Dealer Surety Bond in South Carolina: $10,000–$100,000 Requirement
South Carolina 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 South Carolina
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 South Carolina
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
South Carolina-Specific Note
South Carolina-Specific Facts for Dealer Surety Bond
South Carolina Vehicle transfer fees and requirements
In South Carolina, the title transfer fee is $15 and registration costs $24 per year. Vehicle sales are subject to 5% Infrastructure Maintenance Fee (IMF) capped at $500. South Carolina does not require notarization for private-party vehicle transfers. South Carolina does not require emission testing for private-party vehicle sales.
- 5% IMF on vehicle purchases, capped at $500
- Title transfer within 45 days of sale
- Property tax must be paid before registration
South Carolina sales tax on vehicle purchases
South Carolina has a 5% state sales tax rate. 5% Infrastructure Maintenance Fee (IMF), capped at $500. Private-party vehicle sales in South Carolina are subject to sales tax. IMF applies to all vehicle sales, capped at $500 max. The title transfer fee is $15.
South Carolina bill of sale statistics
BillOfSaleNow has generated 1,283 bill of sale documents for South Carolina transactions, with 35 generated this month alone. The most popular vehicle type is car.
More South Carolina Vehicle Guides
- Fleet Vehicle Sale in South Carolina
- GAP Insurance Claim in South Carolina
- Government Surplus Vehicle in South Carolina
- Hit-and-Run Vehicle Claim in South Carolina
- Hold Harmless Vehicle Sale in South Carolina
- Insurance Required to Register in South Carolina
Each guide is written specifically for South Carolina laws, agencies, and procedures. Bookmark for future reference.
Frequently Asked Questions
How much is a dealer surety bond in South Carolina?
South Carolina 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 South Carolina?
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 South Carolina?
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 South Carolina 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 South Carolina?
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.