Used motor vehicle dealers in the State of Ohio are required in section 4501:1-3-11 of the Ohio Administrative Code to post a surety bond of $25,000. The bond’s sole purpose is to replenish funds that have been distributed from the Title Defect Rescission Fund in order to compensate retail purchasers from the bonded dealership.
If you are a new motor vehicle dealer who also holds a used motor vehicle dealers license or a used motor vehicle dealer that held a license prior to the effective date of the relevant Ohio Administrative Code section, then you are exempt. Contact the Ohio Bureau of Motor Vehicles for more information.
For new dealers, proof that a surety bond has been secured must be submitted with the application. Make sure that you use the registered business name of the dealership, as filed with the Bureau of Motor Vehicles and Secretary of State.
There are two cases in which you may be exempt from this bond requirement. New motor vehicle dealers that also hold a used motor vehicle dealer license are exempt. Used motor vehicle dealer that held a license prior to the effective date of section 4501:1-3-11 of the OAC are also exempt.
You will need to mail the original bond to the Ohio Attorney General's Office at the following address:
Ohio Attorney General
Consumer Protection Section
Attn: TDRF Unit Surety Bond
30 E. Broad Street, 14th Floor
Columbus, OH 43215
State of Ohio
Department of Public Safety, Bureau of Motor Vehicles
1970 West Broad Street
Columbus, OH 43223
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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.
