Code of Maine Rules
29 - DEPARTMENT OF THE SECRETARY OF STATE
250 - BUREAU OF MOTOR VEHICLES
Bureau of Motor Vehicles
Chapter 103 - RULES FOR VEHICLE DEALERS, AUCTIONS, TRANSPORTERS, RECYCLERS, MOBILE CRUSHERS, AND LOANERS
Appendix 250-103-B
SURETY BOND FOR MOTOR VEHICLE DEALER
KNOW ALL MEN BY THESE PRESENTS: Bond# ______________________
That we, ______________________________________________________ of ____________________________, State of Maine,
(Legal Name of Dealership) (City/ town)
as Principal, and____________________________________________________, a Corporation organized and existing under the
(Name of Bonding Company)
laws of ______________________________________________ and authorized to do business in the State of Maine, as Surety, are
(State of Jurisdiction)
held and firmly bound unto the Secretary of State, State of Maine, in the penal sum of _________________________________ dollars ($__________________), lawful money of the United States of America, for which payment well and truly be made, we and each of us, bind ourselves, our heirs, executors, administrators, personal representatives and assigns, jointly and severally, firmly by these presents.
Signed, sealed, and dated this ___________________ day of _______________________________, 20___________.
Whereas the above bounden principal has or is about to make application to the Secretary of State, Bureau of Motor Vehicles, for a license authorizing said Principal to engage in the business of a motor vehicle dealer in accordance with Title 29A M.R.S.A., and all the rules promulgated thereunder by the Secretary of State, and if so licensed, said Principal is required to furnish a Surety Bond pursuant to 29A M. R. S. A. §901, SUB- §4. Now, therefore, all conditions of this Obligation is such that if the said Principal shall faithfully observe the provisions of Title 29-A M. R. S. A., and all the rules promulgated thereunder relating to the business of a motor vehicle dealer, then this Obligation shall be null and void, otherwise to remain in full force and effect.
This bond shall be for the use and benefit of the Secretary of State, State of Maine, and for any person, firm or operation who may suffer loss because the Principal fails to comply with the above-mentioned laws and Rules.
Two types of Bonds are accepted by the Secretary of State, State of Maine from the principal and Surety.
[] This bond shall run concurrently with the period of the motor vehicle dealer's license granted to the Principal and shall terminate at 11:59 p. m. on the lastday of the period of such license. If a continuation certificate is provided reflecting an expiration date, said bond will be valid up to that date. It will be continued in full force only if another continuation certificate is executed by the Surety and received by the Secretary of State, State of Maine.
[] The surety bond shall be concurrent with the period of the license granted to the Principal, and shall remain in full force and effect for any renewal thereof, and shall remain in full force until cancelled and provide the total liability of the surety herein. The total amount of the surety shall apply to each license year. This bond will be continuous bond and remain in effect until cancelled.
The surety may cancel this bond at any time by giving thirty (30) days written notice by registered or certified mail to the Secretary of State, State of Maine, Motor Vehicle Division.
Principal and Surety agree to be bound by the laws of the State of Maine as to the interpretation of this Instrument.
By: __________________________________________________
(Principal)
By: _______________________________________ __________________________________________________
(Witness)
By: __________________________________________________
(Surety Company)
By: _______________________________________ Attorney-in-fact: ________________________________________
(Witness)
MVD-390 Rev 06/2018
