Motor vehicle dealers in Wisconsin should pay attention to the progress of Assembly Bill 262. This excerpt taken from the full text of the bill signifies the proposed change:
“This bill amends DOT‘s rules to specify that the motor vehicle dealer’s bond or irrevocable letter of credit must be in a minimum amount of $50,000, rather than $25,000.”
The Wisconsin Assembly moved the bill into the Senate in October, where it was subsequently read and assigned to the Committee on Transportation, Public Safety, and Veterans and Military Affairs. The Committee unanimously recommended amendments on January 16, 2014.
At this point in time, the future of the bill remains in uncertain, as it is currently available for scheduling for upcoming legislative sessions. The 100% increase on the required amount for motor vehicle dealer surety bonds would affect the licensing cost of incoming motor vehicle dealers in the state.
For more information about motor vehicle surety bonds and surety bonds in Wisconsin, contact SuretyBonds.com online 24/7 or by phone at 1 (800) 308-4358.
Stay tuned for more updates about this bill here on the Surety Bond Insider.