Motor Vehicle Dealer Bond in Nebraska

What this bond requires in Nebraska

Nebraska Motor Vehicle Industry Regulation Act requires every motor vehicle dealer to maintain a $50,000 surety bond, with a $75,000 bond if the licensee also operates as a wholesaler or auction, under Neb. Rev. Stat. § 60-1419. Licensing is administered by the Nebraska Motor Vehicle Industry Licensing Board (MVILB), independent of the DMV. Dealer licenses expire on December 31 each year and must be renewed; the bond must run to the State of Nebraska for the benefit of injured persons.

Who requires it

The motor vehicle dealer bond is required by the Nebraska Motor Vehicle Industry Licensing Board under Neb. Rev. Stat. § 60-1419 (Motor Vehicle Industry Regulation Act).

How to file in Nebraska

Applicants file a Motor Vehicle Dealer License Application with the Nebraska MVILB, including the $50,000 (or $75,000) surety bond on the Board-approved form, established-place-of-business documentation, zoning verification, certificate of insurance, sales tax permit, and license fees. The Board reviews the application, may conduct an inspection of the place of business, and issues the license on an annual (December 31) renewal cycle.

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FAQ

Common questions

Is a motor vehicle dealer bond required in Nebraska?

Yes. Nebraska requires motor vehicle dealer bonds issued by an admitted surety. The required amount is $50,000 to $75,000.

How much is the bond in Nebraska?

The bond amount is $50,000 to $75,000. Your annual premium is a small percentage of that, based on credit and experience.

Who requires the bond?

The bond is required by the Nebraska Motor Vehicle Industry Licensing Board.

How is the bond filed?

Applicants file a Motor Vehicle Dealer License Application with the Nebraska MVILB, including the $50,000 (or $75,000) surety bond on the Board-approved form, established-place-of-business documentation, zoning verification, certificate of insurance, sales tax permit, and license fees. The Board reviews the application, may conduct an inspection of the place of business, and issues the license on an annual (December 31) renewal 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.