This new legislation requires new recreational vehicle dealers to be both licensed and post a surety bond. Dealers are recreational vehicles are required to post a $50,000 bond, and must have an additional $25,000 surety bond for each of the dealership’s branch licenses.
The Arkansas Recreational Vehicle Dealer Bond is required to indemnify any person damaged by a bonded dealer, which may result from some sort of violation of their dealer license with the state.
Furthermore, the bill states that the aggregate liability of the respective surety company for all claimants will not exceed the penal sum of the bond itself.
Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.
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Lance Surety Bond Associates, Inc. is a surety bond agency based out of southeastern Pennsylvania that is able to write all surety bond types in all 50 states. We are dedicated to servicing all of our customers' surety bonding needs throughout the country and guarantee competitive rates, timely responses, and unparalleled customer service.