The Cost of Surety Bonds
As of September 1, 2021, we have another change in the Texas dealer bond requirements:
“Texas House Bill (HB) increases the amount of the surety bond from $25,000 to $50,000 that an application must provide to the Texas Department of Motor Vehicles as a condition of a new or renewed motor vehicle dealer or wholesale motor vehicle auction general distinguishing number.
HB 3533 was approved by the governor on June 14, 2021 and becomes effective on September 1, 2021.” (Corporate Compliance Bulletin TX -2021-37)
Because the rate per thousand is currently unchanged, the resulting cost of dealer bonds will double for the same two year period to correspond with the doubling of the protection.
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