New Virginia auto dealer surety bond requirements effective July 1

Virginia auto dealer surety bond

On May 18, 2012, the Virginia Motor Vehicle Board revised its surety bond regulations. These changes will be put into effect on July 1, 2012. This new legislation impacts surety bond holders in the following ways.

  • Recovery against the dealer’s surety bond is allowed to include attorney fees.
  • The maximum claim that can be paid to a single claimant increases from $20,000 to $25,000.
  • The maximum award amount will automatically adjust future maximum claim amounts to keep pace with inflation beginning on January 1, 2013 and occurring on January 1 of each year thereafter.

Click here to view a summary of Virginia Code § 46.2-618 (B) and the new legislation in its entirety.

If you’re in need of a Virginia auto dealer surety bond, contact by phone at 1 (800) 308-4358 or online.

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