Code of Maine Rules › 29 - DEPARTMENT OF THE SECRETARY OF STATE › 250 - BUREAU OF MOTOR VEHICLES › Bureau of Motor Vehicles › Chapter 103 - RULES FOR VEHICLE DEALERS, AUCTIONS, TRANSPORTERS, RECYCLERS, MOBILE CRUSHERS, AND LOANERS › Appendix 250-103-B

Current through 2024-29, July 17, 2024
SURETY BOND FOR MOTOR VEHICLE DEALER
KNOW ALL MEN BY THESE PRESENTS:
Bond#
______________________
That we,
					 ______________________________________________________ of
					 ____________________________, State of Maine,
(Legal Name of Dealership) (City/
					 town)
as Principal,
					 and____________________________________________________, a Corporation
					 organized and existing under the
(Name of Bonding Company)
laws of ______________________________________________ and
					 authorized to do business in the State of Maine, as Surety, are
(State of Jurisdiction)
held and firmly bound unto the Secretary of State, State of
					 Maine, in the penal sum of _________________________________ dollars
					 ($__________________), lawful money of the United States of America, for which
					 payment well and truly be made, we and each of us, bind ourselves, our heirs,
					 executors, administrators, personal representatives and assigns, jointly and
					 severally, firmly by these presents.
Signed, sealed, and dated this ___________________
					 day of _______________________________, 20___________.
Whereas the above bounden principal has or is about to make
					 application to the Secretary of State, Bureau of Motor Vehicles, for a license
					 authorizing said Principal to engage in the business of a motor vehicle dealer
					 in accordance with Title 29A M.R.S.A., and all the rules promulgated thereunder
					 by the Secretary of State, and if so licensed, said Principal is required to
					 furnish a Surety Bond pursuant to 29A M. R. S. A. §901, SUB- §4. Now,
					 therefore, all conditions of this Obligation is such that if the said Principal
					 shall faithfully observe the provisions of Title 29-A M. R. S. A., and all the
					 rules promulgated thereunder relating to the business of a motor vehicle
					 dealer, then this Obligation shall be null and void, otherwise to remain in
					 full force and effect.
This bond shall be for the use and benefit of the Secretary
					 of State, State of Maine, and for any person, firm or operation who may suffer
					 loss because the Principal fails to comply with the above-mentioned laws and
					 Rules.
Two types of Bonds are accepted by the Secretary of
					 State, State of Maine from the principal and Surety.
[] This bond shall run concurrently with the period of the
					 motor vehicle dealer's license granted to the Principal and shall
terminate
at
11:59 p. m
. on the
lastday
of the period of such license. If a continuation certificate is provided
					 reflecting an expiration date, said bond will be valid up to that date. It will
					 be continued in full force only if another continuation certificate is executed
					 by the Surety and received by the Secretary of State, State of Maine.
[] The surety bond shall be concurrent with the period of
					 the license granted to the Principal, and
shall remain in full force and
					 effect for any renewal thereof
, and shall remain in full force until
					 cancelled and provide the total liability of the surety herein. The total
					 amount of the surety shall apply to each license year. This bond will be
					 continuous bond and remain in effect until cancelled.
The surety may cancel this bond at any time by giving
					 thirty (30) days written notice by registered or certified mail to the
					 Secretary of State, State of Maine, Motor Vehicle Division.
Principal and Surety agree to be bound by the laws of the
					 State of Maine as to the interpretation of this Instrument.
By:
					 __________________________________________________
(Principal)
By: _______________________________________
					 __________________________________________________
(Witness)
By:
					 __________________________________________________
(Surety Company)
By: _______________________________________
					 Attorney-in-fact: ________________________________________
(Witness)
MVD-390 Rev 06/2018