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WHEREAS, the above-named Principal is applying for a license as a motor vehicle dealer, AND WHEREAS, said Principal is required by law (Tex. Transp. Code §503.033) to submit a properly executed surety bond, conditioned as set forth below, with said application for license,
The purpose of this manual is to provide prospective and current motor vehicle industry licensees as well as other stakeholders with an easy-to-use overview of Texas motor vehicle dealer licensing and operating laws.
What is a Texas Motor Vehicle Dealer Bond? Know the steps in acquiring this surety bond! The Texas Transportation Code requires you to secure a surety bond if you are selling, buying, and exchanging more than five different vehicles per year.
As of September 1st 2021, Texas Transportation Code Chapter 503 states that all independent mobility motor vehicle dealers in possession of a general distinguishing number must obtain a $50,000 Bond. Prior to September 1st 2021, auto dealerships were able to secure one at $25,000.
Address 800 Berin Dr. Ste 310, Houston, TX 77057 Phone (713) 622-1494 A enc Fax recommendation A enc Email ins Texas Motor Vehicle Dealer Bond Application Effective Date City Phone C]Partnership DCorporation Corp State Fax Zip Name (as it is to appear on the bond) Address of Tax Olndividual T pe of Business Date business started
Bond App form TX MVD.doc Important Signature Instructions • If sole owner, applicant must sign as duly authorized representative. Spouse must sign as additional indemnitor below. • If a general partnership, an authorized partner must sign as duly authorized representative.
If you’ve encountered an issue with a car purchase in Texas and suspect a dealer of fraud or misconduct, you have the right to compensation. This guide will walk you through the steps to make a claim against a car dealer bond in Texas. Step 1: Identify the Bond
