Texas House Bill 3533, which will go into effect September 1, 2021, states that the Texas Department of Motor Vehicles may not issue or renew a motor vehicle dealer general distinguishing number (GDN) or a wholesale motor vehicle auction general distinguishing number unless the applicant provides to the department, among other materials, a properly executed surety bond in the amount of $50,000 (previously $25,000).
The bill additionally states that a dealer should post notice of the surety bond and the procedure by which a claim may be made against it, much in the same manner as the dealer’s general distinguishing number is posted.
This requirement applies only to applications for the issuance or renewal of a motor vehicle dealer general distinguishing number (or a wholesale motor vehicle auction general distinguishing number) expiring after the September 1, 2021 effective date.
What should SuretyBonds.com customers expect?
Only Texas dealer customers with bonds expiring before September 1, 2021 need to update their bond to the $50,000 amount. SuretyBonds.com’s Customer Care Team will be reaching out to these customers, but they are additionally encouraged to call to update their bond.
As always, we pride ourselves on superior customer care and fast, streamlined service. For any questions, comments, or concerns, please visit our website or give us a call at 1 (800) 308-4358.