{"id":2645,"date":"2021-11-11T15:32:52","date_gmt":"2021-11-11T20:32:52","guid":{"rendered":"https:\/\/project-011.com\/?page_id=2645"},"modified":"2021-11-12T11:18:27","modified_gmt":"2021-11-12T16:18:27","slug":"ohio-motor-vehicle-dealer-bond","status":"publish","type":"page","link":"https:\/\/project-011.com\/?page_id=2645","title":{"rendered":"Ohio Motor Vehicle Dealer Bond"},"content":{"rendered":"

Ohio Motor Vehicle Dealer Bond<\/span><\/h1>\n


\n<\/a>\"Ohio<\/a><\/p>\n

A $25,000 Ohio Motor Vehicle Dealer bond must accompany a dealership license application as a condition of licensing in Ohio. All individuals or business entities who sell or deal in 5 or more used motor vehicles in a 12-month period either directly or indirectly must provide a dealer bond. The bond will be on file with the Ohio Bureau of Motor Vehicles<\/a> and the Ohio Secretary of State<\/a> before a license will be granted to an eligible applicant. The Ohio Motor Vehicle Dealer Bond must be maintained for the duration of licensure. There is very limited exception to the law requirements and any exception can be found in this rule 4501:1-3-11<\/a>.<\/p>\n

\u00a0The following is the exact text taken from dealer licensing section of Ohio.gov.<\/p>\n

“A used motor vehicle dealer, as required in section 4501:1-3-11<\/a>\u00a0of the Ohio Administrative Code (OAC), shall post with the Attorney General\u2019s Office in favor of this state, a surety bond in the amount of twenty five thousand dollars ($25,000).<\/p>\n

The surety bond is used solely for the purpose of replenishing funds that have been distributed from the\u00a0Title Defect Rescission (TDR) fund<\/a>\u00a0to compensate retail purchasers of the said dealership.<\/p>\n

No license will be issued if a surety bond has not been secured meeting the requirements below. Proof that a surety bond has been secured must be submitted with the application.<\/p>\n

The surety bond requirements:<\/p>\n