The commonwealth of Massachusetts requires certain businesses to post a surety bond as part of the licensing process. For example, new or used motor vehicle dealers must post a $25,000 bond to receive licensure.
NNA Surety Bonds has been providing affordable policies to companies and individuals across the country since 1957. We carry some of the most popular bonds in Massachusetts, including those that serve:
The Office of the State Treasurer & Receiver General requires debt collectors operating in MA to post a $25,000 surety bond. Licensing for collection agencies is handled through the Nationwide Multistate Licensing System (NMLS). The annual premium for your MA debt collector bond is $250, for those with good credit and business history.
Debt collector bonds help protect the public if your collection agency mishandles personal information or fails to report and pay collections to clients. In these circumstances, a claim can be filed against your bond to compensate harmed parties for financial loss.
Auto dealers selling new or used vehicles are required by the Massachusetts Registry of Motor Vehicles to post a $25,000 surety bond. While both new and used car dealers must obtain a license to operate, Massachusetts only requires used car dealers to file a bond with the state. The annual cost for this bond policy starts at $250.
Massachusetts requires all auto repair shops to register with the Director of the Division of Standards. Along with your license application, you will have to file a $10,000 surety bond to complete this process. You can receive a surety bond policy for your vehicle repair shop with a premium as low as $100, depending on your credit.
The MA Board of Registration of Real Estate Brokers and Salesmen requires brokers to file a $5,000 surety bond as part of their license application to the state. Your annual premium for this bond is only $50.
The bond agreement stipulates that you will conduct business ethically and abide by Massachusetts state regulations. Should you act unethically or illegally, harmed parties may file a claim against your bond.
|Bond Name||Coverage Amount||Cost
|Debt Collector Bond||$25,000||$250*||MA State Treasurer & Receiver General|
|Motor Vehicle Dealer Bond||$25,000||$250*||MA Registry of Motor Vehicles|
|Motor Vehicle Repair Shop Bond||$10,000||$100*||MA Director of the Division of Standards|
|Real Estate Broker Bond||$5,000||$50||MA Board of Registration of Real Estate Brokers and Salesmen|
* Cost can vary depending on the bond amount required and your credit rating
Our experience in issuing Massachusetts bonds allows us to provide quick and accurate quotes. For help through the process of selecting the right surety bonds for your business, talk with one of our experts today.