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What's New: Government Affairs

High Bond Amount for Motor Vehicle Dealers Defeated in Utah

Monday, March 12, 2012  

Utah Senate Bill 321 would have increased the amount of the motor vehicle dealer bond from $75,000 to $250,000.Utah already has one of the highest bond amounts in the country for this bond. The bond amount is $50,000 or less in the majority of states, many of which have a bond within the $15,000 to $25,000 range.SFAA wrote the bill sponsor regarding SFAA's stance that the $250,000 bond amount would not be widely available. The local motor vehicle dealers association is behind this bill based on the belief that a higher bond amount is needed to eliminate some bad actors from the market.SFAA believes that the dealers may not understand that such a high bond also could make it hard for small, but financially sound motor vehicle dealers to obtain.

 

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