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A Virginia passenger carrier and broker bond is required by the Virginia Department of Motor Vehicles to become licensed as a transportation of passengers broker in the great state of Virginia.
Keep reading to learn more about why you need a Virginia passenger carrier and broker bond, how to become a licensed passenger carrier, how this type of surety bond works, and what affects the cost (hint: it’s time to clean up your credit score).
If your goal is to be licensed as a transportation of passengers broker in Virginia, then you must take out a Virginia passenger carrier and broker bond. To conduct business as either a passenger carrier or passenger broker, you’re required to secure this $25,000 surety bond.
A Virginia passenger carrier and broker bond is legally required for certain license holders as they provide protections for consumers who may suffer a financial loss due to the principal violating the terms of the carrier bond or committing fraud or unlawful behavior.
In order to become licensed as a transportation of passengers broker or as a passenger carrier, you need to meet the licensing requirements for the license of your choice. For both licenses you’ll need to secure a $25,000 Virginia passenger carrier and broker bond, which is a type of surety bond.
If you want to become licensed as a transportation of passengers broker in the state of Virginia, you need to meet the following requirements:
If your goal is to become licensed as a passenger carrier, then you have to complete the following requirements in the state of Virginia:
The Commonwealth Of Virginia requires Virginia passenger carriers and transportation of passenger brokers to comply with all state, city, county, and federal government licensing requirements.
While there are many different types of surety bonds that serve a variety of purposes, a Virginia passenger carrier and broker bond is required to operate as a passenger carrier or transportation of passenger brokers. Because each government entity has their own passenger carrier and passenger broker bond form, you will need to obtain a different passenger carrier and broker bond for each state you will be transacting business in.
A Virginia passenger carrier and broker bond requires the bond holder to observe and comply with all legal requirements associated with their license. Once you take out a passenger carrier and broker bond in Virginia it will remain in full force until you cancel it. This bond won’t automatically expire when your (the principal’s) license does. Instead, it will remain continuous for three years from the effective date listed on the bond.
There are three parties involved in the issuing of a Virginia passenger carrier and broker bond.
The surety has the option to cancel a Virginia passenger carrier and broker bond at any time, but they do have to provide written notice of the cancellation to the Commissioner of the Department of Motor Vehicles, which will become effective 60 days after the commissioner receives the cancellation notice.
If you need to obtain a Virginia passenger carrier and broker bond, how much you’ll spend on a $25,000 Virginia passenger carrier and broker bond depends on what your personal credit score is.
Want to learn more about the rates you’ll qualify for?
Get a free online quote by just completing a simple app or by calling 888-518-8011. Our experts will walk you through a very simple application process.
You can always learn more about surety bonds here