Motor Vehicle Dealers - New or New and Used Vehicles

The State of Minnesota Motor Vehicle Dealer License Surety Bond is a financial guarantee required for businesses that sell new vehicles or both new and used vehicles in Minnesota. This bond ensures compliance with state motor vehicle dealer licensing laws and regulations.

Motor vehicle dealers operating in Minnesota who sell new vehicles or a combination of new and used vehicles must obtain this bond as part of their licensing requirements. The bond is mandated by the State of Minnesota to ensure dealers operate ethically and in accordance with state laws.

This $50,000 surety bond protects consumers and the State of Minnesota from financial losses resulting from the dealer's failure to comply with licensing requirements, fraudulent practices, or violations of motor vehicle dealer laws. If a dealer engages in prohibited activities or fails to fulfill their legal obligations, affected parties can file claims against the bond for compensation.

The bond has a one-year term and is renewable annually. Dealers must maintain continuous bond coverage to keep their license active and continue operating legally in Minnesota.