Maine now provides two different bonding options to motor vehicle dealers looking to get licensed in the state. The new bond form, which was revised this month, explains the two options as follows.
- This bond shall run concurrently with the period of the motor vehicle dealer’s license granted to the Principal and shall terminate at 11:59 p. m. on the last day of the period of such license. If a continuation certificate is provided reflecting an expiration date, said bond will be valid up to that date. It will be continued in full force only if another continuation certificate is executed by the Surety and received by the Secretary of State, State of Maine.
- The surety bond shall be concurrent with the period of the license granted to the Principal, and shall remain in full force and effect for any renewal thereof, and shall remain in full force until cancelled and provide the total liability of the surety herein. The total amount of the surety shall apply to each license year. This bond will be continuous bond and remain in effect until cancelled.
The bond requires that auto dealers in Maine adhere to the provisions of Title 29‐A M. R. S. A., as well as other rules that regulate dealerships.
For more information on purchasing a motor vehicle dealer surety bond in Maine, you can contact a surety specialist online or by phone at 1 (800) 308-4358.
Auto dealers will submit their original Maine surety bond form to:
Bureau of Motor Vehicles
Thomas Arnold, Deputy Secretary of State
29 State House Station
Augusta, ME 04333
Businesses and individuals must be legally licensed and bonded as an auto dealer in Maine if they
- sell more than five vehicles in a 12-month period
- display three or more vehicles for sale within a 30-day period OR
- buy vehicles in order to resell them