Ariz. Admin. Code § 17-5-402

Current through Register Vol. 30, No. 45, November 8, 2024

Section R17-5-402 - Bond Amounts; Dealers, Brokers, and Automotive Recyclers' Business Licenses

A. As prescribed under A.R.S. § 28-4362, the Department shall require a bond in the amount specified for the following motor vehicle business license applicants:

1. $100,000 for:

a. A new motor vehicle dealer,

b. A used motor vehicle dealer, or

c. A public consignment auction dealer.

2. $25,000 for:

a. A broker,

b. A wholesale motor vehicle dealer, or

c. A wholesale motor vehicle auction dealer.

3. $20,000 for an automotive recycler.

B. An applicant shall submit a bond on the original vehicle dealer bond form prescribed by the Director that meets the requirements in A.R.S. § 28-4362 and these rules. An applicant shall submit a separate, original bond for each application and for each county in which an applicant or licensee has an established place of business or a principle place of business. A power of attorney for the attorney-in-fact shall be attached to the dealer bond, if applicable.

C. An applicant shall sign the dealer bond, in addition to all partners for a partnership, or one officer for an incorporation.

D. The completed bond form shall contain an embossed stamp, seal, or sticker from the bond company.

E. The Department shall not accept a handwritten bond.

Ariz. Admin. Code § R17-5-402

New Section recodified from R17-4-240at 7 A.A.R. 3483, effective July 20, 2001 (Supp. 01-3). Amended by final rulemaking at 9 A.A.R. 1864, effective August 2, 2003 (Supp. 03-2). Amended by final rulemaking at 23 A.A.R. 1434, effective 7/4/2017.