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Recovery against the bond may be made by a person who obtains a judgment against a dealer assessing damages and attorney’s fees for an act or omission on which the bond is conditioned if the act or omission occurred during the term for which the general distinguishing number will be valid.
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.
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.
Key takeaways about the Texas Motor Vehicle Dealer Bond. Legal Requirement. It’s mandatory for all motor vehicle dealers in Texas to secure this bond before obtaining a dealership license. For more information, visit the Texas Department of Motor Vehicles (TxDMV) Customer Protection.
Avoid the middleman, and Go Direct for your official Texas Motor Vehicle Dealer Bond today. Our helpful bond guide provides straightforward information on bonding steps, costs and the licensing. The process is 100% secure, fast, easy, and all online!
Texas MVD Surety Bond Sample Form - Free download as PDF File (.pdf), Text File (.txt) or read online for free. This is a SAMPLE surety bond form from the State of Texas for auto dealer surety bonds. Your surety broker will provide the actual form.
What is a Texas motor vehicle dealer bond? Texas Transportation Code: Sec. 503.004 requires individuals file a 2-year $50,000 surety bond as part of the dealership license application process. Dealership owners must file a separate Texas motor vehicle dealer bond and business license for each county in which they operate.
