How much does a transient merchant bond cost in North Dakota?
The North Dakota Consumer Protection and Antitrust Division requires transient vendors to post surety bonds to legally work within the state. Bond amounts are typically determined by the amount of merchandise an applicant transfers throughout the state, so vendors should verify their required amount of bond coverage prior to beginning the bonding process.
The price you’ll pay for your bond is subject to underwriting and depends not only your required bond amount but also on a review of your personal credit report. The best way to find out exactly how much you’ll pay is to request a free bond quote now!
|Bond Type||Bond Amount||Cost*|
|Varies Transient Merchant Bond||Varies||1-3%||GET A QUOTE|
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Why do I need this bond?
By posting a North Dakota transient merchant bond, the principal (transient merchant) promises to conduct business according to Chapter 51-04 of the North Dakota Century Code. Principals also pledge to comply with all material, oral or written statements made by the principal or his/her agents, representatives or auctioneers with reference to merchandise sold or offered for sale and faithfully perform all warranties made with reference to merchandise sold or offered for sale.
The bond protects the state and individuals from financial loss as a result of a merchant’s unlawful business practices.
What’s the fine print?
Transient merchant bonds in North Dakota must cover the full period of the principal’s license, as well as 2 years after the expiration of the license. The surety can cancel the bond at any time by giving 30 days’ written notice of cancellation by registered mail to the principal and the Attorney General.
The principal and surety cannot amend, modify or vary any condition of the bond without prior written consent from the Attorney General.
How to become a transient merchant in North Dakota
North Dakota transient merchant licenses remain valid for 1 year. To apply for this license, an applicant must complete a transient merchant application and sign the form in the presence of a notary public. The following documents and information must be attached to the application:
- $200 application fee
- photocopy of applicant’s North Dakota sales tax permit
- list of inventory and prices of all merchandise that will be sold within the state
- list of all employees/agents/representatives doing business in the state
Let our team of experts walk you through our clear-cut bonding process step-by-step. Start the licensing process by purchasing the surety bond you need!
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