(PRWEB) August 28, 2015
Oklahoma used motor vehicle dealers, auctions, non-auction consignments, wholesale dealers, used motor vehicle rebuilders, and manufactured housing dealers will be required by the State of Oklahoma, Used Motor Vehicle and Parts Commission, to carry a two year term bond for all licenses expiring 12/31/2015. Ashton Agency is here to help with this newly mandated change. Newly updated bond forms are ready and the State of Oklahoma will accept a Continuation Certificate for renewal dates extended out to 12/31/17. Be ready and prepared for term change.
Oklahoma Used Motor Vehicle and Parts Commission Rules and Regulations
765:4-1-2 Licensing periods
All licenses issued pursuant to the provisions of 47 O. S. Section 581 et. seq. and 47 O. S. Section 591.1 et. seq. , except licenses for crushers, after January 1, 2016, shall be for a two (2) year licensing period, which shall begin on January 1st of each even numbered year and shall expire on the 31st day of December of the following odd numbered year.
All bonds required for licensing shall expire on the 31st day of December of the odd numbered year after the issuance of the bond, except as provided hereinafter. Upon proof that the cost of the required bond for the entire license period exceeds Two Thousand Dollars ($2,000.00), an applicant or licensee may request that the Commission allow the applicant or licensee to submit a one (1) year bond which expires December 31st of the year of the issuance of the license and a separate bond for the second license year. In the event that the licensee fails to submit a bond for the second license year, the license shall expire and be revoked conterminously with the expiration of the bond.
$25,000 Used MVD bond
$25,000 Wholesale Dealer bond
$25,000 Non-Auction Consignment bond
$15,000 Used MVD Rebuilder
$30,000 Manufactured Home Dealer bond
$30,000 Manufactured Home Manufacturer’s bond
Questions about the upcoming Oklahoma used motor vehicle dealer bond renewal or require any of the bonds stated above, please reach out to Ashton Agency.
Visit Ashton Agency’s website at http://www.ashtonagency.com or call (800) 451-4854