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What Are The Texas Motor Fuel Bond Requirements?
As the bulk facility operator, you're responsible for collecting a feel from the business that orders the withdrawal of a petroleum product.
You are responsible for collecting, reporting, and paying these fees to the state (Comptroller of Public Accounts), usually on a monthly or quarterly basis.
Again, this surety bond requirement holds you accountable for collecting and paying the correct amount.
The minimum bond requirement is $30,000 and the maximum is $600,000.
| Bond Limit | Bond Amount |
|---|---|
| Minimum (initial) amount | $30,000 |
| Maximum amount | $600,000 |
The amount will be determined by the Comptroller of Public Account, based on the fees they expect will become due. The Comptroller may require a bond amount of 2x the highest amount of fees that will accrue during a reporting period.
So if you're a brand new facility, you'll have a $30,000 bond and this amount will fluctuate based on the level of business you do going forward.
Get Your Bond Pricing Today
You can get pricing for your the Texas patroleum bulk facilities bond you need. Click the button below. You need to know the amount of your bond.
Need Help? Call Us Today
Talk to a bond specialist today. They will help you find the surety bond you need and get you the lowest possible price. 1-800-608-9950
Why is a Texas Fuel Tax Bond Required?
Just to reiterate, this surety bond is purchased to by you ensure you collect, account for, and pay the fees for petroleum distributions.
This surety bond is similar to a tax surety bond in that if you - as the bulk facility - have 4 consecutive years of collecting and paying the correct amount of fees, you can request the bond requirement to be released.
It's up to the comptroller to make this determination.
How Much Does a Texas Motor Fuel Bond Cost?
The price you pay will be determined by the following main factors:
- The bond amount required
- The experience from prior years
- The personal credit of the facility owner and/or owners
- The bond history if an owner has been bonded in the past
A surety is the insurance company that underwrites fuel based surety bonds. From the factors listed above, they determine a rate and this rate multiplied by your bond amount is the price you'll pay.
This is actually how you can save hundreds and even thousands of dollars when you purchase your bond.
Why Should You Work With Surety Bonds Direct?
We are a specialized surety agency and we exist to help our clients find the lowest price for the surety bonds they need.
When a surety quotes a rate, they use their own internal standards. We don't understand why, but rates come back from different sureties 1% to even more than 3% difference.
This results in huge cost savings for you.
We will price shop for to find the lowest price at no cost to you. Even when we find you pricing, you don't have to do business with us.
There is no risk or reason not to get your pricing with us. You'll only gain the information you need with no risk.
Click here to use our online price quote form.
Or you can call a bond specialist - a real human being - at 1-800-608-9950.
Texas Motor Fuel Bond Price Example
Let's use the lowest required bond amount of $30,000. But run the calculations for a higher bond amount and you'll see the savings are significant.
The rates in the table range from really good to average.
| Bond Amount | Premium Rate | Total Cost |
|---|---|---|
| $30,000 | 0.5% | $150 |
| $30,000 | 1.0% | $300 |
| $30,000 | 2% | $600 |
| $30,000 | 3% | $900 |
| $30,000 | 4% | $1,200 |
When you're ready to see what your exact price is, complete our online quote form or call a bond specialist at 1-800-608-9950.
What Happens When You Purchase Your Texas Motor Fuel Bond?
Once you get pricing and you're ready to move forward, you pay with an online checkout form. The process is fast.
It's vital that the business name you use for your bond is the exact name as it's recorded with the Texas Secretary of State. This includes the punctuation and it's important to ensure your bond is accepted by the Comptroller of Public Accounts.
Once you pay for your bond, our issuance team will prepare your bond with the:
- Correct bond form
- Required signatures and seals
- Power of attorney
When your bond is complete, we will email you a copy of your bond. You just need to print this out and send it to the comptroller.
How Long Does a Texas Motor Fuel Bond Last?
The surety bond expires every year on December 31st.
We will manage your bond for you and call and email you 30 days in advance of this expiration.
This is also the time to reassess the bond amount for the next year and make any necessary adjustments.
Once you pay the renewal premium you will need to submit your new bond to the Comptroller.
Get The Information You Need To Get This Bond Requirement Done
Getting this process done starts with getting exact pricing so you know how much you'll need to pay.
So complete our online quote for here.
Or call a bond specialist at 1-800-608-9950 if you prefer to talk to a real human being.
Get Your Bond Pricing Today
You can get pricing for your the Texas patroleum bulk facilities bond you need. Click the button below. You need to know the amount of your bond.
Need Help? Call Us Today
Talk to a bond specialist today. They will help you find the surety bond you need and get you the lowest possible price. 1-800-608-9950
Can't find what you're looking for? Let us help!
Get Started » or, if you'd prefer, call us at
(No obligation, takes 2 minutes)