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What's New: Government Affairs

New York Legislature Passes Revised Bond Requirement for Used Motor Vehicle Dealers

Tuesday, September 27, 2016  
  New York Legislature Passes Revised Bond Requirement for Used Motor Vehicle Dealers 

The New York legislature has passed AB 8166, which would revise the bond required in connection with registration for used motor vehicle dealers to require a $20,000 surety bond if they are making a first application or sell 50 or fewer motor vehicles in the previous calendar year. The bill would require a $100,000 surety bond if a used motor vehicle dealer sells more than 50 motor vehicles in the previous calendar year.

Members should visit Government Relations / General Info (Members) for more information.



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