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Product:

Texas Mvd

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Description:

A Texas Motor Vehicle Dealer Bond is a $50,000 surety bond required by the Texas Department of Motor Vehicles (TxDMV) for most licensed auto dealers, including new and used vehicle dealers. Its purpose is to protect consumers and the state against losses resulting from a dealer’s failure to comply with applicable laws, such as misrepresentation of a vehicle’s condition, failure to provide a valid title, or other violations of the Texas Transportation Code. The bond guarantees that the dealer will operate ethically, fulfill contractual obligations, and follow state regulations. If a dealer engages in fraudulent or unlawful conduct that causes financial harm, a claim can be made against the bond, and the surety company may compensate the claimant—after which the dealer is responsible for reimbursing the surety.

Obligee: TEXAS DEPARTMENT OF TRANSPORTATION Motor Vehicle Division

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