What Is a Commercial Requester Account Bond?
If your business needs access to information handled by the California Department of Motor Vehicles (DMV) to conduct its activities, you need to obtain a commercial requester account with the state authority. To establish your account, you have to post a commercial requester account bond.
This type of license bond guarantees that information requesters will follow applicable state regulations. It ensures that you will pay any outstanding fees for accessing information in the California DMV databases.
Just like other California surety bonds, your commercial requester account bond is a three-party contract. Your company that needs access to information is the principal. The California DMV is the obligee. The bond underwriter is the surety.
Questions about Commercial Requester Account Bond
Who needs to obtain a commercial requester account bond?
The commercial requester account bond is required from California businesses who want to access information from the state DMV that they need for their operations. Applicants have to complete the Commercial Requester Account Application, and file a California commercial requester account bond with the official bond form.
The bond acts as protection for the California DMV, that any entity that accesses information from the authority’s databases will cover all due costs incurred. It ensures requesters’ legal compliance.
How much does a commercial requester account bond cost?
Businesses who want to have a California commercial requester account have to post a $50,000 bond. To obtain the bond, you need to pay a bond premium, which is only a few percentages of the bond amount. If your finances are in good shape, this means about 1%-3%, or $500-$1,500.
Your commercial requester account bond cost is determined on the basis of your personal and business finances. Your surety has to consider your credit score, business financials, and other assets. You are likely to pay a lower bond premium if you are assessed as a low-risk applicant with solid finances.
For more information about your bond price formation, make sure to consult our surety bond cost page.
|Bond Type||Surety Bond Amount||Credit Sore|
|Above 700||Between 650-699||Between 600-649||Below 599|
|California commercial requester account bond||$50,000||$250-$625||$375-$750||$1,000-$2,500||$2,500-$5,000|
Can I get bonded with bad credit?
It can be tough to obtain the commercial requester account bond if you have problematic finances. That’s why Lance Surety Bonds runs its Bad Credit Surety Bonds program. It allows businesses with low credit scores, tax liens, bankruptcies, or civil judgements to obtain the bond they need.
The premiums for bad credit applicants are between 5% and 10%. Since the bonding risk is higher, the increased price is there to compensate for it. Still, we guarantee you a top price. We foster close partnerships with numerous A-rated, T-listed surety companies. This means we can find the best matching bonding option for your particular case.
How do I get my commercial requester account bond?
Ready to get your California commercial requester account bond? You can apply online today for a free, no-obligations quote. If you want your exact price, you just have to complete the full application and attach all necessary documents.
Our How to Get Bonded page can give you more details about the bonding process.
Have further questions? Just call us at (877) 514-5146. Lance Surety Bonds’ experts will help you out happily.
How are bond claims handled for commercial requester account bonds?
It’s important to remember that surety bonds are not insurance for your business. Their purpose is to guarantee your legal compliance and protect the state authorities that have issued your account. If you fail to abide by applicable rules, you can get a bond claim.
Proven bond claims are a serious financial threat for your business. You may be liable to pay a reimbursement up to the penal sum of your bond. While your surety covers it at first, you have to compensate it fully afterwards. Thus, bond claims should be avoided as much as possible. They can also prevent you from obtaining the bond you need in the future.