PLEASE NOTE: On September 29, 2016 legislation was signed into law which changed the dollar amount of the surety bond dealers (other than New Motor Vehicle Dealers) are required to maintain in order to become, or remain, registered under section 415 of the New York State Vehicle and Traffic Law. This law will become effective on March 28, 2017.
The new surety bond amounts required are as follows:
- $20,000 – Retail or Wholesale Motor Vehicle Dealer (other than new) that sold 50 or fewer vehicles in the previous calendar year
- $100,000 – Retail or Wholesale Motor Vehicle Dealer (other than new) that sold more than 50 vehicles in the previous calendar year
For more information see Dealer Surety Bond.