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How much will my distributor of motor fuel bond cost in New York?
SuretyBonds.com offers motor vehicle fuel distributor tax bonds in New York for different costs depending on each applicant’s individual credit report. Even though this bond is subject to underwriting, our experts will work hard to get you the best price possible for your unique credit situation. The bond amount varies because it is based on the amount of fuel distributed. It cannot be posted in an amount less than $50,000.
Simply complete our easy bond request form online and a surety specialist will deliver a free, personalized bond quote with no obligations!
If you’re ready to become bonded, we’re ready to help. Call SuretyBonds.com at 1 (800) 308-4538 or click here to submit an online bond request form now.
Why do I need this bond?
Posting this surety bond is a way of guaranteeing the state that the principals (distributors of motor vehicle fuel) will complete their payments of taxes or fees imposed by state or local laws. If the principal commits fraud or other damaging acts, such as falsified records of sale or an inability to pay requisite taxes on prior sales, no one will be harmed by any consequence that could potentially arise.
If the principal violates the terms of his or her bond agreement and a consumer is harmed as a result, the surety will pay for all damages up to the full bond amount.
Look no further for a team of surety experts who makes your bonding needs their main priority! Call SuretyBonds.com at 1 (800) 308-4358 or submit our bond request form to begin our simple bonding process today!
What’s the fine print?
The bond will remain in full force and effect unless otherwise canceled by the surety or the principal. If either party chooses to terminate the bond before its set date of expiration, a 30-day notice of cancellation is required to be given to the New York Department of Taxation and Finance. This bond also requires the signature of a notary public to acknowledge the contractual agreement between the surety, the obligee and the principal.
How to become a motor fuel distributor in New York
It is unlawful for anyone to act as a motor vehicle fuel importer, exporter or distributor without first obtaining the proper registration that allows them to do so. Anyone who transports motor fuel but does not own the fuel they are transporting is exempt from the registration requirement.
Motor fuel distributors must supply their financial records and proof of being financially reliable in order to be approved for the registration as well as to determine the bond amount that needs to be posted. Applicants need to submit Form TP128.3 (application for registration) to the Department of Taxation and Finance and your application and financial status will be reviewed from there.
Our surety experts understand these licensing requirements and are prepared to answer any questions you may have. Click here to fill out our bond request form online and one of our surety specialists will get in touch with you.