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

What Is Form TA-VD-114?

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 April 1, 2016;
  • 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-114 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-114 "Motor Vehicle Dealer Bond" - Vermont

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Motor Vehicle Dealer Bond
120 State Street
DEPARTMENT OF MOTOR VEHICLES
Montpelier, Vermont 05603-0001
Agency of Transportation
802.828.2038
Toll Free: 888-99-VERMONT
dmv.vermont.gov
TTD: 711
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 dealing 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 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.
The bond shall be effective __________________________ and shall expire __________________________.
Dated this ______________ day of _____________________, 20_____, at____________________________
County of _________________________________ and state of ____________________________________
____________________________________
PRINCIPAL
_____________________________________________ BY: _____________________________________
WITNESS
Dated this ______________ day of _____________________, 20_____, at___________________________
County of _________________________________ and state of ____________________________________
____________________________________
SURETY
_____________________________________________
BY: ____________________________________
WITNESS
Vermont Telecommunications Relay Service Dial 711
TA-VD-114 04/2016 REB
Motor Vehicle Dealer Bond
120 State Street
DEPARTMENT OF MOTOR VEHICLES
Montpelier, Vermont 05603-0001
Agency of Transportation
802.828.2038
Toll Free: 888-99-VERMONT
dmv.vermont.gov
TTD: 711
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 dealing 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 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.
The bond shall be effective __________________________ and shall expire __________________________.
Dated this ______________ day of _____________________, 20_____, at____________________________
County of _________________________________ and state of ____________________________________
____________________________________
PRINCIPAL
_____________________________________________ BY: _____________________________________
WITNESS
Dated this ______________ day of _____________________, 20_____, at___________________________
County of _________________________________ and state of ____________________________________
____________________________________
SURETY
_____________________________________________
BY: ____________________________________
WITNESS
Vermont Telecommunications Relay Service Dial 711
TA-VD-114 04/2016 REB
Motor Vehicle Dealer Bond
120 State Street
DEPARTMENT OF MOTOR VEHICLES
Montpelier, Vermont 05603-0001
Agency of Transportation
802.828.2038
Toll Free: 888-99-VERMONT
dmv.vermont.gov
TTD: 711
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).
Vermont Telecommunications Relay Service Dial 711
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