Maine establishes surety bond requirement for registration agents

registration agents

On April 2, 2014, the Maine Bureau of Motor Vehicles adopted regulations that outline the licensing requirements for non-governmental registration agents. A registration agent in the state is authorized to do the following:

  • collect registrations, titles and related taxes and fees
  • issue registration credentials
  • transmit registration data to the Bureau of Motor Vehicles
  • process motor vehicle registrations and annual and long-term trailer registrations
  • have plate and validation inventory and issue motor vehicle credentials

The licensing requirements include the submission of an application (provided by the Bureau) and the reception of written authorization to operate following application approval. The full Non-Governmental Registration Agent requirements can be downloaded here.

The new regulations adopted into law also require approved agents to post a surety bond in the the amount of $25,000. This bond is payable to the Bureau and must be filed within 10 days of receipt of written authorization. The surety bond may be called on by the Bureau if “the registration agent is in breach of the terms and conditions of authorization, or refuses or fails to pay registration-related taxes and fees.” A registration agent must maintain the bond for the entire period for which they are authorized to act as a registered agent. In the event of cancellation, in which the Bureau must be notified in advance of at least 30 days, the bond must be replaced with no lapse of coverage.

The experts at SuretyBonds.com are familiar with this new surety bond requirement in Maine and are ready to assist you with all of your bonding needs. If you have questions or are ready to purchase your bond, give us a call at 1 (800) 308-4358 or submit an online bond request. Our expert surety specialists will you walk you through each step of our fast, easy and accurate bonding process.

 

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