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2012 surety bond new motor vehicle dealer - Arkansas Motor

2012 surety bond new motor vehicle dealer - Arkansas Motor-2025

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The document is a surety bond for new motor vehicle dealers in Arkansas, binding the principal/licensee and the surety company to indemnify the state and affected parties for any losses due to violations of licensing laws. It outlines the conditions under which the bond remains in effect, the obligations of the principal/licensee, and the process for cancellation of the bond.

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How much does a surety bond cost in Arkansas?

The cost for surety bonds in Arkansas often ranges between 1% and 10% of the bond amount. Many low-risk bonds cost a standard premium, while higher-risk bonds typically require underwriting to determine the exact cost.

How much does it cost for a $10,000 surety bond?

On average, the cost for a surety bond falls somewhere between 1% and 15% of the bond amount. That means you may be charged between $100 and $1,500 to buy a $10,000 bond policy. Most premium amounts are based on your application and credit health, but there are some bond policies that are written freely.

How much does a $5000 surety bond cost?

For applicants with good credit, surety bonds usually cost between 1% and 5% of their value. Therefore, for a surety bond of $5,000, an applicant with a strong credit history can expect to pay between $50 and $250.

How much does a $20,000 surety bond cost?

Surety Bond Cost Table Surety Bond AmountYearly Premium Excellent Credit (675 and above)Bad Credit (599 and below) $20,000 $200 - $600 $1,000 - $2,000 $25,000 $250 - $750 $1,250 - $2,500 $30,000 $300 - $900 $1,500 - $3,0007 more rows

How do you calculate surety on a bond?

To determine the premium, the surety provider considers the applicants credit history, industry experience, financial statements, and the type and size of the bond required. The premium is typically a percentage of the bond amount, often ranging from 1% to 5% annually. A standard rate is 2.50% to 3.00%.

How do I find my surety bond?

Contact Bond Company Dont hesitate to reach out directly to the surety company. This step allows you to verify the bonds details, such as the bond number, the principal name, and the bond amount.

2012 surety bond new motor vehicle dealer - Arkansas Motor-2025

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