Motor Vehicle Dealer Bond in Mississippi

What this bond requires in Mississippi

Mississippi splits dealer regulation between two agencies. The Mississippi Motor Vehicle Commission (MMVC) licenses new motor vehicle dealers and requires a $25,000 corporate surety bond per licensed location under Miss. Code § 63-17-75, with a $100,000 multi-location option in lieu of separate bonds. Used and wholesale dealers are licensed by the Mississippi Department of Revenue Motor Vehicle Services Bureau and must post a $15,000 Designated Agent Bond. The bond is conditioned on compliance with the MMVC Law and aggregate surety liability cannot exceed the penal sum regardless of how many years the bond is in force.

Who requires it

The motor vehicle dealer bond is required by the Mississippi Motor Vehicle Commission (new motor vehicle dealers); Mississippi Department of Revenue, Motor Vehicle Services Bureau (used and wholesale dealers) under Miss. Code Ann. § 63-17-75 (new dealer bond); Miss. Code Ann. § 63-17-55 (definitions); Mississippi Motor Vehicle Commission Law (Title 63, Chapter 17).

How to file in Mississippi

New motor vehicle dealers submit the MMVC bond form (the commission-approved $25,000 or $100,000 corporate surety bond), license application, franchise documentation, and fees to the Mississippi Motor Vehicle Commission. Used and wholesale dealers submit the Designated Agent Bond and license application to the MS Department of Revenue, Motor Vehicle Services Bureau, P.O. Box 1140, Jackson, MS 39215.

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FAQ

Common questions

Is a motor vehicle dealer bond required in Mississippi?

Yes. Mississippi requires motor vehicle dealer bonds issued by an admitted surety. The required amount is $15,000 to $100,000.

How much is the bond in Mississippi?

The bond amount is $15,000 to $100,000. Your annual premium is a small percentage of that, based on credit and experience.

Who requires the bond?

The bond is required by the Mississippi Motor Vehicle Commission (new motor vehicle dealers); Mississippi Department of Revenue, Motor Vehicle Services Bureau (used and wholesale dealers).

How is the bond filed?

New motor vehicle dealers submit the MMVC bond form (the commission-approved $25,000 or $100,000 corporate surety bond), license application, franchise documentation, and fees to the Mississippi Motor Vehicle Commission. Used and wholesale dealers submit the Designated Agent Bond and license application to the MS Department of Revenue, Motor Vehicle Services Bureau, P.O. Box 1140, Jackson, MS 39215.

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.