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How much does a Missouri leasing company bond cost?
A Missouri motor vehicle or marine craft leasing company bond carries an amount of $100,000 and is subject to underwriting, meaning an underwriter must review the applicant’s qualifications, such as credit, before a quote can be issued.
Because underwritten quotes can vary significantly between applicants, the best way to determine the cost of your surety bond is to submit a free online application today!
If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form. One of our experts will personally walk you through our simple bonding process and provide you with a free bond quote.
Why do I need a Missouri leasing company bond?
The Missouri Department of Revenue requires all applicants applying to become a leasing or rental company post a $100,000 motor vehicle or marine craft leasing company bond. By posting this surety bond, companies must comply with all applicable state laws and regulations regarding their line of business.
Please note this page is specific to the surety bond required from motor vehicle or marine craft leasing companies in Missouri. If you are looking to sell vehicles in Missouri, a Missouri motor vehicle dealer bond is required.
How to become a licensed motor vehicle or marine craft leasing company
There are several requirements potential motor vehicle or marine craft leasing companies must meet before the Missouri Department of Revenue will consider issuing a license.
- Complete the online permit application
Include organization information and personal contact information
Indicate the types of leases or rentals offered: Boats, Motor Vehicles, Outboard Motors, Trailers, Other
Indicate the type of operation: Lease, Rental or Both
Pay the $500 fee for the lease rental business license and the $12 processing fee
Indicate if you are affiliated with any other motor vehicle business licenses and provide your license number
Include general owner information, such as name, phone number, and email
Indicate the corporate structure for your business and include all corporate division information
- File a $100,000 surety bond or irrevocable letter of credit as outlined in Missouri Senate Bill 368, pertaining to motor vehicle rental and leasing.
If your business has other branches, please include basic location information about the other branches.