Form SBTS-607 "Commercial Driver Training School Certificate of Deposit Memorandum of Understanding" - North Carolina

What Is Form SBTS-607?

This is a legal form that was released by the North Carolina Department of Transportation - Division of Motor Vehicles - a government authority operating within North Carolina. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on February 1, 2000;
  • The latest edition provided by the North Carolina Department of Transportation - Division of Motor Vehicles;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of Form SBTS-607 by clicking the link below or browse more documents and templates provided by the North Carolina Department of Transportation - Division of Motor Vehicles.

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Download Form SBTS-607 "Commercial Driver Training School Certificate of Deposit Memorandum of Understanding" - North Carolina

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SBTS-607
School License Number
SBTS-607(Rev. 2/00)
__________________
North Carolina Division of Motor Vehicles
SCHOOL BUS AND TRAFFIC SAFETY
SECTION
COMMERCIAL DRIVER TRAINING SCHOOL CERTIFICATE OF DEPOSIT
MEMORANDUM OF UNDERSTANDING
NORTH CAROLINA DIVISION OF MOTOR VEHICLES and
T
his agreement made and entered into the
day of
, 20
b
etween the North Carolina Division of Motor Vehicles, hereinafter referred to as DMV, and
,
hereinafter referred to as the
Company.
WITNESSETH
Whereas, DMV in implementation of G.S. 20-322(b) and Section .0700 of the "Rules and Regulations Governing the
Licensing of Commercial Driver Training Schools and Instructors" requires that the Company, in order to renew a license
or to obtain a license, furnish a bond; and
Whereas, it is mutually agreeable between DMV and the Company that the Company will furnish a Certificate of
Deposit in the principal sum of twenty thousand dollars ($20,000), subject to the following conditions:
1. The Certificate of Deposit (C.D.) with
,
must be approved by the Commissioner of Motor Vehicles as to form and terms of deposit as will secure the ultimate
beneficiaries of the C.D.; and such C.D. shall not be available for delivery to any person contrary to the rules of the
Commissioner;
2. The Certificate of Deposit (C.D.) will be deposited in the name of DMV, in compliance with G.S. 20-322(b) and
Section .0700, made payable to DMV, and may be cashed by DMV to indemnify any person who may be aggrieved by
fraud, fraudulent representation or violation of Article 14 of Chapter 20 of the General Statutes of North Carolina by said
Company, its owners or instructors acting for such Company, within the scope of the employment of such owners or
instructors;
3. The Certificate of Deposit (C.D.) will remain in effect, payable to DMV from license year to license year and upon
revocation, suspension, or withdrawal of license, either voluntary or involuntary, will remain on deposit with DMV until
all obligations and liabilities toward students of the company shall have been discharged according to the requirements of
Article 14 of Chapter 20 of the General Statutes of North Carolina and the "Rules and Regulations Governing the
Licensing of Commercial Driver Training Schools and Instructors."
file:///G|/dotweb/dmv/driver_services/schoolbus/drivereducation/forms/sbts_607.html (1 of 2) [3/16/2005 6:09:59 PM]
SBTS-607
School License Number
SBTS-607(Rev. 2/00)
__________________
North Carolina Division of Motor Vehicles
SCHOOL BUS AND TRAFFIC SAFETY
SECTION
COMMERCIAL DRIVER TRAINING SCHOOL CERTIFICATE OF DEPOSIT
MEMORANDUM OF UNDERSTANDING
NORTH CAROLINA DIVISION OF MOTOR VEHICLES and
T
his agreement made and entered into the
day of
, 20
b
etween the North Carolina Division of Motor Vehicles, hereinafter referred to as DMV, and
,
hereinafter referred to as the
Company.
WITNESSETH
Whereas, DMV in implementation of G.S. 20-322(b) and Section .0700 of the "Rules and Regulations Governing the
Licensing of Commercial Driver Training Schools and Instructors" requires that the Company, in order to renew a license
or to obtain a license, furnish a bond; and
Whereas, it is mutually agreeable between DMV and the Company that the Company will furnish a Certificate of
Deposit in the principal sum of twenty thousand dollars ($20,000), subject to the following conditions:
1. The Certificate of Deposit (C.D.) with
,
must be approved by the Commissioner of Motor Vehicles as to form and terms of deposit as will secure the ultimate
beneficiaries of the C.D.; and such C.D. shall not be available for delivery to any person contrary to the rules of the
Commissioner;
2. The Certificate of Deposit (C.D.) will be deposited in the name of DMV, in compliance with G.S. 20-322(b) and
Section .0700, made payable to DMV, and may be cashed by DMV to indemnify any person who may be aggrieved by
fraud, fraudulent representation or violation of Article 14 of Chapter 20 of the General Statutes of North Carolina by said
Company, its owners or instructors acting for such Company, within the scope of the employment of such owners or
instructors;
3. The Certificate of Deposit (C.D.) will remain in effect, payable to DMV from license year to license year and upon
revocation, suspension, or withdrawal of license, either voluntary or involuntary, will remain on deposit with DMV until
all obligations and liabilities toward students of the company shall have been discharged according to the requirements of
Article 14 of Chapter 20 of the General Statutes of North Carolina and the "Rules and Regulations Governing the
Licensing of Commercial Driver Training Schools and Instructors."
file:///G|/dotweb/dmv/driver_services/schoolbus/drivereducation/forms/sbts_607.html (1 of 2) [3/16/2005 6:09:59 PM]
SBTS-607
Now, therefore, in consideration of the benefits accruing to the Company and DMV, same do hereby set their hands and
seal this the day of
,20
.
By:
________________________________
North Carolina Department of
Sworn to before me and subscribed in my presence
Transportation
this the _________________ day of _______________, 20_____.
Division of Motor Vehicles
___________________________________________
Notary Public
My Commission Expires: ______________________________
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