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Why is a Wisconsin Motor Vehicle Dealer Bond Required?
The corporate surety bond protects those who sustain monetary damages due to the bonded principal’s unlawful business practices or noncompliance with the rules and regulations set out by the Department. Specifically, the bond is given to satisfy the provisions and conditions of Chapter 218 Wisconsin Statutes, and the rules adopted thereunder, including the particular applicable sections of the Wisconsin Statutes, as follows:
- s.218.0114(5)(a) Wis. Stats., in the case of a bond filed by a motor vehicle dealer;
- s.218.0114(5)(c) Wis. Stats., in the case of a bond filed by a motor vehicle wholesaler;
- s.218.0114(20)(b) Wis. Stats., in the case of a motor vehicle dealer when a bond is required by the Department;
- s.218.21(1m) and (4) Wis. Stats., in the case of a bond filed in lieu of a financial statement by a motor vehicle salvage dealer;
- s.218.11(3) Wis. Stats., in the case of a recreational vehicle dealer, when a bond is required by the Department;
- s.218.21(6) Wis. Stats., in the case of a motor vehicle salvage dealer, when a bond is required by the Department;
- s.218.33(1) Wis. Stats., in the case of a bond filed by a motor vehicle auction dealer; or
- s.218.41(2)(c) Wis. Stats., in the case of a moped dealer, when a bond is required by the Department.
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 Wisconsin Department of Transportation.
Additional Wisconsin Motor Vehicle Dealer Bond Resources & Links
Wisconsin Department of Transportation Motor Vehicle Business Licenses