California Yacht Broker Bonds
California Yacht Broker Bond Information
A Yacht or Boat Broker Dealer Bond is required for those making application to the Division of Boating and Waterways of the State of California for a license to act as Yacht and Ship Broker. The surety bond is mandated by the California Yacht and Ship Brokers Act and the penal sum of the bond must be $15,000. The bond obligation ensures that the broker is accountable for financial transactions and complies with laws and regulation of the state. It protects those who may be damaged monetarily as a result of fraudulent or deceitful acts or grossly negligent representations by the licensed broker.