Alaska House Bill 36, which is currently awaiting signature but will go into effect 90 days after it is signed, amends the license application process. Most notably, it increases the required bond amount for auto dealers in the state from $50,000 to $100,000.
How to obtain your $100,000 Alaska motor vehicle dealer bond
The Alaska Division of Motor Vehicles has released an updated application for dealer licenses, which includes steps for obtaining the surety bond.
Although the increased requirement does not go into effect until 90 days after Alaska HB 36 is signed, the Division of Motor Vehicles is recommending that all active motor vehicle dealers in Alaska submit their new bond for $100,000, along with their proof of insurance, by September 1, 2021, to avoid dealer license cancellation.
The Alaska Division of Motor Vehicles notes that motor vehicle dealers who do not have a bond on file with the DMV for $100,000 will be considered invalid once the law goes into effect.
What should SuretyBonds.com customers expect?
If you are a SuretyBonds.com customer, we will be calling you in the coming weeks with an updated quote that reflects the bond amount increase. Payments can be submitted over the phone or via our secure checkout; a link to our checkout process will be sent in a follow-up email.
The Alaska Department of Motor Vehicles has approved the motor vehicle dealer bond to be digitally delivered. This means that your new bond will be emailed to you. According to the Alaska Division of Motor Vehicles, the new bond must then be submitted to the Anchorage DMV, ATTN: Vehicle Services, 3901 Old Seward Highway, Suite 101.
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