Indiana Motor Vehicle Dealer Bonds

Category: Uncategorized
Published: Apr 29, 2011
HB 1376: License Bond – Motor Vehicle Dealers

Motor Vehicle Dealers must post a surety bond in the amount of $25,000 in favor of the State according to HB 1376. The existing law had already required a license for this type of business. This bond must be obtained in order to instill the payment of fines, penalties, costs and fees that the Secretary of State assessed. This bond will secure the payment of damages owed to persons obtaining a judgment against the dealer for violations of the law. This became effective on July 1, 2009.

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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.