| Minnesota Criminal Justice Statute Service | Bureau of Criminal Apprehension

168.27.24

Statute ID: 12655

Statute Function ID: 27810

Motor Vehicle Dealers - Bonds

In Effect

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Details are only available for Penalty and Charging Statutes.

Statute Number:

168.27.24

Enactment Date:

Jan 1, 1859

Effective Date:

Aug 1, 2002

Expiration Date:

Repealed?:

Summary Text:

Motor Vehicle Dealers - Bonds

Statute ID:

12655

Created:

Dec 31, 2008 by mnjis.legal.analyst@state.mn.us

Updated:

Dec 31, 2008 by mnjis.legal.analyst@state.mn.us

Last Update Action:

Added

Legal Analyst Comment:

Summary Text:

Motor Vehicle Dealers - Bonds

Link to MN Statute Text:

https://www.revisor.leg.state.mn.us/stats/168/27.html

Legislative Session:

2002 - Regular

Session Law Text?:

Statute text last updated on:

Dec 31, 2008

(a) Except as otherwise provided in this subdivision, all persons licensed according to this section shall keep in full force and effect a bond with a corporate surety to be approved by the registrar of motor vehicles in the following amounts; in the case of boat trailer, snowmobile trailer, horse trailer or motorized bicycle dealers, or dealers in trailers with a manufacturer's rated carrying capacity under 15,000 pounds designed to transport small construction or farm equipment, in the amount of $5,000; and as to all other persons in the amount of $50,000. The bond must be conditioned on the faithful performance by the licensee of the obligations imposed on persons engaged in motor vehicle transactions by the laws of this state, including the conduct required of a licensee by this section and other sections governing the sale or transfer of motor vehicles, and the payment of all taxes, license fees, and penalties. The bond must be for the benefit of the state of Minnesota and any transferor, seller, or purchaser of a motor vehicle for any monetary loss caused by failure of the licensee to meet the obligations enumerated above. Proceedings on the forfeiture of the bonds must be commenced in the district court of the county wherein the business of the licensed person was carried on, or if in more than one county, the county in which the offense occurred. This subdivision does not apply to a used vehicle parts dealer or a scrap metal processor.
(b) This subdivision does not apply to:
(1) a dealer in new trailers designed to transport small construction or farm equipment in any year following a year in which the dealer had less than $500,000 in gross receipts from the sale of such trailers; or
(2) a dealer in new trailers designed to transport small construction or farm equipment who has been a dealer in such trailers for less than one year and who the department reasonably determines will have gross receipts of less than $500,000 during the first year of business.