The Colorado Department of Revenue, Enforcement Division, regulates the activities of buyer agents in the state. Buyer agents act as agents for persons who are interested in purchasing vehicles.
However, a buyer agent is not someone who purchases vehicles for resale; they are not an auto dealer. An auto dealer cannot at the same time be an auto agent. The same is likewise true for salespersons.
All of this is clearly spelled out on the Department site.
Besides licensing, payment of any licensing fees, and fingerprinting, you are required to purchase a surety bond.
The Colorado buyer agent bond is a $5000 surety bond required as per § 12-6-112.2 of the state’s statutes.
Qualifying for this surety bond is by means of an application and a credit score inquiry. The application is a standard application and can be taken over the phone by an agent. The credit score inquiry is a “soft pull” which means that this inquiry will not affect your credit score.
Applicants for the buyer agent surety should typically pay just $100. The bond is issued for a period of one year and must be reissued annually.
Purpose of this Bond:
The purpose of your Colorado buyer agent surety bond is to act as a financial guarantee that you will be in compliance with all rules and statutes concerning your professional, particularly part 1 of Title 12, Article 6 of the Colorado Revised Statutes.
Recovery under this surety bond for any claims is found under §12-6-112.2(1), 12-6-112.2(2) and §12-6-112.2(3) of the Colorado Revised Statutes. As obligor of this bond, you are responsible, up to the aggregate amount of the bond ($5,000), excluding attorney fees and costs, for any claims paid against your surety bond.
AmeriPro Surety Bonds is a surety bonds-only agency.
Our agency provides license and permit, court, and fiduciary bonds throughout Colorado. We also provide surety bonds nationwide.
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