Form TA-VD-114A "Motor Vehicle Dealer Continual Bond" - Vermont

What Is Form TA-VD-114A?

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

Form Details:

  • Released on October 1, 2011;
  • The latest edition provided by the Vermont Department 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 TA-VD-114A by clicking the link below or browse more documents and templates provided by the Vermont Department of Motor Vehicles.

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Download Form TA-VD-114A "Motor Vehicle Dealer Continual Bond" - Vermont

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Motor Vehicle Dealer Continual Bond
DEPARTMENT OF MOTOR VEHICLES
120 State Street
Agency of Transportation
Montpelier, Vermont 05603-0001
802.828.2000
dmv.vermont.gov
The bond, letter of credit or certificate of deposit shall remain in effect for the pending registration year
and one year thereafter.
KNOW ALL PERSONS BY THESE PRESENT, that we
as
Principal,
and
a corporation organized and
existing under the laws of the State of
having
its
principal
place
of
business at
being authorized to do business in the State
of Vermont, as Surety, are held and firmly bound unto the State of Vermont, in the penal sum of $_________
for payment of which, well and truly to be made, we bind ourselves, our heirs, executors, administrators,
successors and assigns, jointly and severally, firmly by these presents.
THE CONDITION, of the above obligation is such that WHEREAS the principal has applied for the
issuance of a Motor Vehicle Dealer’s registration and presents this bond in accordance with the statute.
NOW THEREFORE, if the aforesaid Principal shall faithfully comply with the provisions of the State of
Vermont statutes applicable to new motor vehicle dealers and used motor vehicle dealers and shall indemnify
the State of Vermont or any person dealer or transacting business with the principal for any loss sustained by
the State of Vermont, or by any person by reason of the failure of the Principal to remit, to the Commissioner of
Motor Vehicles, fees collected pursuant to 23 V.S.A. Chapters 7 and 21 or 32 V.S.A. Chapter 219, then this
obligation to be void, otherwise, to remain in full force and effect.
The bond shall be effective
.
The aggregate liability of the Surety of all persons shall, in no event, exceed the amount of this bond during any
one registration period.
This bond covers any breach of the above-stated obligations occurring during the bonding period, prior to the
effective date of cancellation or termination of the bond. Any claim under this bond must be made to the Surety
within one year after the Principal ceases, for any reason, to be licensed or one year after the effective date of
cancellation or termination of this bond, whichever comes first.
Dated this
day of
, 20
.
PRINCIPAL
BY:
WITNESS
SURETY
BY:
WITNESS
TAVD114a
WEB
10/2011 CAY
Motor Vehicle Dealer Continual Bond
DEPARTMENT OF MOTOR VEHICLES
120 State Street
Agency of Transportation
Montpelier, Vermont 05603-0001
802.828.2000
dmv.vermont.gov
The bond, letter of credit or certificate of deposit shall remain in effect for the pending registration year
and one year thereafter.
KNOW ALL PERSONS BY THESE PRESENT, that we
as
Principal,
and
a corporation organized and
existing under the laws of the State of
having
its
principal
place
of
business at
being authorized to do business in the State
of Vermont, as Surety, are held and firmly bound unto the State of Vermont, in the penal sum of $_________
for payment of which, well and truly to be made, we bind ourselves, our heirs, executors, administrators,
successors and assigns, jointly and severally, firmly by these presents.
THE CONDITION, of the above obligation is such that WHEREAS the principal has applied for the
issuance of a Motor Vehicle Dealer’s registration and presents this bond in accordance with the statute.
NOW THEREFORE, if the aforesaid Principal shall faithfully comply with the provisions of the State of
Vermont statutes applicable to new motor vehicle dealers and used motor vehicle dealers and shall indemnify
the State of Vermont or any person dealer or transacting business with the principal for any loss sustained by
the State of Vermont, or by any person by reason of the failure of the Principal to remit, to the Commissioner of
Motor Vehicles, fees collected pursuant to 23 V.S.A. Chapters 7 and 21 or 32 V.S.A. Chapter 219, then this
obligation to be void, otherwise, to remain in full force and effect.
The bond shall be effective
.
The aggregate liability of the Surety of all persons shall, in no event, exceed the amount of this bond during any
one registration period.
This bond covers any breach of the above-stated obligations occurring during the bonding period, prior to the
effective date of cancellation or termination of the bond. Any claim under this bond must be made to the Surety
within one year after the Principal ceases, for any reason, to be licensed or one year after the effective date of
cancellation or termination of this bond, whichever comes first.
Dated this
day of
, 20
.
PRINCIPAL
BY:
WITNESS
SURETY
BY:
WITNESS
TAVD114a
WEB
10/2011 CAY
I. DEFINITIONS
As used in these rules, the following definitions shall apply:
A. “New car dealer” shall have the same meaning as in 23 V.S.A.§ 4 (8):
B.
“Used car dealer” shall have the same meaning as in 23 V.S.S.§ 4 (8):
C.
“Required Period” shall mean the registration period established by 23 V.S.A. §452 for
which an application is being made plus one year.
D. “Commissioner” shall mean the Commissioner of Motor Vehicles.
II. DEALER REGISTRATION
A.
A new or used car dealer registration shall not be issued unless the dealer has provided the
Commissioner with a surety bond issued by an entity authorized to do business in Vermont
in an amount set forth in subsection B of this section.
B.
The amount shall be based upon the dealer’s sales in the year prior to the year for which the
application is being made, or in the case of a 2 year dealer registration the previous two
years as follows:
1.
Less than 25 vehicles
$20,000
2.
25 to 100 vehicles
$25,000
3.
101 to 250 vehicles
$30,000
4.
251 or more vehicles
$35,000
C.
If the applicant was not registered as a dealer in the year immediately prior to the year for
which the application is being made, the amount shall be $35,000.00.
III. FORM REQUIREMENTS
Bonds
1. Forms shall be available upon request from the Commissioner
2. Only such forms or identical forms independently produced shall be used.
IV. PURPOSE/LIABILITY
Such bonds shall be available to provide the indemnity required by 23 V.S.A. § 453 (g).
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