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New Hampshire bonds

New Hampshire — Motor Vehicle Retail Seller - NMLS Bond

New Hampshire motor vehicle retail sellers use a $25,000 bond under the retail installment-sales licensing framework. Match the retail-seller entity and NMLS request, then apply through Propeller.

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Recorded state
New Hampshire
Bond type
Motor Vehicle Dealer / Vehicle Sales Bond
Category
Vehicles, titles & transportation

What this bond does

Required security to ensure licensee compliance with retail installment sales regulations and provide recourse for damages.

Who needs it
Sales finance company or retail seller of motor vehicles in New Hampshire
Who it protects
Benefit of any person damaged by a violation of the chapter governing retail installment sales.

Your bond option

This is the option on record for this bond.

The bond amount describes the limit of the bond obligation, not the price. A listed amount does not establish what the requesting party requires. The premium is what you pay and must be confirmed for the actual option. An E&O limit, where listed, is separate errors and omissions insurance.

Bond Amount

Licensees must maintain a surety bond in the amount of $25,000.

Beneficiary

The bond is payable to the state and the commissioner to protect individuals harmed by regulatory violations.

Cancellation Notice

The surety must provide 30 days' advance notice to the commissioner before canceling the bond.

Sources

Have these ready

  1. Identify the retail-seller entity and licensing request, including the NMLS record where applicable, before comparing forms.
  2. Have the legal applicant name, requesting party and any required form available for the provider application.
  3. Compare the requested sum and effective dates with the actual option and issued document.

Questions about this bond

What is the duration of liability for a bond claim?

Claims must be made or suits filed naming the licensee within 6 years of the act giving rise to the claim.

Does the bond requirement change if a licensee files for bankruptcy?

No, the surety's obligations survive the bankruptcy, insolvency, or reorganization of the licensee.

What happens if a bond is triggered by a claim?

The licensee must immediately file a new bond upon any recovery from an action on the bond.

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