How To Get A Georgia Auto Dealer License

Oct 30 Posted on

Georgia used auto dealer

Becoming a Georgia auto dealer involves getting a license and a surety bond, as it does it most states. Keep reading to learn more about the registration and bonding process, and apply online for the bond you need today.

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Georgia Dealer License Requirements

Georgia used auto dealers register with the state Department of Revenue (DOR) and are also referred to as independent dealers. In addition to registering, dealers need to apply for a license with the Professional Licensing Boards Division of the Secretary of State. To register, applicants must submit the following information to the DOR:

  • Completed form MV-6, license plate application
  • Completed form MV-6A, authorize/add/delete agents
  • Copy of Georgia business or occupational license
  • Proof of publicly listed Georgia phone number that is not a cell phone number
  • Proof of Georgia tax ID number
  • Copy of Georgia drivers’ licenses for each authorized agent or representative
  • Completed Motor Vehicle Affidavit for Citizenship Verification
  • Completed form MV-6B if applying for more than two additional license plates
  • Photos of place of business, including signs and lots
  • $62 license plate fee + $12 per additional plate requested

Used auto dealers can mail in their applications or drop them off in person or in the drop off box in Atlanta. Registrations expire every year at the end of the month�the month your business’s registration expires is determined by the letter its name starts with. For example, businesses whose names begin with A or B expire at the end of January each year. Consult the DOR’s checklist to be sure you include all required information.

License Applications

Georgia used auto dealer license applications are reviewed at least six times per year at the Board’s meetings (dates are posted on their website). Applicants need to submit the following information to the Board:

Applicants also need a valid email to communicate with the Board. Don’t submit your application unless your place of business is ready to pass an inspection, which may be required for new applicants. Georgia used auto dealer licenses are good for two years and all licenses need to be renewed before March 31 in even-numbered years.

Dealer Surety Bond Requirements

The $35,000 surety bond required of Georgia used auto dealers is in place to discourage and protect against any unethical business practices on the dealer’s part. The bond protects consumers that suffer financial damages as a result of a dealer’s negligence or violation of the law. If a claim is made and paid out, the dealer has to reimburse the surety the full amount paid, which serves as a deterrent to violating the terms of the bond.

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The bond’s term must run concurrently with the licensing period, also expiring on March 31 in even-numbered years. The Board requires the original bond plus power of attorney to be submitted, and strongly recommend keeping a copy for your records.

More questions about the Georgia used auto dealer bond? Ready to get bonded? Get in touch with Single Source Insurance today!

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Changes Coming for Washington Consumer Loan Companies

Oct 27 Posted on

Washington consumer loan companies

Washington consumer loan companies will see some small changes in their surety bond regulations in the new year, mostly in the form of legislative clarification. Keep reading to find out more about what’s new on January 1, 2018.

Currently, Washington consumer loan companies are regulated by the Washington Consumer Loan Act. As is becoming common for many financial professions, they submit their license applications to the Nationwide Multistate Licensing System (NMLS). The Washington State Department of Financial Institutions is consumer loan companies’ regulatory and licensing agency. Applicants must register with three state agencies:

The NMLS provides a complete checklist of information for new applicants, requiring $1,162.21 in fees plus fingerprinting and credit authorization report fees for each control person at $36.26 and $15 per person, respectively. Licensees need a toll-free phone number, web address with specific information, and registered agent information.

Surety bonds for Washington consumer loan companies are based on the amount of residential and/or nonresidential loans they originate, with bond amounts determined as follows:

  • $0-$20,000,000�$30,000 surety bond
  • $20,000,000 to $40,000,000�$50,000 surety bond
  • $40,000,000 to $50,000,000�$100,000 surety bond
  • $50,000,000 or more�$150,000 surety bond

If a consumer loan company only services (collects payments on) mortgage loans, their bond amount is based on the dollar amount of residential mortgage loans serviced:

  • $0-$50,000,000 in loan principal�$30,000 surety bond
  • $50,000,000 or more in loan principal�$50,000 surety bond

The new legislation (underneath the old legislation) clarifies that the amount of loans originated, whether residential or nonresidential, are determined from the previous year. If there is no prior year volume to use, the bond amount is set at $30,000. Washington consumer loan companies that both originate and service residential mortgage loans will use the same schedule above to determine their bond amount using the origination volume. Surety bond amounts have not changed, but the new legislation clears up some confusing language in the prior version.

Getting a Washington consumer loan company license? Check an item off your list and get a surety bond today!

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Surety Bonds for Nebraska Investment Advisors

Oct 25 Posted on

�investment advisors

Nebraska investment advisors need to submit a surety bond as part of the licensing process. Read on to learn more about what’s required.

Investment advisors register with the Nebraska Department of Banking and Finance. They are defined as persons who advise others on the value of securities, or in the buying and selling of securities for compensation. In Nebraska, financial planners also fall under the investment advisor licensing umbrella. The definition does not include the following professionals, among others:

  • Investment advisor representatives (solicit clients or provide advice on behalf of an investment advisor)
  • Banks, savings institutions, or trust companies
  • A lawyer, accountant, teacher, or engineer who performs these services as part of their profession
  • Publishers of newspapers or other publications whose writing does not advise a specific client’s situation

Nebraska investment advisors are licensed according to the terms of Revised Statute 8-1103, submitting applications and supplemental information to the DBF electronically through the Investment Advisor Registration Depository (IARD). Here are some of the items required with submission:

The surety bond required of investment advisors is to protect the funds of their clientele in the event that the advisor violates the law at a cost to the client. Among other violations, Nebraska investment advisors promise not to intentionally mislead their clients or commit fraud. If any claims are paid out from the advisor’s $25,000 surety bond, the advisor must reimburse the surety for that amount.

Nebraska investment advisors’ registration is valid for one year and expires annually on December 31 unless renewed. At renewal, advisors must have a current surety bond. In lieu of the bond, investment advisors can maintain a net capital of $25,000.

Ready to get a Nebraska surety bond? Single Source Insurance is ready to help!

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A Quick Guide to Tennessee Contractors’ Licenses

Oct 23 Posted on

�Tennessee contractors

Most states require contractors to be licensed, but regulations vary widely across the U.S. This guide covers the basics for Tennessee contractors.

Who needs a Tennessee contractor license?

In Tennessee, contractors are licensing by the state’s Board for Licensing Contractors. Contractors need a license if they are working on a project costing $25,000 or more and if they are acting as:

  • Prime contractor
  • Subcontractors performing electrical, plumbing, roofing, and HVAC if that portion of the project totals $25,000 or more
  • Masonry subcontractors only if�that portion of the project�totals $100,000 or more
  • Construction management

Prime contractors contract directly with the project owner, while subcontractors contract with contractors to perform their work. Tennessee licenses contractors by class and gives them a project monetary limit, meaning they cannot bid on a project or projects over their limit. The classifications correspond to the type of work the contractor will be doing and include residential, industrial, and commercial building, demolition, carpentry, mechanical, HVAC, plumbing, etc. The monetary limit is determined on a case-by-case basis based on the Tennessee contractor applicant’s financial statement and experience. Contractors who bid outside their license limit or without proper licensure may have their license held by the Board for up to six months.

How to get licensed

Tennessee’s Board for Licensing Contractors is a division of the state Department of Commerce & Insurance. They can apply online or the completed application package can be mailed to the Board:

Tennessee Board for Licensing Contractors 500 James Robertson Parkway Nashville, TN 37243-1150

All contractors must pass the Tennessee Business and Law exam and may also be required to pass a Trade exam. They must submit a financial statement with their application, either a review�if applying for a monetary limit of $1,500,000 or less�or an audit�if applying for a monetary limit of more than $1,500,000. The Tennessee contractor application is detailed, and applicants will need to meet varying qualifications and provide different information depending on the type of license they are seeking.

Tennessee contractors’ license applications are reviewed and approved by the Board at their meetings in the months of January, March, May, July, September, and November. Contractors�should be sure to turn in their applications by the 20th of the month prior to the Board meeting. In some instances, the applicant might be required to meet with the Board, and will be informed if the meeting is waived or not.

Contractor licensing in Tennessee is complicated, so communicate with the Board and any lo cal government agencies to ensure you apply for the correct licenses and permits.

Surety bonds for Tennessee contractors

Tennessee contractors’ surety bonds vary depending on their financial statement submitted with their license application, on the type of work they’re doing and where the work is done.

A home improvement contractor�needs a license and a�$10,000 surety bond in the following Tennessee counties:

  • Bradley
  • Davidson
  • Hamilton
  • Haywood
  • Knox
  • Marion
  • Robertson
  • Rutherford
  • Shelby

Shelby County requires various other surety bonds of contractors, including a performance bond. The city of Knoxville requires $10,000 surety bonds of electrical contractors, gas installation and servicemen, and mechanical contractors. Johnson City requires many types of Tennessee contractors to obtain permits and surety bonds.

Due to Tennessee’s complicated licensing procedures, it’s important to contact both the state Board for Licensing Contractors and the appropriate agencies in the cities and counties in which you plan to do business.

Ready to start the licensing process? Single Source Insurance can help you get a Tennessee contractor surety bond!

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North Carolina Auto Dealer Surety Bonds

Oct 20 Posted on

North Carolina auto dealer

As in most states, if you’re a North Carolina auto dealer, you need a license and surety bond. Keep reading to learn more about getting the process started.

North Carolina auto dealer licensing

The North Carolina Department of Transportation (NCDOT) licenses auto dealers in the state, requiring anyone buying or selling five or more cars in a twelve-month period to be licensed. Several types of licensee applicants use the same form when applying for licensure, though their application fees differ:

  • Motor vehicle dealers�$90 fee
  • Wholesale motor vehicle dealers�$90 fee
  • Factory branches�$130 fee
  • Distributors��$90 fee
  • Manufacture dealers�$195 fee

Some of the information that the application requires includes:

  • Business ownership type (corporation, LLC, etc.)
  • Firm name, address, phone number, and DBA if applicable
  • Names, ages, addresses, and titles of business owner, partners, members, etc.
  • Additional locations in North Carolina owned by applicant where vehicles are sold
  • Number of sales representatives employed working at least 25 hours per week
  • Fees for dealer and dealer transporter plates

There are other prerequisites related to licensure North Carolina auto dealers should be sure they meet:

  • For retail dealers, an established salesroom of at least 96 square feet in a permanent, enclosed building
  • For wholesalers, an established office of�at least 96 square feet where records are kept�in a permanent, enclosed building
  • Sign displaying business’s name in letters no less than three inches tall
  • $50,000 surety bond for the first business location, plus $25,000 for each additional location
  • Assumed name filed with the Register of Deeds in the appropriate NC county or counties
  • If business is a corporation, articles of incorporation filed with NC Secretary of State

In addition to these and other requirements, a used North Carolina auto dealer applicant must provide proof of completion of 12 hours of continuing education in an approved course in the previous 12 months with initial licensing; at license renewal, they need proof of six hours of continuing education. Auto dealer licenses are valid for one year.

Surety bonds for NC auto dealers

The minimum $50,000 surety bond required of all North Carolina auto dealer applicants is a protection measure for consumers. It protects against damage caused by the principal (the auto dealer licensee) should they break any laws and cause financial damage to the consumer. The consumer can file a claim to seek reimbursement if they feel the dealer violated any of North Carolina’s regulations.

Ready to get started toward becoming a licensed North Carolina auto dealer? Single Source Insurance can help!�

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Freight Broker Bonds: A Crash Course

Oct 18 Posted on

freight broker

In 2012, President Obama signed the Moving Ahead for Progress in the 21st Century (MAP-21) Act into law, introducing many new regulations for the transportation industry. Among those was a $75,000 surety bond requirement for freight brokers, a huge increase from the previously required $10,000 bond. Keep reading for a crash course on these surety bonds.

What is a freight broker?

Freight brokers arrange the transport of goods between shippers providing the goods and carriers who can move them. They don’t take on any responsibility for the freight, solely facilitating arrangements between shippers and carriers.

Freight forwarders are often mentioned in conjunction with brokers, but they are not the same thing. Freight forwarders provide transportation for goods and take responsibility for the goods while they are being transported. Freight forwarders also need a $75,000 surety bond and register in much the same way as brokers.

What does MAP-21 mean for brokers?

The biggest impact on freight brokers following MAP-21’s passage was the surety bond increase from $10,000 to $75,000. The Federal Motor Carrier Safety Administration (FMCSA) increased the bond amount to make it more difficult for unqualified brokers to enter the industry, concurrently raising freight broker standards.

A big factor in increasing the freight broker surety bond was the fact that claims were often filed on these bonds, making them high-risk. A larger bond amount allows for more claims to be paid out and puts more liability on the broker, encouraging them not to commit fraud or any take any unethical action that might cause a claim to be filed. An example of when claims are often filed on freight broker bonds are when the broker fails to pay the freight carrier.

The higher bond amount both encourages freight brokers to conduct business lawfully and makes it harder for an inexperienced broker to become one in the first place.

How to become a registered freight broker

Freight brokers register with the FMCSA to begin legally conducting business operations. Before applying, brokers need to obtain a motor carrier (MC) number by filling out Form OP-1. New freight broker registrants use the Unified Registration System (URS) to get started. Brokers can specify if they want to be licensed as a broker of property or a broker of household goods or both—a $300 filing fee is attached to each type.

Freight brokers do not have legal insurance or security requirements beyond the surety bond, also called a BMC-84 bond. After brokers receive their MC number and obtain the surety bond, the FMCSA asks for more information:

  • Form BOC-3—Designation of process agent for each state in which the broker operates
  • Nonrefundable $300 application processing fee

Applications take four to six weeks to process. Surety bonds must be renewed annually. The surety bond increase went into effect in October 2013, with a full compliance delay into December 2013, meaning a majority of freight broker bonds expire each year during that period.

Be sure to apply for your freight broker bond renewal with plenty of time to spare! Single Source Insurance can help you get the best rate for your bond—call and request a quote today!

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Surety Bonds for Minnesota Liquor Manufacturers and Wholesalers

Oct 16 Posted on

liquor manufacturers and wholesalers

Minnesota liquor manufacturers and wholesalers are required to get a license and surety bond by the state Department of Public Safety‘s Alcohol and Gambling Enforcement Division. Keep reading to find out more about the licensing and bonding process.

Minnesota liquor manufacturers and wholesalers can choose from several classifications on the license application, and they pay a licensing fee based on the type of license they are applying for:

  • Wholesaler of intoxicated liquor�$15,000 licensing fee
  • Manufacturer of intoxicated liquor�$30,000�licensing fee
  • Brewer producing between 2,000-3,500 barrels annually�$500�licensing fee
  • Brewer producing more than 3,500 barrels annually�$4,000�licensing fee
  • Wholesaler of wine�$3,750�licensing fee
  • Wholesaler of malt beverages�$1,000�licensing fee
  • Wine manufacturer�$500�licensing fee
  • Microbrewer (brewing under 2,000 barrels annually)�$150�licensing fee
  • Brew pub�$500�licensing fee
  • Farm winery�$50�licensing fee

Since all liquor manufacturer and wholesaler applicants apply on the same application form, they provide much of the same basic information:

  • Names and contact information of all partners, officers, directors, etc.
  • Description of storage and warehousing facilities, and/or of bottling and production capability
  • Basic federal permit and any other permit numbers
  • Addresses of all branch establishments in the state

Be sure to fill out the license application completely. Applicants must be at least 21 years old, and licenses are valid for one year from the date they are issued. Each liquor salesperson wholesalers or manufacturers employ must apply for an identification card, along with a $35 fee.

A surety bond is required of Minnesota liquor manufacturers and wholesalers (except brewpubs) to ensure they abide by state laws, specifically Minnesota Administrative Rules Section 7515.0300 and Minnesota Statutes Section 340A.101. It also ensures that manufacturers and wholesalers pay the taxes mandated by the state. Should the bondholder cause financial damage to consumers, or fail to pay taxes, the surety bond can provide a means of repayment.

The amount of surety bond coverage the licensee needs depends on the type of license being applied for:

  • Wholesalers and manufacturers of intoxicated liquor�$10,000 surety bond
  • All brewers, including microbrewers�$1,000 surety bond
  • Wholesaler of wine�$5,000�surety bond
  • Wholesaler of malt beverages�$1,000�surety bond
  • Wine manufacturer�$5,000�surety bond
  • Farm winery�$5,000�surety bond (new licensees only)

Contact the Alcohol and Gambling Enforcement Division or consult their website with questions about licensing. Single Source Insurance can help you get the surety bond you need to get licensed!

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Surety Bond for Mississippi Pawnshops

Oct 13 Posted on

�mississippi pawnshops

Mississippi pawnshops need to get a license and a surety bond in order to legally conduct business. Keep reading to learn more about getting licensed and bonded.

Mississippi pawnshops are licensed by the Department of Banking and Consumer Finance (DBCF). The license period is from January 1 to December 31, and applicants applying inside that window do not pay prorated licensing fees. Their application asks for the following information:

  • Business name and address
  • Business type (LLC, corporation, partnership, etc.)
  • Hours of operation
  • Website and email address
  • Names and contact information for all business partners, directors, or principal officers
  • Lists of any office addresses where business will be conducted besides primary address

Mississippi pawnshops renewing their licenses must provide the total number and dollar amount of outstanding pawnbroker transactions as of September 30. This is not a complete list, so be sure to complete the entire application. There are several items applicants must include with their completed application:

  • $500 initial license fee or $350 renewal license fee
  • $10,000 surety bond
  • Fingerprints of applicant and controlling members of the business, if applicable
  • Contact list
  • Certificate showing six hours of continuing education

Recent changes to the Mississippi Pawnshop Act require pawnbrokers to obtain six hours of continuing education each year. Pawnbrokers can fulfill this requirement by attending a class offered by the Mississippi Pawnbrokers Association.

Once completed, the application must be mailed in:

Department of Banking and Consumer Finance ATTN: Pawnshop Division P.O. Box 12129� Jackson, MS 39236-2129

If the application needs to be overnighted, the DBCF provides an alternate address:

Department of Banking and Consumer Finance ATTN: Pawnshop Division 4780 I-55 North, 5th Floor� Jackson, MS 39211

The surety bond required of Mississippi pawnshops ensures their adherence to the Pawnshop Act. One important provision of the Act instructs pawnbrokers to keep detailed records of each transaction. If a pawnbroker fails to record a transaction and subsequently sells or disposes of those goods, they can face fines of up to $1,000 and one year in prison for the first offense, and forfeiture of their surety bond.

Ready to become a licensed Mississippi pawnbroker? Get started by getting a surety bond with Single Source Insurance!

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How To Get A Michigan Auto Dealer License

Oct 11 Posted on

Michigan auto dealer

Photo by Lun3m.com via Pexels

Every state requires auto dealers to be licensed, and most also require a surety bond. If you’re thinking of applying for a Michigan auto dealer license, keep reading to learn more about the process, and apply online for the bond you need today.

Get Bonded

Who Needs A Michigan Dealer License?

In Michigan, an auto dealer license is required if a person plans buys, sells, leases, negotiates the leases, brokers, or deals in five or more vehicles in a 12-month period. Michigan law defines vehicles as any that need to be titled and include trailer coaches and trailers weighing over 2,500 pounds.

The state of Michigan licenses auto dealers by class, and there are three types of licensees that need a surety bond:

  • Class A—New vehicle dealer license, allowing dealers to buy and sell new vehicles under a franchise agreement or manufacturer contract
  • Class B—Used vehicle dealer license under which dealers can buy and sell used vehicles
  • Class D—Broker license, allowing the licensee to bring a buyer and seller together, negotiate the terms of a transaction, or display vehicles for sale; and allowing the licensee to conduct vehicle auctions

Classes C, E, F, G, H, R, and W of the Michigan auto dealer license do not need a surety bond, and you can read about them here. This post will focus on licensing for new and used auto dealers.

Dealer License Requirements

New and used auto dealers are licensed through the Michigan Secretary of State. There are several prerequisites for Michigan auto dealer licensing:

  • Copy of Articles of Incorporation or Assumed Name Filing
  • Fingerprints for all business owners, partners, corporate officers and/or directors
  • Michigan No-fault fleet type insurance
  • Registered repair facility or an agreement with one
  • At least two dealer plates
  • Zoning and municipal approval
  • $10,000 surety bond
  • $75 license fee

New auto dealers must also have a franchise agreement with a vehicle manufacturer.�Both new and used auto dealer applicants also need an established place of business that adheres to the provisions of Section 257.14 of the Michigan Vehicle Code. Some of those provisions include the following:

  • Must be primarily for conducting the business of an auto dealer and cannot be a residence
  • Place where business records are kept
  • At least 1,300 square feet of land space that can display a minimum of ten vehicles, plus 650 square feet of customer parking
  • Building of at least 150 square feet
  • Permanent, visible sign displaying dealership’s name
  • Clearly displayed hours of operation (no less than 30 hours per week)

Read the MVC section for a more detailed list of dealership requirements. Make sure to complete the entire application packet to expedite the licensing process. Dealers’ licenses must be renewed each year by December 31, or a new application will need to be submitted.

Dealer Surety Bond Requirements

New and used Michigan auto dealers and brokers need a $10,000 surety bond. The surety bond is the dealer’s promise not to engage in unethical business practices, like misrepresenting the condition of a vehicle they are selling. It’s also a promise that the dealer is adhering and will continue to adhere to the rules and regulations they are governed by. That means the bond is a guarantee that the dealer will pay all appropriate taxes, continue to renew their license, and never engage in fraud.

Interested in becoming a licensed Michigan auto dealer? Get started by getting your surety bond!

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How to Get Licensed and Bonded for New York Mortgage Lenders

Oct 9 Posted on

mortgage lenders

New York mortgage lenders are required to get a license and purchase a surety bond during that process. Read on to find out how to get licensed and learn more about the surety bond.

How to Get Licensed for Surety Bonds: A Step-by-Step Guide

How to get a New York mortgage lenders’ license

In New York, mortgage lenders are also called mortgage loan originators. Lenders or originators need to be licensed as such if they take residential mortgage loan applications or offer or negotiate terms of a residential mortgage loan. As in many states, the New York Department of Financial Services (DFS) uses the Nationwide Multistate Licensing System (NMLS) to begin the licensing process for mortgage lenders.

The NMLS has put together a checklist for New York mortgage lender applicants to ensure they submit complete information to the DFS. Before applying, applicants must complete 20 hours of approved pre-licensure education and must meet one of these testing conditions:

  1. Passing results on the National and New York State components of the SAFE test, or
  2. Passing results on the National and Stand-alone UST components of the SAFE test, or
  3. Passing results on the National Test Component with Uniform State Content

Applicants pay a series of fees to get a license:

  • NMLS initial processing fee�$30
  • New York application fee�$379 (includes $125 investigation fee and $254 license fee)
  • Credit report fee�$15
  • FBI criminal background check�$36.25
  • State criminal background check and fingerprinting fee—$99

The DFS requires submission of the following information through the NMLS:

Read the checklist to be sure you include all required information, since this list is not exhaustive. License applications deemed complete by the DFS are published in their Weekly Bulletin each Friday. If an application is deemed incomplete, lender applicants have 30 days to complete it. Notice of approval, denial, or incompletion will be mailed to the mortgage loan originator applicant. Licenses expire every year on December 31.

Surety bonds for NY mortgage lenders

New York mortgage lenders do not submit a surety bond until their license has been approved, and they must submit the original bond. The amount of bond lenders need to post depends on the dollar amount of mortgage loans originated in the previous year, as follows:

  • Less than $1,000,000�in originated mortgage loans or initial bond amount�$10,000 bond
  • $1,000,000-$749,999,999�in originated mortgage loans�$15,000 bond
  • $7,500,000-$14,999,999�in originated mortgage loans�$25,000 bond
  • $15,000,000-$29,999,999�in originated mortgage loans�$50,000 bond
  • $30,000,000-$49,999,999�in originated mortgage loans�$75,000 bond
  • $50,000,000 or more in originated mortgage loans�$100,000 bond

The bond is mortgage lenders’ promise that they will follow the Banking Laws of New York Article 12-E. Mortgage loan originators employed by an Originating Entity licensed under Article 12-D of the Law may be covered by an Originating Entity surety bond. That bond amount is based on the number of employees it covers:

  • Less than 10�$100,000 bond
  • 10-15�$150,000 bond
  • 16-24�$250,000 bond
  • 25 or more�$500,000 bond

The bond is a reassurance to customers that the mortgage lender or originating entity is following the law, and provides a course of action for reimbursement should the lender break any of those laws. Along with the original bond, entities and individual applicants need to submit a bond certification form, which can be found at the bottom of the DFS’s surety bond instructions page.

Get in touch with Single Source Insurance and get the best rate for your New York mortgage lender surety bond!

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