Bond Requirement

Va. Code §46.2-1992.20

Every applicant for an original, second year renewal, and third year renewal dealer's license (first 3 consecutive years) is required to furnish a $25,000 surety bond from a corporate surety company licensed to do business in the Commonwealth.

Note: Upon completion of 3 consecutive years without a claim against the bond, the requirement for the bond would be dropped.

Bond Exemption

Any dealer who is licensed by the Motor Vehicle Dealer Board as a car or truck dealer and applies for a trailer dealer license at the same business location, is exempt from the bonding requirement noted above.