Motor Vehicle Dealer Bond in New Hampshire

What this bond requires in New Hampshire

New Hampshire requires a $25,000 surety bond for every motor vehicle dealer under RSA 261:104, conditioned on compliance with title XXI motor vehicle laws and payment of all fees, taxes, and judgments. Dealer licensing is handled by the NH DMV Title Bureau / Dealer Licensing within the Department of Safety. Bonds must run to the State of New Hampshire and be from a surety authorized to do business in the state; licenses are issued on an annual basis.

Who requires it

The motor vehicle dealer bond is required by the New Hampshire Department of Safety, Division of Motor Vehicles under NH RSA 261:104.

How to file in New Hampshire

Applicants file the Application for Motor Vehicle Dealer Registration with the NH DMV, accompanied by the $25,000 surety bond on the DMV-approved form, proof of an established place of business, town/municipal zoning approval, certificate of insurance, and applicable fees. DMV reviews documentation and may inspect the premises before issuing the dealer registration, which is renewed annually.

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FAQ

Common questions

Is a motor vehicle dealer bond required in New Hampshire?

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

How much is the bond in New Hampshire?

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 New Hampshire Department of Safety, Division of Motor Vehicles.

How is the bond filed?

Applicants file the Application for Motor Vehicle Dealer Registration with the NH DMV, accompanied by the $25,000 surety bond on the DMV-approved form, proof of an established place of business, town/municipal zoning approval, certificate of insurance, and applicable fees. DMV reviews documentation and may inspect the premises before issuing the dealer registration, which is renewed annually.

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.