Motor Vehicle Dealer Bond in Nevada

What this bond requires in Nevada

Bond must be a continuous-form surety bond issued by a corporate surety licensed in Nevada and approved as to form by the Attorney General, with aggregate liability capped at the bond amount. Bond runs for the use and benefit of consumers and covers breach of consumer contract, deceptive trade practice, fraud, or violations of NRS Chapters 41, 97, 104, 482, or 598 by the dealer or its salespersons. The surety must appoint the Nevada Commissioner of Insurance as agent for service of process. In lieu of a bond, an applicant may deposit cash or a Nevada savings certificate in the same amount with the Department (NRS 482.346).

Who requires it

The motor vehicle dealer bond is required by the Nevada Department of Motor Vehicles, Motor Carrier Division - Occupational and Business Licensing Section under NRS § 482.345 (see also § 482.346 deposit in lieu of bond; § 482.347 branch coverage).

How to file in Nevada

Apply through the Nevada DMV Occupational and Business Licensing Section using the Business License Application Packet (OBL 335) and submit the executed Vehicle Industry Business License Bond on DMV form OBL-210, together with proof of an established place of business in Nevada and the OBL-273 insurance certificate; alternatively, a like-amount cash deposit or Nevada savings certificate may be filed in lieu of the bond under NRS 482.346. The bond is continuous in form, so no fixed expiration is set by statute, and the dealer must maintain it for the life of the license.

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FAQ

Common questions

Is a motor vehicle dealer bond required in Nevada?

Yes. Nevada requires motor vehicle dealer bonds issued by an admitted surety. The required amount is $10,000 to $100,000.

How much is the bond in Nevada?

The bond amount is $10,000 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 Nevada Department of Motor Vehicles, Motor Carrier Division - Occupational and Business Licensing Section.

How is the bond filed?

Apply through the Nevada DMV Occupational and Business Licensing Section using the Business License Application Packet (OBL 335) and submit the executed Vehicle Industry Business License Bond on DMV form OBL-210, together with proof of an established place of business in Nevada and the OBL-273 insurance certificate; alternatively, a like-amount cash deposit or Nevada savings certificate may be filed in lieu of the bond under NRS 482.346. The bond is continuous in form, so no fixed expiration is set by statute, and the dealer must maintain it for the life of the license.

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.