Any motor vehicle dealer in Illinois who sells at least 5 vehicles annually is required to provide a $50,000 surety bond to the Secretary of State, Vehicle Services Department. This surety bond acts as a guarantee that the dealer will faithfully collect and remit the title and registration fees and taxes in accordance with the Illinois Vehicle Code, and protects consumers from fraud and misrepresentation by the licensed dealer. These bonds have a required expiration date of December 31st and run concurrent with the license period. The bond will be required for the first 60 months of business, unless the dealer has not followed the above requirements of the IL Vehicle Code. In addition to the bond, the dealer must submit a completed License Application and pay any applicable fees.
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.