Dealer Surety Bond in Maine: $10,000–$100,000 Requirement
Maine requires all licensed dealers to maintain a $10,000–$100,000 surety bond. Here is exactly what you need, what it costs, and what happens when a claim is filed.
Bond Requirement at a Glance
Amount varies by state and dealer license category. Contact your state DMV for the exact requirement.
Who Needs a Surety Bond in Maine
Most states require a surety bond as a condition of obtaining and maintaining a dealer license.
- New vehicle dealer
- Used vehicle dealer
- Wholesale dealer
- Motorcycle dealer
How to Get a Bond in Maine
Where to get it: Any state-licensed surety company
Use the state DMV-approved bond form. File with your dealer license application.
Annual Premium Cost
0.5%–3% of bond face value per year
Premium is based on your personal credit score. Good credit = lower annual cost.
How Claims Work
Injured buyer files with state DMV or directly with the surety company.
Valid claims are paid up to the bond face value. Dealer must reimburse the surety for any paid claims.
Penalties for Operating Without a Bond
Maine-Specific Note
Maine-Specific Facts for Dealer Surety Bond
Maine Vehicle transfer fees and requirements
In Maine, the title transfer fee is $33 and registration costs $35 for passenger vehicles. Vehicle sales are subject to 5.5% sales tax on vehicle purchase price. Maine does not require notarization for private-party vehicle transfers. Emission testing is required in Maine — verify the vehicle passes before completing the sale.
- Annual safety inspection required
- Emissions testing included in annual inspection for applicable areas
- Excise tax due at municipal office before registration
Maine sales tax on vehicle purchases
Maine has a 5.5% state sales tax rate. Flat 5.5% statewide; no additional local vehicle taxes. Private-party vehicle sales in Maine are subject to sales tax. Sales tax applies to private party vehicle purchases. The title transfer fee is $33.
Maine bill of sale statistics
BillOfSaleNow has generated 348 bill of sale documents for Maine transactions, with 10 generated this month alone. The most popular vehicle type is car.
More Maine Vehicle Guides
- Dealer Fraud Claim in Maine
- Dealer Prep Fees in Maine
- Vehicle Deposit Refund in Maine
- Sell Car With Suspended License in Maine
- EV Tax Credit in Maine
- Emissions Inspection in Maine
Each guide is written specifically for Maine laws, agencies, and procedures. Bookmark for future reference.
Frequently Asked Questions
How much is a dealer surety bond in Maine?
Maine requires a $10,000–$100,000 surety bond for licensed dealers. Amount varies by state and dealer license category. Contact your state DMV for the exact requirement.
Who requires a dealer surety bond in Maine?
State DMV or Motor Vehicle Division requires the bond. Most states require a surety bond as a condition of obtaining and maintaining a dealer license.
How much does a dealer surety bond cost annually in Maine?
Expect to pay 0.5%–3% of bond face value per year. Premium is based on your personal credit score. Good credit = lower annual cost.
What happens if a Maine dealer doesn't have a surety bond?
Dealer license denial, suspension, or revocation. Possible criminal charges for operating without a bond.
How does a surety bond claim work in Maine?
Injured buyer files with state DMV or directly with the surety company. Valid claims are paid up to the bond face value. Dealer must reimburse the surety for any paid claims.
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Generate Bill of SaleSource: State DMV Dealer Licensing Division. Verify current bond amounts with your state DMV before purchasing.