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Why is an Indiana Motor Vehicle Dealer Bond Required?
The surety bond protects third parties who suffer financial damages as a result of the bonded principal’s noncompliance with any provision of law, ordinance, or resolutions governing issuance of the license by the Indiana Secretary of State. Damages may include nonpayment of fines, penalties, costs and fees due to the State or other damages sustained by aggrieved individuals.
In a situation where the bonded customer (principal) fails to comply with surety bonding terms and requirements, the surety company is financially obligated to cover damages up to the bond amount or penal sum of the bond. As with all surety bonds, the principal agrees to indemnify the surety for any such losses paid to third parties.
The bond may be canceled by the surety company at any time by providing 30 days advance written notice to the Secretary of State.