What is a North Dakota Motor Vehicle Dealer Bond?
A Motor Vehicle Dealer Bond is a type of surety bond required in North Dakota for those applying for a Motor Vehicle Dealer's license in the state. The surety bond guarantees faithful compliance with all the statutes of the State of North Dakota, regulating or being applicable to the business as a dealer in motor vehicles. Further, the bond indemnifies any person dealing or transacting business with the bonded principal, ensuring compliance with any of the provisions of Title 39 of the North Dakota Century Code as amended.
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Why is a North Dakota Motor Vehicle Dealer Bond Required?
The North Dakota motor vehicle dealer surety bond protects any third party sustaining injury within the terms of the bond as defined by all relevant statutes of the State of North Dakota and specifically the provisions of Title 39 of the North Dakota Century Code. The terms of this bond shall be continuous and constitute a new obligation in the sum of $25,000 for each annual license period for which the bonded principal is actively licensed. The aggregate liability of the surety company to all persons for any one annual license period shall in no event exceed the sum of $25,000.
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