Surety Bond - Used Motor Vehicle Dealer, Wholesaler, or Auto Auction - Arkansas

Surety Bond - Used Motor Vehicle Dealer, Wholesaler, or Auto Auction is a legal document that was released by the Arkansas State Police - a government authority operating within Arkansas.

FAQ

Q: What is a surety bond?
A: A surety bond is a form of insurance that guarantees the performance of a person or business.

Q: Who needs a surety bond for a used motor vehicle dealer, wholesaler, or auto auction in Arkansas?
A: Anyone who wants to operate as a used motor vehicle dealer, wholesaler, or auto auction in Arkansas needs a surety bond.

Q: Why do I need a surety bond?
A: A surety bond is required by the Arkansas State Police to ensure compliance with state laws and protect consumers.

Q: How much is the surety bond amount for a used motor vehicle dealer, wholesaler, or auto auction in Arkansas?
A: The required bond amount for a used motor vehicle dealer, wholesaler, or auto auction in Arkansas is $25,000.

Q: How do I get a surety bond?
A: You can obtain a surety bond through an insurance company or a licensed surety bond provider.

Q: What happens if I don't get a surety bond?
A: Failure to obtain a required surety bond may result in the denial or revocation of your license to operate as a used motor vehicle dealer, wholesaler, or auto auction in Arkansas.

Q: Can I cancel my surety bond?
A: Yes, you can typically cancel your surety bond by providing written notice to the surety bond provider.

Q: How much does a surety bond cost?
A: The cost of a surety bond varies depending on factors such as your credit score and the bond amount required.

Q: How long does a surety bond last?
A: A surety bond is typically valid for one year.

Q: What happens if a claim is filed against my surety bond?
A: If a valid claim is filed against your surety bond, the surety bond provider may be required to pay out the claim up to the bond amount, and you may be responsible for reimbursing the surety bond provider.