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Maine Surety Bonds
Surety Bond Requirements in ME
Surety bonds are required for auto dealers and many other professionals in the state of Maine to protect those with whom they do business.
While there are bonding regulations at the state level, over a dozen municipalities—from Auburn to South Portland—require various bonds as well. It's a good idea to find out which licenses and bonds are needed in your area.
To make sure you're in compliance with Maine bonding regulations, speak with a specialist from NNA Surety Bonds. We have been providing affordable coverage to companies and individuals across the United States since 1957.
We offer the following surety bonds in the state of Maine:
Motor Vehicle Dealer Bond
The state of Maine considers you an auto dealer if you:
- Buy vehicles for the purpose of resale;
- Sell more than 5 vehicles in 12 months; or
- Advertise or display 3 or more vehicles for sale within 30 days on your premises.
Vehicle sellers fitting that description must be licensed and bonded according to the following criteria:
| Sales in Prior Year | Surety Bond Amount | Annual Premium |
|---|---|---|
| 0 to 50 | $25,000 | $200 |
| 51 to 100 | $50,000 | $500 |
| 101 to 150 | $75,000 | $750 |
| Over 151 | $100,000 | $1,000 |
Your surety bond applies to both new and used vehicles and is required by the Maine Bureau of Motor Vehicles. A vehicle dealer bond allows you to do business while protecting your customers and the state from failure to comply with Maine laws and rules under Title 29A M.R.S.A. by you or your employees.
As a vehicle dealer in ME, your cost for a surety bond is a small percentage of the policy’s full coverage amount. The exact premium rate will depend on the size of your bond and your underwriter’s evaluation of your credit score.
| Bond Name | Coverage Amount | Cost (Annual Premium) |
Regulatory Authority |
|---|---|---|---|
| Motor Vehicle Dealer Bond | $25,000–$100,000 | $250–$1,000* | Maine Bureau of Motor Vehicles |
* Cost can vary depending on the bond amount required and your credit rating
Our knowledge of Maine bond requirements allows us to provide accurate quotes quickly. For guidance through the process of selecting surety bonds for your business, talk to one of our experts today.