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up to $25,000
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1-Year Bond Starts at $100.00
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Bonds over $25,000
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Why is a Maryland Boat Dealer Bond Required?
The surety bond ensures that the principal conducts its boat dealer business in compliance with the Maryland State Code, Natural Resources Article and the regulations of the Department of Natural Resources. This bond is issued for the use and benefit of the obligee as provided in Maryland State Code, NR §8-710.1, and anyone who suffers or sustains a loss resulting from the bonded principal's violation of the Code NR §§8-710 et seq.
Boat Dealer Bonds And Getting Your Maryland Business License/Registration
Natural Resources Article, §8-710, Annotated Code of Maryland requires a Maryland boat dealer’s license for those engaged in the business of buying, selling, or exchanging vessels in Maryland. COMAR 08.04.01.01(B)(7) defines “dealer” as any person who is in the business of buying, selling, or exchanging new and/or used vessels, either outright or on conditional sale, bailment, lease, chattel mortgage, or otherwise, and has an established place of business for sale, trade, and display of vessels. The statute further clarifies “dealer” to include a yacht broker, an auctioneer, and a business commonly known as a lien and recovery company.
A Maryland boat dealer's application (DNR Form B-141) must be filed with the DNR Service Center serving the county in which the business will be located. Applications in the name of a corporation must be signed by three officers. Evidence of a closed corporation is required when there are less than three officers. A manufacturer or importer must provide a U.S. Coast Guard Manufacturer’s Identification Code (MIC) prior to license issuance.
Additional Maryland Boat Dealer Bond Resources & Links
Boat Dealer License Applicant’s Guide
Once a boat dealer application has been approved, a surety bond must be provided prior to a license will be issued. A $20,000 surety bond is required for the first license year. Surety bond amounts in subsequent years are determined by a review of sales for the twelve months prior to issuance of the license renewal application, based on the following schedule: Bond Sales $5,000 $500K or less $10,000 > $500K but < $1M $20,000 > $1M but < $3M $50,000 > $3M but < $5M $100,000 > $5M but < $10M $150,000 > $10M but < $15M $200,000 $15M and greater
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