How much does a $50,000 title service agent bond cost in Maryland?
A $50,000 Maryland title service agent bond costs as little as $500 for a year of coverage, although the exact price an applicant will pay depends on a soft credit review by an underwriter. Underwriters will determine a quote based on things like an applicant’s personal credit and previous expereince in an industry. Applicants with lower credit may still be approved, but they should expect to pay a higher premium for their bond—typically between 4-10% of the total bond amount.
|Bond Type||Bond Amount||Cost*|
|$50,000 Title Service Agent Bond||$50,000||Starts at $500||Apply Now|
If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or contact a surety expert online. We work to get every client the lowest quote available as fast as possible.
Why do title service agents need a surety bond?
The Maryland Administrator of Motor Vehicles requires title service agents to file a $50,000 surety bond to ensure they accurately log vehicle registrations, vehicle titles, drivers’ licenses, certified copies of records, and other related documents according to the Transportation Article of the Annotated Code of Maryland.
This bond ensures that the title agent will not engage in any of the following:
- perpetrate an act of fraud against the administration or the public
- advertise in such a manner that would imply the agent is associated with the administration or another disassociated body
- conduct business in a way which is detrimental to the administration or to the public
These bonds are also referred to as public official and motor license agent surety bonds.
Our team of surety experts is here to help you with all of your bonding needs. Give us a call at 1 (800) 308-4358 or submit a bond request to now to get started!
What’s the fine print?
This title service agent bond is required by the Maryland Motor Vehicle Administration. The bond’s term must run concurrently with the individual’s business license term. These bonds are continuous until canceled, and 45 days’ notice is required prior to cancellation.
How to become a title service agent in Maryland
All title service agent license applications should meet the following requirements:
- be submitted on a form furnished by the administration
- contain a zoning approval from a local zoning jurisdiction
- include a posted surety bond in the correct amount of $50,000
- include a fee of $62.50 for the application
The license, once issued, should be displayed in a prominent location within the title agent’s office.
Additionally, the agent is required to maintain records for a minimum period of three years for the benefit and access of the administration. These records should include:
- excise tax collection
- titling and registration fees
- customer names and addresses
- vehicle makes, years, ID numbers and types of transactions made
Ready to get licensed? Fill out our easy online bond request form and take one step closer to becoming licensed!