Form VD-114 Motor Vehicle Dealer Bond - Vermont

What Is Form VD-114?

This is a legal form that was released by the Vermont Department of Motor Vehicles - a government authority operating within Vermont. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form VD-114?
A: Form VD-114 is a Motor Vehicle Dealer Bond form used in Vermont.

Q: What is a Motor Vehicle Dealer Bond?
A: A Motor Vehicle Dealer Bond is a type of surety bond that dealerships are required to obtain to protect customers and the state.

Q: Who needs to file Form VD-114?
A: Motor vehicle dealers in Vermont who are applying for a license need to file Form VD-114.

Q: Why is a Motor Vehicle Dealer Bond required?
A: The bond is required to ensure that the dealership operates ethically and complies with state laws in their business transactions.

Q: How much is the bond amount?
A: The bond amount for a Motor Vehicle Dealer Bond in Vermont is $20,000.

Q: How long is the bond valid?
A: The Motor Vehicle Dealer Bond is valid for one year from the effective date.

Q: Are there any exemptions from bonding?
A: Yes, certain dealerships may qualify for exemptions from the bonding requirement. Contact the Vermont Department of Motor Vehicles for more information.

Q: What happens if a claim is made on the bond?
A: If a valid claim is made on the bond, the surety company may pay out compensation to the claimant, up to the bond amount. The dealership is then responsible for reimbursing the surety company.

Q: What are the consequences of not having a bond?
A: Operating without a Motor Vehicle Dealer Bond in Vermont is a violation of state law and can result in fines, license suspension, or revocation.