Alaska Dealer Bond

Alaska Dealer Bond


Alaska Dealer Bond


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What is an Alaska Dealer Bond? 

Alaska Dealer Bonds are required by The Department of Revenue to obtain your Dealer license. The Bond amount is set at $50,000 for New and Used Vehicles and $25,000 for Motorcycle dealers. The Dealer bond ensures that the principal shall comply with the conditions of any contract made by such licensee in connection with the sale or exchange of any motor vehicle and shall not violate any of the provisions of law relating to the conduct of the business for which it is licensed.


Different parts of a Dealer Bond:

 The Dealer bond is required when The Obligee (Department of Revenue) is the entity requiring you to get the bond.  There are 3 parts to a surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.

 

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Alaska Dealer Bond Requirements and Information:


To register as a dealership or as a buyer's agent in the State of Alaska, you must submit the following to us: An original, notarized surety bond of $50,000. Please Note: The surety bond must be in force at all times while you are doing business in Alaska. Please Note: It is only $25,000 for a dealer who sells only motorcycles. Please Note: Boat dealers are not required to be bonded. An Application for Registration as a dealer in Motor Vehicles or buyer's agent. Please Note: The signature of the person signing the application must be notarized. There is also a $50.00 registration fee.

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