A New Hampshire Motor Vehicle Department (MVD) bond is a type of surety bond required by the state of New Hampshire to protect any person or business conducting business involving motor vehicle transactions. The bond ensures that the bonded party will comply with all applicable laws and regulations relating to motor vehicle transactions, and if they fail to do so, the bond will provide financial protection for any damages, losses, or claims resulting from the bonded party's breach of their obligations. The bond is a guarantee of safety and security for consumers and the state. The bond amount for the New Hampshire MVD bond is set at $10,000. To obtain a New Hampshire MVD bond, an individual or business must provide a surety company with a completed application, a copy of the business license, a copy of the application for registration, and the applicable fees. Once approved, the bond must be kept in effect for the entire time the license is valid.
What is an New Hampshire Car Dealer Bond?
New Hampshire Car Dealer Bonds are required by the Director of the DMV to obtain your Dealer license. The MVD Bond amount for the sale of New and used vehicles is set at $25,000. The Auto 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.
The State requires a Car Dealer bond for each license you hold:
$25,000 surety bond for New and Used Motor Vehicle Dealers, Public Consignment Auction Dealers
Different parts of a bond:
There are 3 parts to a MVD surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the MVD 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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New Hampshire MVD Bond Requirements and Information:
A Retail Dealer License is for any person engaged in the motor vehicle business who sells five (5) or more motor vehicles at retail to the general public in a 12 month period, with an established place of business within this state.