Motor Vehicle Dealer Bond in Georgia

What this bond requires in Georgia

The $35,000 surety bond is required under O.C.G.A. § 43-47-8(g) and runs in alignment with the biennial license, expiring September 30 of even-numbered years. The bond must be filed with the division director, approved as to form and surety solvency, and the licensee must give the Board 30 days written certified-mail notice before any cancellation. New/franchise motor vehicle dealers are regulated separately under O.C.G.A. Title 40 Chapter 2 and are not licensed by this Board.

Who requires it

The motor vehicle dealer bond is required by the Georgia State Board for the Registration of Used Motor Vehicle Dealers and Used Motor Vehicle Parts Dealers (Georgia Secretary of State, Professional Licensing Boards Division) under O.C.G.A. § 43-47-8(g) et seq.; Ga. Comp. R. & Regs. r. 681 / 120-2-50-.09.

How to file in Georgia

Applicants submit the Used Motor Vehicle Dealer application through the Georgia Secretary of State GOALS online portal (paper applications are no longer accepted). The $35,000 surety bond, executed by a surety authorized in Georgia and accompanied by a power of attorney, must be filed with and approved by the Used Motor Vehicle Dealer Division director immediately upon licensure; the bond must expire September 30 of the next even-numbered year. Renewal is completed online by September 30 of even years, and licensees must complete 6 hours of continuing education to renew.

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FAQ

Common questions

Is a motor vehicle dealer bond required in Georgia?

Yes. Georgia requires motor vehicle dealer bonds issued by an admitted surety. The required amount is $35,000.

How much is the bond in Georgia?

The bond amount is $35,000. Your annual premium is a small percentage of that, based on credit and experience.

Who requires the bond?

The bond is required by the Georgia State Board for the Registration of Used Motor Vehicle Dealers and Used Motor Vehicle Parts Dealers (Georgia Secretary of State, Professional Licensing Boards Division).

How is the bond filed?

Applicants submit the Used Motor Vehicle Dealer application through the Georgia Secretary of State GOALS online portal (paper applications are no longer accepted). The $35,000 surety bond, executed by a surety authorized in Georgia and accompanied by a power of attorney, must be filed with and approved by the Used Motor Vehicle Dealer Division director immediately upon licensure; the bond must expire September 30 of the next even-numbered year. Renewal is completed online by September 30 of even years, and licensees must complete 6 hours of continuing education to renew.

What does the bond cover?

Surety bonds protect the obligee, not the principal. If you fail to meet the obligation the bond guarantees, the surety pays the claim and recovers from you.

Is a surety bond the same as insurance?

No. Insurance protects you. A surety bond protects whoever required the bond. You repay the surety for any claim they pay.