor vehicle dealer bond<\/a><\/strong> before the issuance of a motor vehicle dealer\u2019s license to an principal engaged in the sale of vehicles for which a certificate of title is required. \u00a0Pursuant to state law IA Code <a title=\"IA MVD law definitions\" href=\"http:\/\/www.lawserver.com\/law\/state\/iowa\/ia-code\/iowa_code_322-2\" target=\"_blank\">322.2<\/a>, a &#8220;motor vehicle dealer is any person or entity\u00a0&#8220;engaged in the business&#8221; of acquiring, selling, exchanging, holding, offering, displaying, brokering, accepting on consignment, conducting a retail auction, or acting as an agent for the purpose of doing any of those acts. An <strong>Iowa motor vehicle dealer bond<\/strong> and licensing is also require of a person selling at retail more than six motor vehicles during a twelve-month period, as the law presumes him or her to be engaged in the business of car sales. The surety bond must be\u00a0executed by a corporate surety company licensed and qualified to do business in the state. It must run to the State of Iowa and written in the amount of fifty thousand dollars. \u00a0The <strong><a title=\"IA MVD state bond form\" href=\"https:\/\/forms.iowadot.gov\/FormsMgt\/External\/417057.pdf\" target=\"_blank\">Iowa motor vehicle dealer bond<\/a><\/strong> must be conditioned upon the faithful compliance by the dealer with all of the statutes of Iowa regulating or applicable to the business of a dealer in motor vehicles, and indemnify any person who buys a motor vehicle from the dealer from any loss or damage occasioned by the failure of the dealer to comply with any of the provisions of <a title=\"IA Motor Vehicle laws\" href=\"http:\/\/coolice.legis.iowa.gov\/Cool-ICE\/default.asp?Category=billinfo&amp;Service=IowaCode&amp;input=321\" target=\"_blank\">chapter 321<\/a> and <a title=\"IA MVD bond laws\" href=\"http:\/\/www.lawserver.com\/law\/state\/iowa\/ia-code\/iowa_code_chapter_322\" target=\"_blank\">322<\/a>. \u00a0The surety bond must guarantee that the dealer will furnish a proper and valid certificate of title to the motor vehicle involved in a transaction and indemnify any motor vehicle purchaser from any loss or damage caused by the failure of the dealer to comply with the odometer requirements in section 321.71.\u00a0 The <strong>Iowa motor vehicle dealer bond\u00a0<\/strong>must be filed with the Department of Transportation prior to any business activity. \u00a0Section (g) of \u00a7322.4 states clearly that, &#8220;The aggregate liability of the surety, however, shall not exceed the amount of the bond.&#8221;, however the bond form states, &#8220;The aggregate liability of the Surety of all persons shall not exceed the amount of the bond <span style=\"text-decoration: underline;\">during any one license year<\/span>. This surety bond shall be effective on the day of _________ , and shall operate as a <span style=\"text-decoration: underline;\">new bond for each license year it is in effect<\/span>.&#8221; \u00a0Given that courts interpret the language of bond forms strictly as written, it is prudent to assume that the <strong><a title=\"Surety One commercial surety page\" href=\"https:\/\/suretyone.com\/commercial-surety-bonds\" target=\"_blank\">Iowa motor vehicle dealer bond<\/a><\/strong> obligation is cumulative in nature.<\/p>\n<p><strong>Iowa surety leader<\/strong>,\u00a0<a title=\"Surety One\" href=\"https:\/\/suretyone.com\" target=\"_blank\">Surety One, Inc.<\/a>\u00a0offers\u00a0motor vehicle dealer bonds\u00a0in all states where they are required. Our special programs allow us to offer you surety support regardless of your credit and financial condition. Need to know the bond requirements for dealers in any state? \u00a0Click <a title=\"Surety One State by state bond guide\" href=\"https:\/\/suretyone.com\/pdf\/commercial\/license-bonds\/mv-dealer-bond-requirements.pdf\" target=\"_blank\">here<\/a> for our MVD bond guide. \u00a0We also offer <strong>certificate of title bonds<\/strong> and lien release bonds which are sometimes needed in the course of your dealership operations. \u00a0Visit us at\u00a0<a title=\"Surety One\" href=\"https:\/\/suretyone.com\" target=\"_blank\">SuretyOne.com<\/a>, call\u00a0<span style=\"color: #ff0000;\">(787) 333-0222<\/span>\u00a0or\u00a0<span style=\"color: #ff0000;\">(800) 373-2804<\/span>, or email us at\u00a0<span style=\"color: #ff0000;\">Underwriting@SuretyOne.com<\/span>\u00a0for an <strong>Iowa motor vehicle dealer bond<\/strong>\u00a0application or for information on any surety need.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An applicant must furnish an Iowa motor vehicle dealer bond before the issuance of a motor vehicle dealer\u2019s license to an principal engaged in the sale of vehicles for which a certificate of title is required. \u00a0Pursuant to state law&#8230; <a class=\"more-link\" href=\"https:\/\/suretyone.com\/blog\/iowa-motor-vehicle-dealer-bond\/\">Continue Reading &rarr;<\/a><\/p>\n","protected":false},"author":1,"featured_media":1239,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"image","meta":[],"categories":[159],"tags":[1531,1533,1530,1534,1532],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Iowa Motor Vehicle Dealer Bond &bull; 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\/iowa-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=\"Iowa Motor Vehicle Dealer Bond &bull; Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"An applicant must furnish an Iowa motor vehicle dealer bond before the issuance of a motor vehicle dealer\u2019s license to an principal engaged in the sale of vehicles for which a certificate of title is required. \u00a0Pursuant to state law... Continue Reading &rarr;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/suretyone.com\/blog\/iowa-motor-vehicle-dealer-bond\/\" \/>\n<meta property=\"og:site_name\" content=\"Surety One, Inc.\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Surety1\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/Surety1\" \/>\n<meta property=\"article:published_time\" content=\"2013-06-14T03:14:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-01-03T16:20:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/suretyone.com\/blog\/wp-content\/uploads\/Surety-One-MV-Dealer-car.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"320\" \/>\n\t<meta property=\"og:image:height\" content=\"226\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:site\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"C. 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Continue Reading &rarr;","og_url":"https:\/\/suretyone.com\/blog\/iowa-motor-vehicle-dealer-bond\/","og_site_name":"Surety One, Inc.","article_publisher":"https:\/\/www.facebook.com\/Surety1\/","article_author":"https:\/\/www.facebook.com\/Surety1","article_published_time":"2013-06-14T03:14:36+00:00","article_modified_time":"2017-01-03T16:20:33+00:00","og_image":[{"width":"320","height":"226","url":"https:\/\/suretyone.com\/blog\/wp-content\/uploads\/Surety-One-MV-Dealer-car.jpg","type":"image\/jpeg"}],"twitter_card":"summary","twitter_creator":"@SuretyOne","twitter_site":"@SuretyOne","twitter_misc":{"Written by":"C. 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