Motor Vehicle Dealer Bond in Maine

What this bond requires in Maine

Maine requires a $25,000 surety bond for new and used vehicle dealers issued by a Maine-authorized surety, per 29-A MRSA § 953. Dealer licenses are issued by the Secretary of State Bureau of Motor Vehicles and must be renewed annually under 29-A MRSA § 903. The bond runs to the State of Maine for the benefit of any person who suffers loss by reason of the dealer fraud or violation.

Who requires it

The motor vehicle dealer bond is required by the Maine Bureau of Motor Vehicles, Dealer Licensing Section under 29-A MRSA § 903, § 953.

How to file in Maine

Applicants complete the Dealer License Application through the Maine BMV Dealer Licensing Section, submit proof of an established place of business, certificate of insurance, and the $25,000 surety bond on the BMV-approved form. The application package, fees, and supporting documents are filed with BMV Dealer Licensing in Augusta; licenses are issued on an annual cycle.

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FAQ

Common questions

Is a motor vehicle dealer bond required in Maine?

Yes. Maine requires motor vehicle dealer bonds issued by an admitted surety. The required amount is $25,000.

How much is the bond in Maine?

The bond amount is $25,000. Your annual premium is a small percentage of that, based on credit and experience.

Who requires the bond?

The bond is required by the Maine Bureau of Motor Vehicles, Dealer Licensing Section.

How is the bond filed?

Applicants complete the Dealer License Application through the Maine BMV Dealer Licensing Section, submit proof of an established place of business, certificate of insurance, and the $25,000 surety bond on the BMV-approved form. The application package, fees, and supporting documents are filed with BMV Dealer Licensing in Augusta; licenses are issued on an annual cycle.

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.