Form Ta-Vd-114 - Motor Vehicle Dealer Bond Page 2
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1
2Motor Vehicle Dealer Bond
120 State Street
DEPARTMENT OF MOTOR VEHICLES
Montpelier, Vermont 05603-0001
Agency of Transportation
802.828.2038
Toll Free: 888-99-VERMONT
dmv.vermont.gov
TTD: 711
I.
DEFINITIONS
As used in these rules, the following definitions shall apply:
A.
“New car dealer” shall have the same meaning as in 23 V.S.A.§ 4 (8):
B.
“Used car dealer” shall have the same meaning as in 23 V.S.S.§ 4 (8):
C.
“Required Period” shall mean the registration period established by 23 V.S.A. §452 for which an application is
being made plus one year.
D.
“Commissioner” shall mean the Commissioner of Motor Vehicles.
II. DEALER REGISTRATION
A.
A new or used car dealer registration shall not be issued unless the dealer has provided the Commissioner with
a surety bond issued by an entity authorized to do business in Vermont in an amount set forth in subsection B
of this section.
B.
The amount shall be based upon the dealer’s sales in the year prior to the year for which the application is
being made, or in the case of a 2 year dealer registration the previous two years as follows:
1.
Less than 25 vehicles
$20,000
2.
25 to 100 vehicles
$25,000
3.
101 to 250 vehicles
$30,000
4.
251 or more vehicles
$35,000
C.
If the applicant was not registered as a dealer in the year immediately prior to the year for which the
application is being made, the amount shall be $35,000.00.
III. FORM REQUIREMENTS
Bonds
1. Forms shall be available upon request from the Commissioner
2. Only such forms or identical forms independently produced shall be used.
IV. PURPOSE/LIABILITY
Such bonds shall be available to provide the indemnity required by 23 V.S.A. § 453 (g).
Vermont Telecommunications Relay Service Dial 711
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