A Maryland Boat Dealer, Vessel Dealer, Yacht Broker, Boat Manufacturer, or Boat Importer are required to secure a surety bond to engage in the business of selling, buying, or exchanging of new, used, unused, brokered, manufactured, auctioned and lien & recovery of vessels in Maryland. This also includes outright sales, conditional sales, bailment, leases, chattel mortgages or other.
The Maryland Department of Natural Resources (DNR) is responsible for the issuing of boat dealer licenses. The DNR has six licensing locations across the state, including the Annapolis Service Center (Baltimore City, Anne Arundel, Howard, Montgomery and Prince George's counties), the Central Regional Center (Baltimore, Carroll, Cecil and Harford counties), the Eastern Regional Service Center (Dorchester, Somerset, Wicomico and Worcester counties), the East Central Regional Service Center (Caroline, Cecil, Kent, Queen Anne's and Talbot counties), the Rocky Gap Regional Service Center (Allegany, Frederick, Garrett and Washington counties), and the Southern Regional Service Center (Anne Arundel, Calvert, Charles, Prince George's and St. Mary's counties).
Applicants must complete the DNR Form B-141 application and submit it to the county DNR Service Center in which they will operate their business. Applications that will be in the name of a corporation will need to be signed by three officers. Closed corporations that have less than three officers will need to provide evidence of this. A separate application is required for each dealership location.
Applicants will also need to pay the licensing fee of $25.00 per license.
Once notification of application approval has been received from the state department, a $20,000 surety bond must be secured for each license issued.
In subsequent license years, the amount of the bond is determined by the gross sales for the previous year of business based on the following sales volume:
Dealers are required to collect vessel excise taxes and fees and submit payments to the DNR within 30 days of the date of a sale and maintain vessel records and transactions for a minimum of three years.
Licenses and bonds must be renewed by December 31 of each year.
The premium that you pay for a Maryland Boat Dealer Bond is dependent on credit and the bond amount required.
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