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Maryland Boat or Vessel Dealers Bonds

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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: Annapolis Service Center (Baltimore City, Anne Arundel, Howard, Montgomery, Prince George's Counties), Central Regional Center (Baltimore, Carroll, Cecil, Harford Counties), Eastern Regional Service Center (Dorchester, Somerset, Wicomico, Worcester counties), East Central Regional Service Center (Caroline, Cecil, Kent, Queen Anne's,Talbot counties), Rocky Gap Regional Service Center (Allegany, Frederick, Garrett, Washington Counties), Southern Regional Service Center (Anne Arundel, Calvert, Charles, Prince George's, St. Mary's Counties).

Surety Bond Requirements:

Once notification of application approval has been received from the state department, a $20,000 boat dealer surety bond must be secured for each license issued.

In future license renewal years, the amount of the bond is determined by the gross sales for the previous year of business based on the following sales volume:

  • Gross annual sales of $500,000 or less = $5,000 surety bond
  • Gross annual sales greater than $500,000 but less than $1,000,000 = $10,000 surety bond
  • Gross annual sales greater than $1,000,000 but less than $3,000,000 = $20,000 surety bond
  • Gross annual sales greater than $3,000,000 bond = $50,000 surety bond

    • License Requirements:

    1. 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.
    2. 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.
    3. Applicants will also need to pay the licensing fee of $25.00 per license.
    4. 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.

    How Much Will This Bond Cost?

    The premium that you pay for a Maryland Boat Dealer Surety Bond is dependent on credit and the bond amount required. Our rates start at 1.25% of the bond amount with good credit. Contact our Surety Bond Specialists for a free quote that fits your bonding needs.

    Did You Know?

    Licenses and surety bonds must be renewed by December 31 of each year.

    Related Links:

    Maryland Boat Dealer Application
    Maryland Boat Dealer Information

    More Surety Bond Questions?

    Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.

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