The end of the year may seem far away, but in no time, the December renewal for the Georgia Dismantler Bond will be here. Before then, you may have some questions about surety bonds. We are here to answer them. By the time December rolls around, you’ll know exactly how to fulfill the bond requirements for Georgia Dismantlers. This way, you can revel with friends—6 feet apart—as 2020 ends without worrying about surety bonds.
What Is the GA Dismantler Bond?
The Georgia Dismantler Bond is a surety bond needed in addition to your dealer license. It is also commonly referred to as the Used Motor Vehicle Parts Dealer Bond. A surety bond is a three-party contract between the Principal, the Obligee, and the Surety Company.
- Principal: the person/business required to get a bond.
- Obligee: the entity that requires the Principal to get a bond.
- Surety Company: the insurance company that issues the bond.
A surety bond guarantees to the Obligee on behalf of the Surety that the Principal will uphold the regulations set forth within the bond. Therefore transferring from the Obligee to the Surety, any financial responsibility of damages incurred by the public due to the actions of the Principal.
The Governor of Georgia, as the Obligee, is who requires this bond. As I mentioned before, you need this bond in conjunction with your dealer license. If you do not have your license yet, you can find more information about the application here.
This specific license is for both Used Motor Vehicle Dealers and Used Parts Dealers/Dismantlers. Au contraire, the bond amounts required for each type of business vary. Georgia Used Parts Dealers/Dismantlers will need a bond amount of $10,000, while a GA Used Motor Vehicle Dealer will need a bond amount of $35,000.
Of course, because nothing is ever easy, the renewal dates for each bond vary as well. They both have two-year terms. However, the Used Parts Dealer (Dismantler) Bond expires December 31st every even year (2022, 2024, etc.). While the Used Motor Vehicle Dealer Bond ends every even year on March 31st.
Who Needs a GA Dismantler Bond?
Sure, you may only need one license to be a Used Motor Vehicle Dealer or a Used Parts Dealer. But if you operate as both, you will need both bonds.
Per the Georgia Code:
‘Used motor vehicle parts dealer’ or ‘used parts dealer’ means any person, partnership, limited liability company, firm, or corporation buying, selling, or using motor vehicle parts, either as a used motor vehicle parts dealer, a motor vehicle dismantler, a motor vehicle rebuilder, a salvage pool dealer, or a salvage dealer.§ 43-47-2.(18)
It’s not uncommon for motor vehicle dealers to also operate as a used part dealer. If this is the case, please make sure you have both the $10,000 Dismantler Bond and the $35,000 Used Motor Vehicle Dealer Bond. Getting two bonds sounds costly, both for time and money. Fortunately, EZsuretybonds.com offers both of these bonds for a great price.
The Cost To You
We’re here to help, whether you need a GA Dismantler Bond, Used Motor Vehicle Dealer Bond, or both. At EZsuretybonds.com, we offer them starting at only $100 and $150, respectively.
Getting your bond is easy. All you have to do is fill out the application for whichever bond you need: whether it’s the $10,000 Dismantler Bond, the $35,000 Used Motor Vehicle Dealer Bond, or both. Each application only takes a few minutes. Honestly, I’ve made takeout orders that have taken longer than these applications.
It’s important to note that a majority of surety bonds, these two included, are based on your credit. Unfortunately, credit seems to make the world go round. Now, I know some people have the same reaction to their credit score as they do to…say, filing their taxes. Or that one relative at Thanksgiving dinner…but, fret not.
At EZsuretybonds.com, we help people with a wide variety of credit get the surety bonds they need. Apply anyway! We’ll do everything we can to find you a reasonable quote and contact you within one business day.
If You Ever Have Any Questions…
…let us know! As you continue to enjoy your pumpkin spice lattes and fall weather, keep in mind that we’ll be here answer any queries you may have about surety bonds. Whether you need the Georgia Dismantler Bond or a bond in another state, we can help.