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Why is an Illinois Motor Vehicle Dealer Bond Required?
The surety bond ensures that the licensed Illinois vehicle dealer will collect and remit title and registration fees and taxes as defined in the Illinois Vehicle Code. The bond also guarantees the dealer’s compliance with all applicable rules required by the Secretary of State. The surety bond is cancelable by the surety company by providing 30 days advance written notice to the Illinois Vehicle Services Department.
Motor Vehicle Dealer Bonds And Getting Your Illinois Business License/Registration
The following is an overview of key auto dealer licensing requirements in Illinois.
- A completed application and owner certifications
- Surety Bond
- Liability Insurance
- Copy of Certification from Pre-licensing Education Program
- License Fees as required
- Additional items may be needed and exact requirements may vary based on applicant, license type or obligee discretion. Please see obligee and state links in the Other Helpful Information and Links section below or contact the obligee directly for more information.
Additional Illinois Motor Vehicle Dealer Bond Resources & Links
Designated Agent Bond for Illinois Vehicle Dealers
Secretary of State Dealer License Application
Illinois General Assembly Compiled Statutes – Illinois Vehicle Code