{"id":19522,"date":"2021-08-18T09:00:00","date_gmt":"2021-08-18T14:00:00","guid":{"rendered":"https:\/\/www.suretybonds.com\/blog\/?p=19522"},"modified":"2022-07-29T11:26:25","modified_gmt":"2022-07-29T16:26:25","slug":"increasing-surety-bond-requirement-for-texas-motor-vehicle-dealers","status":"publish","type":"post","link":"https:\/\/www.suretybonds.com\/blog\/increasing-surety-bond-requirement-for-texas-motor-vehicle-dealers\/","title":{"rendered":"Texas Increases Motor Vehicle Dealer Surety Bond Amount to $50,000"},"content":{"rendered":"\r\n<p>Effective September 1, 2021, <a href=\"https:\/\/capitol.texas.gov\/tlodocs\/87R\/billtext\/html\/HB03533H.htm\">Texas House Bill 3533<\/a>, will increase the <a href=\"https:\/\/www.suretybonds.com\/states\/texas\/motor-vehicle-dealer-bond.html\">surety bond required for motor vehicle dealers<\/a> in the state from $25,000 to $50,000.<\/p>\r\n<p>The bill explains the <a href=\"https:\/\/www.txdmv.gov\/\">Texas Department of Motor Vehicles<\/a> 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\u00a0in the amount of\u00a0<strong>$50,000\u00a0<\/strong>(previously $25,000).<\/p>\r\n\r\n\r\n\r\n<p>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\u2019s general distinguishing number is posted.<\/p>\r\n\r\n\r\n\r\n<p>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) <strong>expiring\u00a0after the September 1, 2021 effective date.<\/strong><\/p>\r\n\r\n\r\n\r\n<h2>What should existing SuretyBonds.com customers expect?<\/h2>\r\n\r\n\r\n\r\n<p>Texas motor Vehicle Dealers with active bonds on file with the Texas Department of Motor Vehicles will need to update their current bond to the $50,000 amount. The SuretyBonds.com Customer Care Team will reach out to our existing clients to help them process this change as soon as possible. To expedite increase document issuance processing, existing SuretyBonds.com clients can email <a href=\"mailto:customercare@suretybonds.com\">customercare@suretybonds.com<\/a>.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>If you&#8217;re a new motor vehicle dealer in Texas or are an existing dealer looking for a new surety provider, you can apply for a new <a href=\"https:\/\/www.suretybonds.com\/states\/texas\/motor-vehicle-dealer-bond.html\">Texas Motor Vehicle Dealer Bond online 24\/7<\/a> or call <strong>1 (800) 308-4358<\/strong> to speak with a surety expert about your bonding needs.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Effective September 1, 2021, Texas House Bill 3533, will increase the surety bond required for motor vehicle dealers in the state from $25,000 to $50,000. The bill explains the Texas Department of Motor Vehicles may&#8230;<\/p>\n","protected":false},"author":59,"featured_media":19533,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[],"featured_image_src":"https:\/\/www.suretybonds.com\/blog\/wp-content\/uploads\/2021\/08\/Texas-MVD-SB-Increase-1.png","author_info":{"display_name":"Payton Kearns","author_link":"https:\/\/www.suretybonds.com\/blog\/author\/payton-kearns\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Texas Increases Motor Vehicle Dealer Surety Bond Amount to $50,000 | Surety Bond Insider<\/title>\n<meta name=\"description\" content=\"The surety bond amount for Texas motor vehicle dealers is increasing from $25,000 to $50,000 on September 1, 2021. 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