How much does a driver training school bond cost in Massachusetts?
The Commonwealth of Massachusetts’ Registry of Motor Vehicles requires driver training schools to post a performance surety bond in the amount of $10,000 for 1 location, $25,000 for 2 or 3 locations or $50,000 for more than 3 locations.
These bonds are subject to underwriting, and the price you’ll pay depends on a review of your personal credit report. With strong financial credentials, applicants could pay as low as 1% of the required bond amount! Don’t worry if you have less-than-stellar credit! SuretyBonds.com has a history of helping applicants from a variety of financial backgrounds get bonded quickly, easily and accurately.
Why do I need this bond?
Massachusetts driving school bonds are put in place to ensure that principals (school operators) fulfill all obligations for tuition reimbursements owed to enrolled students if the program is closed for a license suspension/revocation or any other reason prior to students’ completion of a paid course of study.
What’s the fine print?
Driver training school bonds in Massachusetts are continuous until canceled. The surety can cancel this bond at any time by giving written notice to the Registrar of Motor Vehicles 30 days prior to the desired termination date.