{"id":1258,"date":"2013-06-20T03:49:25","date_gmt":"2013-06-20T03:49:25","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1258"},"modified":"2021-06-20T22:21:05","modified_gmt":"2021-06-20T22:21:05","slug":"maine-motor-vehicle-dealer-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/maine-motor-vehicle-dealer-bond\/","title":{"rendered":"Maine Motor Vehicle Dealer Bond (2021)"},"content":{"rendered":"

An auto dealer must file a Maine motor vehicle dealer bond\u00a0<\/strong>with the Secretary of State unless he or she deals exclusively with equipment and light trailers. \u00a0State statute defines a motor vehicle dealer as a person engaged in the business of buying, selling, exchanging or offering to negotiate, negotiating or advertising the sale of a vehicle or industrial equipment and who has: \u00a0A.) An established place of business for those purposes in this State; and B.) A current dealer license issued by the Secretary of State (29A\u00a0\u00a7851<\/a>). \u00a0The Maine motor vehicle dealer bond<\/strong> must be written by a surety company admitted to do business in the State and written in an amount based on the number of vehicles sold during a calendar year. \u00a0The formula is as follows:<\/p>\n

A.) For 0 to 50 sales, $5,000 surety bond<\/div>\n
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B.) For 51 to 100 sales, $10,000 surety bond<\/div>\n<\/div>\n
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C.) For 101 to 150 sales, $15,000 surety bond<\/div>\n<\/div>\n
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D.) For 151 to 200 sales, $20,000 surety bond<\/div>\n<\/div>\n
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E.) For 201 sales and over, $25,000 surety bond<\/div>\n
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Initial licensees must post a Maine motor vehicle dealer bond<\/strong> based on projected sales, and then are subject to review after initial bonding depending on volume. \u00a0ALL licensees are reviewed annually by the Secretary of State<\/a> to determine compliance with the correct amount of the bonds. Failure to maintain appropriate bonding results in immediate suspension of the dealer’s license. \u00a0Pursuant to 29A \u00a7901<\/a>,\u00a0a claim against the surety bond required by law must file the claim within three years from the date of sale.<\/div>\n
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The Maine motor vehicle dealer bond<\/strong> is a compliance instrument that guarantees that the dealer will faithfully observe the provisions of Title 29A\u00a0M.R. S. A., and all the rules promulgated thereunder relating to the business of a motor vehicle dealer, and an indemnity guarantee for any person, firm or operation who may suffer loss because of the dealer’s failure to comply. \u00a0The obligation may be written on either a terminating (with license) or continuing basis. \u00a0Either way, the bond is cumulative in nature, a full penalty being available to the Obligee for each year that the motor vehicle dealer bond<\/strong><\/a> is in effect. \u00a0The surety can cancel the bond at any time by giving thirty (30) days written notice by registered or certified mail to the Secretary of State, State of Maine, Motor Vehicle Division.<\/div>\n
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Maine surety bond leader<\/strong>,\u00a0Surety One, Inc.<\/a>\u00a0offers\u00a0motor vehicle dealer bonds<\/em>\u00a0in all states where they are required. Our special programs allow us to offer surety support regardless of applicant credit condition. Do you need to know the bond requirements for dealers in any state? \u00a0Click here<\/a> for our MVD bond guide. \u00a0We also offer certificate of title bonds<\/em> and lien release bonds<\/em> which are often needed in the course of dealership operations. \u00a0Visit us at\u00a0SuretyOne.com\u00a0call\u00a0(800) 373-2804<\/span>, or email us at\u00a0Underwriting@SuretyOne.com<\/span>\u00a0for a Maine motor vehicle dealer bond<\/strong>\u00a0application or for information on any Maine surety<\/strong> need.<\/div>\n
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An auto dealer must file a Maine motor vehicle dealer bond\u00a0with the Secretary of State unless he or she deals exclusively with equipment and light trailers. \u00a0State statute defines a motor vehicle dealer as a person engaged in the business… Continue Reading →<\/a><\/p>\n","protected":false},"author":1,"featured_media":3074,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[159],"tags":[162,1552,1550,1551,1553,1734,1871,51,2329,1583],"yoast_head":"\nMaine Motor Vehicle Dealer Bond<\/title>\n<meta name=\"description\" content=\"An auto dealer must file a Maine motor vehicle dealer bond with the Secretary of State unless he or she deals exclusively with equipment and light trailers.\" \/>\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\/maine-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=\"Maine Motor Vehicle Dealer Bond\" \/>\n<meta property=\"og:description\" content=\"An auto dealer must file a Maine motor vehicle dealer bond with the Secretary of State unless he or she deals exclusively with equipment and light trailers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/suretyone.com\/blog\/maine-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=\"2013-06-20T03:49:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-06-20T22:21:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/suretyone.com\/blog\/wp-content\/uploads\/auto_dealer_bond-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\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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