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Motor Vehicle Dealer Continual Bond
This document outlines the requirements for a Motor Vehicle Dealer Continual Bond in the state of Vermont. The bond is mandatory for new and used car dealers, with the amount based on sales from the previous year or two years. Dealers not registered the year prior to application must provide a $35,000 bond. The bond ensures indemnity for any loss sustained by the State of Vermont or any person dealing with the principal due to non-compliance with state statutes or failure to remit fees. The bond covers breaches during the registration period and must be claimed within a year after dealer license ceases or bond termination.
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