Motor Vehicle Dealer Bond in Wyoming

What this bond requires in Wyoming

Wyoming requires a $25,000 surety bond from a corporate surety licensed in the state, filed annually with the dealer license application under W.S. 31-16-103. The bond must be on the WYDOT-prescribed form (MV-424), approved as to form by the Attorney General, and conditioned that the applicant will not commit fraud or violate motor vehicle laws. The license and bond must align in effective and expiration dates. Dealer licensing applies to anyone selling 3+ vehicles in 12 months.

Who requires it

The motor vehicle dealer bond is required by the Wyoming Department of Transportation (WYDOT), Motor Vehicle Services - Vehicle Dealer Licensing under W.S. § 31-16-103 (Licenses; applications; issuance, suspension and revocation).

How to file in Wyoming

Applicants submit the WYDOT vehicle dealer license application (form MV-424) along with the $25,000 surety bond on the department-prescribed form executed by a corporate surety licensed in Wyoming. New applicants should wait for WYDOT approval notification before executing the bond. The bond is renewed annually with the license, with matching effective and expiration dates.

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FAQ

Common questions

Is a motor vehicle dealer bond required in Wyoming?

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

How much is the bond in Wyoming?

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 Wyoming Department of Transportation (WYDOT), Motor Vehicle Services - Vehicle Dealer Licensing.

How is the bond filed?

Applicants submit the WYDOT vehicle dealer license application (form MV-424) along with the $25,000 surety bond on the department-prescribed form executed by a corporate surety licensed in Wyoming. New applicants should wait for WYDOT approval notification before executing the bond. The bond is renewed annually with the license, with matching effective and expiration dates.

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.