What is an Hawaii Car Dealer Bond?
Hawaii Car Dealer Bonds are required by Hawaii's DOCCA to obtain your Dealer license. The Bond amount is set at $50,000. The 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 bond:
The bond is required when The Obligee (DOCCA) 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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Hawaii MVD Bond Requirements and Information:
Bond form and requirements: