Uniform Vehicle Dealer Surety Bond - State Of Michigan Page 2
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2NOTICE: Vehicle Dealer License Applicant, Surety Bonding Companies and Agents –
THIS BOND MUST BE CORRECTLY COMPLETED OR A DEALER LICENSE CANNOT BE ISSUED.
DEALER: DOUBLE CHECK these points!
Follow the instructions and avoid unnecessary delay and expense.
The EXACT business name and address of the dealership must appear on the face of the bond as it appears on the
dealer license application.
Individual owners and partners MUST be listed in addition to the business name and address.
Corporate officers, etc. do not need to be listed for a corporation. ONLY the corporate name (d/b/a assumed name,
any) and the address need to appear.
BOND NUMBER must be on the face of the bond.
Name of Surety must be listed.
SIGNATURES ARE REQUIRED for:
•
Attorney-in-Fact for the Surety
•
Witness to the Attorney-in-Fact for the Surety
•
Licensed Resident Insurance Agent (Agent who sold the bond) IMPORTANT!!!
•
Principal (dealer license applicant)
•
Witness to Principal
A power of attorney for the Attorney-in-Fact MUST accompany the bond OR must BE ON FILE with the Michigan
Department of State, Dealer Division, Lansing, MI 48918.
Remember, if the bond is not correctly completed, a dealer license cannot be issued.
UNIFORM VEHICLE DEALER SURETY BOND INSTRUCTIONS
1. Every applicant for a vehicle dealer license must file with such application an executed surety bond in the amount of
Ten Thousand and NO/100 Dollars ($10,000.00). (Class “C”, “E”, “F”, “G”, “R”, and “W” Dealers exempt.)
2. The Department of State has prescribed a standard form of bond for vehicle dealers which is set forth on the reverse
side hereof. This bond must be executed by the principal and surety and filed with the Department of State at the
time of filing application for vehicle dealer license.
3. This bond must be executed by the principal (dealer) and surety company and filed with the Department of State at
the time of filing application for vehicle dealer license. Application for dealer license will not be acted upon until the
application, bond and all other required documents are filed, and the appropriate fees paid to the Department of State
in Lansing.
4. Each licensee, whether an individual, corporation, or partnership, must be named in the bond as principal. In the case
of an individual proprietorship, the individual’s name, as well as the name under which business is being conducted,
must be listed. In case of partnerships, each individual partner, as well as the name of the partnership itself, must be
listed. In the case of corporations, the corporation itself must be shown on the bond but, the officers whose names
appear on the application for license need not be listed on the bond. The location of the business must also be listed.
If a licensee is doing business at more than one location within a county, all such locations must be listed.
5. This is a continuous surety bond, the effective date of which may be the date of execution or a later date; however,
the bond must be effective at the date of filing of application for a vehicle dealer license even though the license may
not be issued until a subsequent date.
6. The bond must be executed by a surety company authorized to do business in Michigan. Every bond must be
executed by a resident agent of the company licensed to do business in Michigan. If the agent is a licensed non-
resident agent, the bond must also be countersigned by a licensed resident agent.
7. The attorney-in-fact who signs for the surety company must be authorized by the company. A certified copy of the
appointment as attorney-in-fact must be attached to the surety bond, or a continuing copy of the appointment as
attorney-in-fact must be on file with the Department.
8. The affidavit of the power of attorney must be executed on the same date as the bond, or subsequent to the date of
the bond, but not before.
9. A dealer is only authorized to conduct business if a $10,000 bond is in effect. Therefore, if the surety company pays
any claim under this bond, it will have the effect of reducing the bond coverage afforded to the dealer by the amount
of the claim that is paid. If this occurs, the dealer will no longer be covered by the full, required amount of $10,000.
Surety companies are requested to notify the Department of State of the payment of any claims under this bond.
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