Motor Vehicle Dealer Bond in Missouri

What this bond requires in Missouri

RSMo 301.560 requires every new motor vehicle franchise dealer, used motor vehicle dealer, powersport dealer, wholesale motor vehicle dealer, trailer dealer, and boat dealer to furnish a corporate surety bond or irrevocable letter of credit in the penal sum of $50,000 on a form approved by the Department of Revenue. A dealer who instead files a $100,000 bond or ILC is authorized to purchase or accept motor vehicles subject to existing liens. The bond must accompany Form 4682.

Who requires it

The motor vehicle dealer bond is required by the Missouri Department of Revenue, Motor Vehicle Bureau under RSMo 301.560.

How to file in Missouri

Applicants submit Form 4682 with the Missouri Department of Revenue Motor Vehicle Bureau along with the surety bond (or irrevocable letter of credit). The bond runs to the State of Missouri, must be issued by a corporate surety authorized in Missouri, and must remain continuously in force as a condition of licensure. Missouri dealer licenses are issued for a two-year term and the bond must be maintained throughout.

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FAQ

Common questions

Is a motor vehicle dealer bond required in Missouri?

Yes. Missouri requires motor vehicle dealer bonds issued by an admitted surety. The required amount is $50,000 to $100,000.

How much is the bond in Missouri?

The bond amount is $50,000 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 Missouri Department of Revenue, Motor Vehicle Bureau.

How is the bond filed?

Applicants submit Form 4682 with the Missouri Department of Revenue Motor Vehicle Bureau along with the surety bond (or irrevocable letter of credit). The bond runs to the State of Missouri, must be issued by a corporate surety authorized in Missouri, and must remain continuously in force as a condition of licensure. Missouri dealer licenses are issued for a two-year term and the bond must be maintained throughout.

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.