The state of Oklahoma requires more than 100 different types of bonds that professionals, companies and others must post in order to protect those with whom they do business.
At the local level, many cities and counties also require bonds for a variety of trades and professions, covering everything from arborist contractors in Enid to city auctioneers in Tulsa to used trailer/used auto/salvage/parts dealers in Oklahoma City.
NNA Surety Bonds has been providing license and permit bonds to businesses across the United States since 1957. We carry some of the most popular Oklahoma policies, serving vehicle dealers, process servers, public adjusters and supervised lenders.
Used motor vehicle dealers and wholesale motor vehicle dealers in Oklahoma must post a $25,000 surety bond as a licensing requirement. For operators of used motor vehicle auctions, the bond amount is $50,000. Unlike most other states, Oklahoma does not have bonding requirements for new car dealers.
This bond protects consumers and other dealers from financial loss that could result from unethical or illegal practices by your dealership. For qualified applicants, a $25,000 auto dealer bond costs $306 for a two-year term.
To work as a process server in Oklahoma, you are required to submit a $5,000 surety bond to the state along with your license application.
Your bond protects the public and the OK court system from damages in the event you fail to abide by service of process laws. Your premium for this bond is $50.
Public adjusters are required by the Oklahoma Insurance Commission to post a $25,000 surety bond when applying for a license. Premiums for this bond begin at $250. The bond contract states that you will abide by insurance regulations and properly handle all consumer funds.
If you fail to abide by OK Insurance Commission guidelines, a claim can be filed against your bond. If the court upholds the claim, your bond will be used to compensate the injured party. You are responsible for paying back the surety company any amount paid out by the bond.
The Oklahoma Department of Consumer Credit licenses supervised lenders and requires them to obtain a $5,000 surety bond for their first license. A $1,000 bond is needed for each additional license.
NNA Surety Bonds offers a $5,000 policy for supervised lenders with an annual premium cost of $100.
|Bond Name||Coverage Amount||Cost
|Motor Vehicle Dealer Bond||$25,000||$306* (two years)||Oklahoma Used Motor Vehicle and Parts Commission|
|Process Server Bond||$5,000||$50||State of Oklahoma|
|Public Adjuster Bond||$25,000||$250||Oklahoma Insurance Commission|
|Supervised Lender Bond||$5,000||$100||Oklahoma Department of Consumer Credit|
* Cost can vary depending on the bond amount required and your credit rating
Our knowledge of Oklahoma bonds allows us to provide accurate quotes quickly. For help through the process of selecting the right surety bond for your business, speak with one of our experts today.