Nebraska Motor Vehicle Dealer Bonds
Nebraska Motor Vehicle Dealer Bond Information
Nebraska auto dealers submitting application to the Nebraska Motor Vehicle Industry Licensing Board for a motor vehicle, trailer, wholesale, or motorcycle dealer license in accordance with Nebraska Revised Statutes 60-1401 must furnish a $50,000 corporate surety bond.
How Much Does a Motor Vehicle Dealer Bond Cost in Nebraska?
What does a Motor Vehicle Dealer Bond Protect Against?
The surety bond ensures lawful business practices and compliance with terms and conditions of the license. The bond protects any person who sustains an injury covered by this bond, upon an action brought against the bond for recovery of any damages sustained, including reasonable attorneys fees to be awarded by a court of competent jurisdiction. Specifically, the bond will fully indemnify any person or other dealer for any loss suffered as a result of the following:
- substitution of any motor vehicle or trailer other than the one selected by the purchaser
- failure to deliver to the purchaser a clear and marketable title
- misappropriation of any funds belonging to the purchaser
- alteration on the part of the licensee so as to deceive the purchaser as to the year model of any motor vehicle or trailer
- false and fraudulent representations or deceitful practices whatever in representing any motor vehicle or trailer
- The aggregate liability under this bond shall not exceed the bond amount during the term for which it is issued. The bond may be canceled by the surety company at any time by providing 60 days advance written notice to the Nebraska Motor Vehicle Industry Licensing Board in Lincoln, Nebraska.
Getting Your Nebraska Business License or Registration
The following is an overview of the key motor vehicle dealer licensing requirements in Nebraska.
- Completed application
- Established office including hours and telephone
- $50,000 corporate surety bond
- Zoning permit
- Photograph of sign
- Service facility of agreement
- Proof of required insurance
- 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.