An Oregon MVD Bond is a type of surety bond required by the Oregon Department of Motor Vehicles (DMV). This bond guarantees that a car dealer will comply with all applicable state laws, regulations, and requirements. The bond amount varies depending on the type of dealership, the number of vehicles sold, and the length of time the dealership has been in business. The bond must be obtained from an authorized surety company, and must remain in full force and effect in order for the dealership to remain in good standing with the DMV. Failure to comply with the regulations can result in the revocation of the dealership’s license, or other penalties. The bond serves as a guarantee that the dealership will adhere to all applicable laws and regulations, and will protect consumers from any potential losses incurred as a result of the dealership’s failure to do so.
What is an Oregon Car Dealer Bond?
Oregon Car Dealer Bonds are required by Oregon's DOT to obtain your Dealer license. The MVD Bond amount for the sale of New and used vehicles is set at $50,000. 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:
$50,000 surety bond for New and Used Motor Vehicle Dealers, Public Consignment Auction Dealers
$10,000 surety bond for dismantlers
$2,000 surety bond for motorcycles and ATV's
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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Oregon MVD Bond Requirements and Information:
SUBMIT THESE ITEMS TOGETHER: 1. YOUR COMPLETED APPLICATION
(Be sure you provide copies of ALL owners, partners, LLC members or corporate
officers official photo ID's) 2. PLATE BILLING LIST (Renewal
applications only) 3. SURETY BOND (Be sure you sign
it!) 4. LIABILITY INSURANCE CERTIFICATE 5.
EDUCATION CERTIFICATE from a DMV approved provider or a CERTIFICATION OF
EXEMPTION (Form 735-370C) 6. FEES (Fees are itemized on
the front of the application: use the plate billing list to renew