NY Used Motor Vehicle Dealer $20,000 Bond


Effective March 28, 2017, New York motor vehicle dealers (other than New Motor Vehicle Dealers) that sold 50 or fewer vehicles in the previous calendar year are required to maintain a $20,000 surety bond.

General Questions
What is a surety bond? 
What is a surety bond?

A surety bond is a three-party agreement among a principal, an obligee, and a surety.

The bond formalizes the principal's obligation to the obligee. The surety guarantees that the principal will fulfill their obligation.