Wyoming Motor Vehicle Dealer Bonds
Wyoming Motor Vehicle Dealer Bond Information
A Vehicle Dealer Bond is required by the Wyoming Department of Transportation Motor Vehicle Services for those making application for a license to operate as vehicle dealers in the state. The surety bond must be in the amount of $25,000 and the purpose is to guarantee the bonded principal's return of the issued dealer license, full use and demo license plates and temporary permits issued. The surety bond also protects anyone who may suffer financially as a result of the principal's fraud, fraudulent misrepresentations or violation of any federal or state law, rule or regulation pertaining to business conduct.
What Does a Motor Vehicle Dealer Bond Protect Against?
The surety bond is for Wyoming motor vehicle dealers as defined by W.S. 31-16-101 (a) (xviii) and pursuant to W.S. 31-16-103. The bond is required by the Wyoming Department of Transportation for a license to operate as a vehicle dealer for the purpose of guaranteeing the applicant does not practice any fraud, fraudulent misrepresentations or violate any federal or state law, rules or regulations relating to the conduct of the business. Additionally, the bond ensures that the principal return the dealer license, full use and demo license plates and temporary permits issued.