The Maryland Motor Vehicle Administration (the MVA) is responsible for the title and registration of vehicles, vehicle dealers, drivers licenses, title service agents and more. The MVA ensures compliance of state laws and investigates consumer complaints of improper dealer and title service agent performance of duties and fraud.
The obligee is the entity that requires the bond. The Maryland Motor Vehicle Administration requires a license application and a $25,000 surety bond (a $50,000 surety bond is required October 1, 2018). A surety bond ensures the title service agent will make all payments of any taxes and fees due to the state, compliance of regulations and state laws. Failure to comply or perform as required by state laws and regulations may result in a claim filed against the bond by the MVA. If the MVA files a claim against the surety bond, the owner (named as the principal on the bond form) will be responsible for repayment of the claimed amount if the claim is paid out by the surety.
The surety bond must be in place at the time the license is applied for and on file during the duration of the license and subsequent renewals. The premium will renew on the bond every two years. If the title service agent changes ownership, a replacement bond is required to fulfill the surety bond conditions. Failure to maintain or replace the bond could result in a fine or suspension of the license by theMVA.
The original surety bond and power of attorney (provided by the issuing surety) will need to be submitted along with the license application to the Maryland Motor Vehicle Administration. A $50,000 surety bond is required.
The surety bond will need to be in the full business name as well as the trade name if any. The bond must also include the full name of all partners, officers, or owners as listed on the application.
A surety bond is required for each licensed office location.
The premium that you pay for a Maryland Title Service Agent Surety Bond is dependent on credit. Our rates start at $375 with good credit. Contact our Surety Bond Specialists for a free quote based on your specific situation.
Employees of a licensed dealer or a licensed dealer are not required to apply for a title service agent license.
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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