The State of Connecticut Department of Motor Vehicles requires a surety bond be submitted as part of the licensing process to become a motor vehicle dealer, motor vehicle repairer or limited repairer, and a motor vehicle leasing or renting company, per Sections 14-52 and 14-15 of the Connecticut General Statutes.
- Bond Amount $50,000 – New/Used Motor Vehicle Dealer
- Bond Amount $10,000 – Motor Vehicle Leasing or Renting Company
- Bond Amount $5,000 – Motor Vehicle Repairer or Limited Repairer
These surety bonds shall be conditioned upon the applicant or licensee complying with the provisions of any state and federal laws, or regulation relating to the conduct of such business. They are provided as indemnity for any loss sustained by any customer by reason of any acts of the licensee constituting grounds for suspension or revocation of the license or such licensee going out of business.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.