How much does a designated agent bond cost in Mississippi?
The Mississippi Department of Revenue’s Motor Vehicle Licensing Bureau requires designated agents to post $15,000 surety bonds.
SuretyBonds.com issues these bonds instantly for just $150. No credit is required, so everyone pays the same premium. Simply click “Buy Now” to purchase your bond online using our secure payment portal. In just a few minutes you can be on your way to being bonded as a Mississippi designated agent.
|Bond Type||Bond Amount||Cost|
|$15,000 Designated Agent Bond||$15,000||$150|
Why do I need this bond?
Mississippi designated agent bonds hold the principal (vehicle dealer) responsible for carrying out all duties in compliance with state laws found in Section 6, Senate Bill 1688, Laws of 1968 - otherwise known as the Mississippi Motor Vehicle Title Act. If a principal fails to abide by state-mandated vehicle industry ordinances or violates the terms of his or her bond agreement, the surety will cover damages up to the full bond amount. The principal, in turn, must compensate the surety for any damages paid out.
What’s the fine print?
Mississippi motor vehicle dealer bonds for designated agents are required by the State of Mississippi and remain in full force unless canceled by the surety. The surety can cancel the bond by giving 30 days’ notice in writing to the Department of Revenue of the State of Mississippi.
How to become a designated agent in Mississippi
To become licensed as a designated agent in Mississippi, applicants must forward the originals of all applications received to the State Tax Commission within 1 business day of receiving them. Any evidence of title must accompany the applications.
The applicant will be billed an additional fee of $2 for each application for title not received by the State Tax Commission within 10 days of the date shown on the title application.
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