How much does a manufactured structures dealer bond cost in Oregon?
The Oregon Department of Consumer and Business Services’ Division of Finance and Corporate Securities requires manufactured structures dealers to post surety bonds in varying amounts prior to conducting business.
Applicants for a manufactured structures dealer license must post $40,000 bonds. Applicants for a limited manufactured structures dealer license must post $15,000 bonds.
These bonds are subject to underwriting consideration, so the price you’ll pay depends on a review of your qualifications. We offer an exclusive bad credit bonding program through which we approve 99% of all applicants for the bonds they need quickly and easily.
Why do I need this bond?
Oregon manufactured structures dealer bonds protect any retail customer suffering loss or damages caused by fraudulent acts at the hands of the principal (manufactured structures dealer). By posting this bond, the principal guarantees to perform all duties in compliance with the provisions of Chapter 446 of the Oregon Revised Statutes.
If the principal fails to uphold the terms of the surety bond agreement, the surety will cover any damages up to the full bond amount, and the principal must reimburse the surety for any damages paid out.
What’s the fine print?
Manufactured structures dealer bonds in Oregon become effective on the day indicated on the bond form and remain in full force until the department releases the surety from liability or until the surety cancels the bond. The surety can cancel the bond by giving 30 days’ written notice to the principal and to the Department of Consumer and Business Services, Division of Finance and Corporate Securities.
How to become a manufactured structures dealer in Oregon
To become licensed as a manufactured structures dealer in Oregon, applicants must submit a completed application form and submit all required fees and a surety bond in the proper amount.
If you are a real estate broke who sells manufactured homes, you must be licensed as a manufactured structure dealer.
Licenses remain valid for a 3 year term.