§ 15-308. Surety bond required before issuance of dealer’s license
West's Annotated Code of MarylandTransportation
MD Code, Transportation, § 15-308
§ 15-308. Surety bond required before issuance of dealer’s license
(a)(1) After the Administration notifies an applicant of the approval of an application and before the Administration issues a license, the applicant shall file with the Administration a surety bond in the form and with the surety that the Administration approves.
(b) The amount of the surety bond shall be:
(1) For a licensee who is licensed to deal only in trailers or semitrailers 15 feet or less in length, or only in boat trailers of any size
$5,000;
(i) 1 to 500 vehicles
$50,000;
(ii) 501 to 1,000 vehicles
$75,000;
(iii) 1,001 to 2,500 vehicles
$100,000; and
(iv) Over 2,500 vehicles
$300,000; and
(3) For a licensee who is licensed to deal only in the sale of used motor vehicles, including wholesalers, or a licensee who is licensed to deal in the sale of trailers or semitrailers over 15 feet in length, an amount based on the number of used vehicle sales, or sales of trailers or semitrailers over 15 feet in length, during the preceding license year, according to the following schedule:
(i) 1 to 250 vehicles
$15,000;
(ii) 251 to 500 vehicles
$25,000;
(iii) 501 to 1,000 vehicles
$35,000;
(iv) 1,001 to 2,500 vehicles
$50,000; and
(v) Over 2,500 vehicles
$150,000.
(c)(1) This subsection applies only to an applicant who:
(d) Notwithstanding subsection (c) of this section, if an applicant seeks a license for a location that is or that previously had been operated by a licensed dealer, the Administration may require a surety bond under subsection (b)(2) or (3) of this section based on the volume of sales at that location during a preceding license year.
Credits
Added by Acts 1977, c. 14, § 2, eff. July 1, 1977. Amended by Acts 1984, c. 255; Acts 1999, c. 14, § 1, eff. June 1, 1999; Acts 2001, c. 121, § 1, eff. Oct. 1, 2001; Acts 2003, c. 6, § 1, eff. Oct. 1, 2003; Acts 2004, c. 25, § 1, eff. April 13, 2004.
Formerly Art. 66 ½, § 5-108.
MD Code, Transportation, § 15-308, MD TRANS § 15-308
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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