SuretyBonds.Co

Motorcycle Wholesale dealers Bond in South Carolina

Motor Vehicle Dealer and Wholesaler Bond
Auto Dealer Bonds
Price: $200
Motorcycle Wholesale dealers Bond in South Carolina
The process of applying for a Motorcycle Wholesale dealers Bond in South Carolina Surety Bond is a quick and straightforward process, typically taking only about five minutes from start to finish.


To purchase your Motorcycle Wholesale dealers Bond in South Carolina simply click on the "Buy Now" button. You will then be guided through a brief set of questions. After which you'll pay online and sign using DocuSign. Your new surety bond will be signed and sealed as a full-color PDF document for printing.

Securing a Motorcycle Wholesale dealers Bond in South Carolina surety bond is a commitment by principals to adhere to the stipulations of contractual and legal obligations.

Note: If the bond requires underwriting, it may take up to 24 hours.

Motor Vehicle Dealer and Wh...

The State of South Carolina
Motor Vehicle Dealer and Wholesaler Bond

Surety Bond Details

State: South Carolina
Category: Motor Vehicle Dealer ...
Class: Auto Dealer Bonds
Obligee: Department of Motor V...
Amount: $15,000
Duration: Stated on Bond
Expiration: Stated on Bond

Cost: $200

The State of South Carolina
Motor Vehicle Dealer and Wholesaler Bond
State:
South Carolina
Category:
Auto Dealer Bonds
Obligee:
Department of Motor Vehicles
Amount:
$15,000
Duration:
Stated on Bond
Expiration:
Stated on Bond
 
SORPid: B-526

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Motorcycle Wholesale dealers Bond in South Carolina Details

Motor Vehicle Dealer and Wholesaler Bond (SCDMV Form DLA-1B) ensures that all wholesalers, motorcycles, travel trailers, and wholesale auction dealers must furnish a surety bond in the amount of ($15,000) by South Carolina law.  This bond provides security or protection against loss or damage due to fraud or fraudulent representation about a sale or transfer of a motor vehicle by a licensed dealer, wholesaler, or employee.

Understanding Motorcycle Bonds

South Carolina Motorcycle Dealer Bond

Motorcycle dealers in South Carolina must obtain a bond from an authorized surety company as mandated by the SCDMV. This security measure protects consumers and ensures that all applicable state laws are followed, assuring trustworthiness with each purchase.

The motorcycle dealer is obligated to provide $15,000 for their Foothills Motorsports Bond; this solidifies confidence in the buying process being both transparent and fair.

These bonds give customers peace of mind knowing they’re protected should any deceptive or fraudulent activities occur during business operations within South Carolina’s borders.

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Important Update for 2024 from the South Carolina DMV

The General Assembly recently passed, and Governor McMaster signed Senate Bill 549, now Act #51 of 2023, which modernizes the relationship between dealerships and the SCDMV, among other actions.

Act Now to Remain a Licensed South Carolina Dealer

To remain licensed on and after January 1, 2024, you must increase your bond.

Each dealer, besides those holding only a motorcycle dealer license, must increase their bond amount from $30,000 to $50,000 for each licensed dealership. Motorcycle dealers must increase their bond amount from $15,000 to $25,000.

If your bond is not increased by January 1, 2024, your dealer license will expire, and you may not sell vehicles nor motorcycles.

In the future, the SCDMV will also monitor your bond amount electronically via the Automobile Liability Insurance Reporting (ALIR) system. While this system exists, primarily, to ensure personally owned vehicles maintain the State’s minimum insurance coverage to operate on the road, ALIR will now electronically verify bond amounts and statuses, as well. More information on this change will be released in the future.

Beginning January 1, 2024, the validity period for your dealer license will also change from an annual license to a three-year license.

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