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Oklahoma bonds

Oklahoma — Motor Vehicle Dealer Bond — Used

Oklahoma used motor vehicle dealers use a $25,000 bond addressing covered fraud and title losses. The form expires December 31 in odd-numbered years. Apply for the used-dealer class through RLI.

Also known as Oklahoma Motor Vehicle Dealer Bond; Oklahoma Motor Vehicle Dealer Bonds

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Recorded state
Oklahoma
Category
Vehicles, titles & transportation

What this bond does

To conduct business without practicing fraud or making fraudulent representations and to indemnify/reimburse persons for losses suffered due to fraud or title issuance issues.

Who needs it
Used Motor Vehicle Dealer
Who it protects
The State of Oklahoma, consumers, used motor vehicle dealers, and used motor vehicle auctions.

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 is required in a penal sum of $25,000.00.

Expiration Cycle

All dealer bonds expire on December 31 of each odd-numbered year.

Benefit Scope

The bond inures to the benefit of consumers and other dealers but excludes floor plan or financing parties.

Sources

Have these ready

  1. Confirm this is the used-dealer class, not a dealer auction, and align the requested dates with the form.
  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

Does this bond protect floor plan financiers?

No, the obligation specifically excludes financial institutions or parties extending floor plans or financing for the dealer's inventory.

How long does the surety have to provide cancellation notice?

The surety must provide thirty (30) days written notice of cancellation to both the Principal and the Used Motor Vehicle and Parts Commission.

What should I prepare for this application?

Confirm this is the used-dealer class, not a dealer auction, and align the requested dates with the form.

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