Idaho Motor Vehicle Dealer Bond
What is an Idaho Motor Vehicle Dealer Bond?
A Vehicle or Vessel Dealer Bond is a type Motor Vehicle Dealer Surety Bond required in Idaho to satisfy the demand for security under the Dealer and Salesman Licensing Act, Chapter 16 Title 49 Idaho Code. The surety bond amount, or coverage required, is $40,000 bond for all wholesale-only dealers, $20,000 bond for all retail dealers, and $10,000 for all retail dealers selling only motorcycles, ATVs, UTVs, or snowmobiles.
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Why is an Idaho Vehicle Dealer Bond Required?
The vehicle or vessel dealer bonds ensure that the bonded principal adheres to the provisions of Chapter 16 Title 49 Idaho Code or rules and regulations promulgated by the Idaho Transportation Department, the provisions of Chapters 2, 4 and 5 Title 49 Idaho Code, Idaho Code 49-1418, Chapter 6 Title 48 Idaho Code, and the federal motor vehicle safety standards or odometer fraud. Furthermore, the surety bond ensures the licensed dealer behave ethically and does not practice fraud, make fraudulent representation.
Vehicle Dealer Bonds And Getting Your Idaho Business License/Registration
Below is a checklist of items required by the Idaho Transportation Department to secure a Motor Vehicle Dealers license;
- Application completed in full, with the notarized signatures of all the owners/officers/directors/members
- Application fees paid to Idaho Transportation Department
- Certification of attendance for pre-licensing 8 hour class and passing test
- Evidence of Corporate, LLC, or LLP status from the Secretary of State's Office and a list of officers and members
- Fictitious or assumed name documentation from the Secretary of State's Office
- Zoning approval
- Original signed Motor Vehicle Dealer Bond as described above
- Sales Tax Number Certificate
- Liability Insurance Certificate
- EIN – Employer Identification Number
- Completed Personal History forms (ITD 3171)
- Verification of phone number listed in a local or online directory