As a prerequisite for licensing, Oklahoma motor license agents, or “tag agents,” are required to provide evidence of a surety bond in an amount that is determined by the Oklahoma Tax Commission.
For all applicants of the Oklahoma motor license agent bond, you are automatically approved for any amount up to and including $50,000. What this means for you is that any motor license agent surety bond up to that threshold will be approved without a credit check or review by an underwriter.
For these amounts, after you submit a surety application – which can be taken from you over the phone -- and pay the premium --- 1% of the bond amount annually --- the bond is issued to you immediately.
For amounts greater than $50,000, an applicant will need good credit. In addition to the surety bond application, there is also a credit review by a surety bond underwriter. Applicants who are approved will still pay 1% of the bond’s amount as premium.
In both cases, once the premium has been paid, our agency can email you a copy of your surety bond. The original bond, which you will sign as Principal, will be sent to you by the following business day.
It is ideally the original surety bond that you will want to file with the OK Tax Commission.
Regardless of the amount of your OK motor license agent surety bond required, you will have the option to prepay the bond for 2 or 3 years.
While this is entirely optional, doing so gives you two advantages. The first is that it lengthens the time between surety bond renewals (your bond is issued with a standard term of one year). The second is that you will have a savings over year to year renewal of your surety bond premium.
When you call our agency, we will give you the breakdown for the amount of bond you require.
Your surety bond is a financial guarantee for the Oklahoma Tax Commission that you will pay any taxes owed including vehicle fees, title fees, drivers’ license fees, boat and motor license fees in a timely manner to this agency. Title 47 §47-1140 of Oklahoma's statutes provides for this surety bond requirement.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Oklahoma. Our agency also provides surety bonds nationwide.
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