Bond of Designated Agent (For Motor Vehicle Dealers)
Designated Agents Bond
Overview
What it is.
Designated Agents Bond
Who usually needs it
Licensed motor vehicle dealers in Mississippi, specifically used vehicle and wholesale dealers, must obtain this $15,000 bond as a condition of obtaining or maintaining their dealer license. The bond guarantees compliance with state laws including the Mississippi Motor Vehicle Title Act, proper handling of titles, payment of sales taxes, and protects custom…
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateMSBond amount$15,000ObligeeState of MississippiBond classLicense BondCategoryOtherBondBond of Designated Agent (For Motor Vehicle Dealers)Plain descriptionDesignated Agents BondWho needs this bondLicensed motor vehicle dealers in Mississippi, specifically used vehicle and wholesale dealers, must obtain this $15,000 bond as a condition of obtaining or maintaining their dealer license. The bond guarantees complian…
