New York Motor Vehicle Dealer Bonds are required by the New York Department of Motor Vehicles. The state requires that Form VS-3 Dealer Bond be used.
On Sept. 29, Governor Andrew Cuomo signed into law a piece of legislation that will increase the surety bond amounts required for used-vehicle dealers to become licensed. The new requirement will take effect on March 28, 2017. Old vs. New updated requirements listed below:
Dealers bonded under current law will be required to comply with the new surety bond requirements with renewa( replacement, alteration or extension of their bond. The state;s Department of Motor Vehicles has not determined if a new surety bond form will be issued.
Additional information about this dealer bond requirement is as follows:
Obligee – New York Department of Motor Vehicles
Bond Amount – Starts at $10,000 (Starts at $20,000 effective 3-28-17)
Renewal Document – None, however bonds issued before 3-28-17 will be readjusted at renewal time.
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