Form LT-409 Motor Vehicle Dealer Surety Bond - North Carolina

What Is Form LT-409?

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.

FAQ

Q: What is form LT-409?A: Form LT-409 is the Motor Vehicle Dealer Surety Bond used in North Carolina.

Q: What is a surety bond?A: A surety bond is a legal agreement that protects customers from financial loss if a dealer fails to fulfill their obligations.

Q: Why is a surety bond required for motor vehicle dealers in North Carolina?A: A surety bond is required to protect consumers from fraudulent practices or actions taken by motor vehicle dealers.

Q: Who needs to submit form LT-409?A: Motor vehicle dealers in North Carolina are required to submit form LT-409.

Q: How is form LT-409 submitted?A: Form LT-409 can be submitted to the North Carolina Division of Motor Vehicles.

Q: What information is required on form LT-409?A: Form LT-409 requires information such as the dealer's name, address, bond amount, and surety information.

Q: What is the purpose of the bond amount?A: The bond amount is the maximum amount of coverage provided by the surety bond.

Q: Is form LT-409 refundable?A: No, form LT-409 is not refundable.

Q: Are there any other requirements for motor vehicle dealers in North Carolina?A: Yes, motor vehicle dealers in North Carolina are also required to have a valid dealer license and maintain liability insurance.