Bond Under Section 2105 (d) of The New York State Vehicle And Traffic Law is a surety bond that is required for certain motor vehicle related activities. This bond is also known as a Motor Vehicle Dealer Bond or an Auto Dealer Bond. This bond guarantees that auto dealers will comply with all the regulations of the New York State Department of Motor Vehicles and that they will not commit any fraudulent or dishonest acts. The bond also ensures that any claims made against the auto dealer will be valid and the dealer will have the financial capacity to pay any damages or losses suffered by the claimant. The bond amount required varies depending on the type of dealership and the number of vehicles sold in a year. There are two different types of Bond Under Section 2105 (d) of The New York State Vehicle And Traffic Law: 1. New Vehicle Dealer Bond: This type of bond is required for dealers who sell new motor vehicles. The minimum bond amount is $50,000. 2. Used Vehicle Dealer Bond: This type of bond is required for dealers who sell used motor vehicles. The minimum bond amount is $10,000.
Bond Under Section 2105 (d) of The New York State Vehicle And Traffic Law
Description State Law
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