How Much Does a Motor Vehicle Dealer Bond Cost in Illinois?
Designated Agent Bond for Vehicle Dealers
$50,000 Bond
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What Does a Motor Vehicle Dealer Bond Protect Against?
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.
Getting Your Illinois Business License or 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.