What is a Maine Motor Vehicle Dealer Bond?
A surety bond for motor vehicle dealers is required of those who make application to the Maine Secretary of State, Bureau of Motor Vehicles, for a license authorizing said Principal to engage in the business of a motor vehicle dealer in accordance with Title 29A M.R.S.A., and all the rules promulgated thereunder by the Secretary of State.
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Why is a Maine Motor Vehicle Dealer Bond Required?
The conditions of this Surety Bond obligation are such that if the bonded Principal shall faithfully observe the provisions of Title 29-A M. R. S. A., and all the rules set forth thereunder relating to the business of a motor vehicle dealer. The surety bond shall be for the use and benefit of the Secretary of State, State of Maine, and for any person, firm or operation who may suffer loss because the Principal fails to comply with state laws and Rules.
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