A Maine motor vehicle title bond is alternately referred to as a Maine lost vehicle title bond, or Maine defective title bond.
However it may be called, the upshot is that in attempting to register a vehicle in the state of Maine, something is missing which prevents granting of a title. To remedy this, the Maine Bureau of Motor Vehicles requires you to obtain a surety bond.
Once issued your bond is active for a period of three years. The premium, however, is just a onetime payment.
Meeting the surety bond required is surprisingly very easy, and with us, can be completed in a matter of minutes.
Under Title 29-A, §659, the amount of your motor vehicle title bond will be 1 ½ times the value of your vehicle, as determined by the Maine Secretary of State. We will need you to provide us with that amount.
The first thing to note about obtaining a Maine motor vehicle title bond is that you are likely already approved. This is because up to and including a $50,000 surety bond requirement, our agency offers this bond to you immediately. There is no credit check, and the premium is just a onetime payment of 1% of the bond’s amount (minimum $100).
When you call us, we’ll ask you the basics --- your name, address, phone number, and other contact information (i.e. email). We take the application from you over the phone.
We’ll also ask you the following about the vehicle which requires the certificate of bonded title:
Amounts Greater than $50,000
If applicable, for a certificate of title bond greater than $50,000, your application will also need to be signed. Additionally, it is reviewed by an underwriter, and a credit check is required.
Approval is contingent upon your good credit; the premium rate is 1%.
After the premium is paid, our agency issues the bond to you immediately. The bond is mailed to you for filing along with a Power of Attorney form.
Upon receipt, you’ll sign your bond as Principal, and file it along with the Power of Attorney form to:
State of Maine – DMV
State House Station
Augusta, ME 04330
The wording on your surety bond states its purpose.
But as a recap, since your car title is in some way defective or missing, in exchange for granting you a title, the surety bond indemnifies any prior owners or any subsequent owners of your vehicle in case there is some expense, loss, or damage, due to information which is subsequently learned about the vehicle’s ownership.
After 3 years, if there is no claim against your bond, the bond expires. This is a statutory regulation as found in 29A Maine Revised Statutes Annotated §659.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide certificate of title surety bonds for vehicles nationwide. Our agency is also a provider of license and permit bonds in all 50 states.
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