Colorado Motor Vehicle Salesperson Bond |
AmeriPro Surety Bonds | 844-589-9732
Motor Vehicle Salespersons – Colorado
New and renewal applicants for the Colorado motor vehicle salespersons license are regulated by the state’s Department of Revenue, Division of Enforcement.
To become an auto dealer salesperson, you must:
- Complete an application;
- Pay any applicable fees;
- Certify to your eligibility or ineligibility for public benefits;
- Submit fingerprints as part of a background check.
Finally, you must file the appropriate surety bond with the Department.
Surety Bond Requirement: Amount and Qualifying
The Colorado motor vehicle salesperson bond is a $15,000 surety bond required to be submitted with your application for a new or renewal salesperson license.
Qualifying is easy and straightforward.
You will complete a standard surety bond application. The application largely involves asking you for the basics (name, address, phone number, and social security number). You may also be asked about how long you’ve been in the industry. A credit score inquiry is also required for purposes of underwriting your bond.
Turn around times for a decision, depending on the time of the day the application is submitted, are generally between 1 to a few hours.
Once issued and paid for, an emailed copy will be sent to you. According to the Department website, as of this writing, a copy of the surety bond is acceptable for filing. In any case, the original surety bond with the wet signature will be sent to you by the same or the following business day.
Typically, for a well qualified applicant, the Colorado motor vehicle dealer salesperson bond may be anywhere between 1.5%-2% of the bond’s amount annually. We emphasize, however, that information provided on your application and the credit score will be the determining factors, and so amounts may vary somewhat.
Duration or the Surety Bond Term
Once issued, this salesperson surety bond will have a term of one year from the date of issuance; thereafter the bond must be renewed.
In some cases, not all, you may be able to prepay this surety bond for 2 or 3 years. Prepayment allows you to choose a savings over year to year renewal of the surety bond premium.
The purpose of this surety bond is for the benefit of consumers, not you as a licensed salesperson.
The motor vehicle salesperson surety bond is a financial guarantee which ensures your compliance with all laws relating to the sales of vehicles, particularly Title 12, Article 6 of the Colorado Revised Statutes, parts 1 and/or part 5.
This surety bond protects the consumer from any acts of fraud, misrepresentation, or wrongdoing on the part of a licensed salesperson.
As the obligor of this bond, you are responsible for any claims (if such were ever the case) paid by the surety; except that such claims will not, in the aggregate, exceed the amount of the bond, excluding attorney fees and costs.
AmeriPro Surety Bonds is a surety bonds only agency.
We provide license and permit, court, and fiduciary surety bonds throughout Colorado. Our agency also provides surety bonds nationwide.
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