Rhode Island Motor Vehicle Dealer Bonds
Rhode Island Motor Vehicle Dealer Bond Information
A Motor Vehicle Dealer Bond is a type of surety bond required by the Rhode Island Dealers' License and Regulations Office. The bond is for those licensed to conduct the business of a motor vehicle dealer pursuant to the provisions of Chapter 1499 Public Laws 1956, as amended. The Regulations Office may assign to purchasers/sellers of motor vehicles from the principal any and all right arising out of this obligation.
What Does a Motor Vehicle Dealer Bond Protect Against?
The motor vehicle dealer surety bond guarantees prompt payment of all costs and damages incurred or caused by any violation of the provisions of Rhode Island state law or any regulation of the Rhode Island Dealers' License and Regulations Office.