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How much does a motor vehicle sales finance company bond cost in Delaware?
The Delaware State Bank Commissioner requires motor vehicle sales finance companies to post $25,000 surety bonds.
SuretyBonds.com issues these bonds instantly for $250. Buy your bond now!
Call 1 (800) 308-4358 or click here to connect with our team of surety bond experts.
Why do I need this bond?
By posting a Delaware motor vehicles sales finance company bond, the principal (finance company) promises to faithfully perform all duties and partake in ethical acts in accordance with the provisions of Chapter 29, Title 5 of the Delaware Code. Specifically, this bond offers compensation to the state and any consumer injured by any wrongful act, omission, default or misrepresentation committed by a licensee.
Prohibited acts under this bond include:
- signing a contract prior to reading it
- signing a contract that contains blank spaces
- rescinding an agreement prior to receiving the contract
For fast, easy and accurate bonding services, contact the experts at SuretyBonds.com now!
What’s the fine print?
Delaware motor vehicle sales finance company surety bonds remain in full force and effect until canceled by the surety or voided by the principal. The surety can cancel the bond by giving written notice of cancellation to the principal and the Office of the State Bank Commissioner. Cancellation becomes effective 30 days after the office receives the notice.
How to become a motor vehicle sales finance company in Delaware
To become a licensed auto sales finance company in Delaware, applicants must submit the following materials along with their completed license application:
- $25,000 surety bond
- $287.50 license fee
- copies of all documents that will be used to conduct business
Licenses expire annually on December 31.
Take the first step toward becoming licensed by purchasing the surety bond you need! Our experts make the bonding process fast and easy.
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