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Ohio bonds

Ohio — Motor Vehicle Dealer Title Defect Bond

Ohio's motor vehicle dealer title-defect bond replenishes funds used to compensate retail purchasers. The cited official sample states at least $75,000. Match your current request and start this application with Propeller.

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Recorded state
Ohio
Bond type
Motor Vehicle Dealer Bond
Category
Vehicles, titles & transportation

What this bond does

To replenish funds used to compensate retail purchasers of motor vehicles due to title defects.

Who needs it
Used motor vehicle dealer
Who it protects
Retail purchasers

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

The bond must be at least seventy-five thousand dollars.

Bond Purpose

The bond is specifically for compensating retail purchasers.

Cancellation Notice

Surety companies must provide written notice before canceling the bond.

Sources

Have these ready

  1. Bring the Attorney General’s title-defect request and the exact dealer information to be secured.
  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

How long must the bond be maintained?

The bond must remain in effect for the entire duration that the used motor vehicle dealer's license is held.

What information must be updated during the bond period?

The dealer must notify the registrar of the bureau of motor vehicles and the surety company within fifteen days of a change in information contained in the surety bond application.

Can the bond cover multiple years?

Yes, the bond may be continued by certificate for subsequent periods to support the dealer's license.

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