Montana Motor Vehicle Dealer Bonds
Montana Motor Vehicle Dealer Bond Information
A Motor Vehicle Dealer bond is a type of surety bond required in Montana to legally operate as a dealer of new or used vehicles, motorcycles, quadricycles, motorboats, personal watercraft, manufactured dwellings, snowmobiles, and off-highway vehicles. The bond is mandated as provided by the Montana Code Annotated § 61-4-101(8) of retail dealers, auto brokers, wholesalers and auto auctions. The purpose of the surety bond is to guarantee faithful business conduct in accordance with the requirements of the laws of Montana.
How Much Does a Motor Vehicle Dealer Bond Cost in Montana?
Most Common Bonds
What Does a Motor Vehicle Dealer Bond Protect Against?
Pursuant to Montana Code Annotated § 61-4-126(1), any individual or legal entity suffering loss or damage due to the bonded principal's unlawful conduct may obtain a judgment from a court of competent jurisdiction to request collection on this bond. In order to be deemed valid, any judgment must include a specific loss or damage amount and properly conclude that the bonded principal's unlawful operation caused the loss or damage. The total aggregate liability of the Surety to any and all persons, regardless of the number of claims made against this bond or the number of years this bond remains in force including all renewals, will in no event exceed the amount.