The Virginia Broker-Dealer's Surety Bond is a type of financial guarantee bond issued by a surety company to guarantee that a broker dealer will comply with the terms and conditions of the Virginia State Corporation Commission. It provides financial protection to customers of a broker-dealer if the broker-dealer fails to fulfill its legal obligations. The bond also ensures that any losses suffered by customers due to the broker-dealer’s bad faith or negligence are compensated. There are two types of Virginia Broker-Dealer's Surety Bonds: the Initial Bond and the Renewal Bond. The Initial Bond is required for new broker-dealers in order to obtain a license from the Virginia State Corporation Commission. The Renewal Bond is required for renewal of the broker-dealer’s license. Both bonds guarantee that the broker-dealer will comply with all applicable state and federal laws and regulations.
Virginia Broker-Dealer's Surety Bond
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How to fill out Virginia Broker-Dealer's Surety Bond?
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FAQ
To sell motor vehicles in the commonwealth of Virginia, you must provide a $50,000 surety bond. Whether you're a new or used car dealer, this bond is required when you apply for your license to the Virginia Motor Vehicle Dealer Board.
Virginia surety bonds typically guarantee the performance of a contract or that an individual and/or their company complies with the rules and regulations that govern their particular industry.
The Virginia Contractor License surety bond can cost anywhere between $350 to $2,500 per year or $35 to $250 per month. Insurance companies determine the rate based on a number of factors including your customer's credit score and experience.
The main difference between a cash bond and a surety bond is the number of parties involved. Cash bonds only involve two parties, you and the owner. In a surety bond, there is a third party, the surety company. The term surety refers to any party that guarantees the payment of a debt or performance of a contract.
In Virginia, independent and franchise motor vehicle dealers must file a $50,000 surety bond with the Motor Vehicle Board.
If you operate as a money transmitter in Virginia, you must post a surety bond. If you are under contract to complete a construction project, you may need to be bonded. If you engage in the business of selling, purchasing or trading precious metals or gems in Virginia, you must be bonded.
Virginia surety bond costs primarily depend on your personal credit score and the type of bond for which you've applied. Those individuals with excellent credit should expect an annual premium of 1-3% of the bond amount. Those individuals with bad credit can expect an annual premium of 4-15% of the bond amount.
A broker dealer "blanket" fidelity bond is an industry specific commercial crime policy which protects the clients of a broker/dealer from the dishonest acts of its employees and registered financial advisory representatives.