The Used Motor Vehicle and Parts Commission (UMVPC) is the state agency that licenses and regulates used motor vehicle dealers in the State of Oklahoma. To become a licensed motor vehicle dealer, a surety bond must be submitted to the UMVPC. Bond amounts vary and are based on the following four license types:
- Used Motor Vehicle Dealer – $25,000 Bond
- Wholesale Dealer – $25,000 Bond
- Used Motor Vehicle Rebuilder – $15,000 Bond
- Used Motor Vehicle Auction – $50,000 Bond
The purpose of this bond is to guarantee that the principal (dealer) complies with all provisions of The Oklahoma Used Motor Vehicle Dealer Laws and conducts business without practicing fraud or making fraudulent representations. If a person suffers a loss due to the actions of the principal, the surety will reimburse the individual up to the penal sum of the bond. The principal is then responsible to pay back the surety for all damages paid out.
Oklahoma Motor Vehicle Dealer bonds expire on December 31st of each odd numbered year after the issuance of the bond, and can be renewed with a continuation certificate.
Pacific Surety is proud to offer industry low rates and quick turnaround time for quoting of Oklahoma Motor Vehicle Dealer Bonds. Feel free to complete our simple application to obtain an approval within hours.
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Motor Vehicle Dealer Surety Bonds – Oklahoma
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