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ID S1015
Bill
Status
3/17/2015
Primary Sponsor
Transportation Committee
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AI Summary
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Dealers exclusively in motorcycles, motor-driven cycles, motorbikes, all-terrain vehicles, utility vehicles, truck campers, and snow machines must post a $10,000 bond.
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Wholesale dealers in used vehicles of all types must post a $40,000 bond and are exempt from participating in the Idaho Consumer Asset Recovery Fund.
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All other dealers must post a $20,000 bond.
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Bonds may be in the form of a corporate surety bond, certificate of deposit, or cash deposit with the director.
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If a bond is canceled or becomes invalid, the department shall immediately suspend the dealer's license; the license shall be reinstated upon receipt of notice that a valid bond is in force.
Legislative Description
Amends existing law to remove bond provisions relating to certain dealers, to require the procurement and filing of a specified bond by wholesale dealers, to provide an exemption from participation in the Idaho Consumer Asset Recovery Fund by certain wholesale dealer licensees and to specify bond requirements for all other dealers.
MOTOR VEHICLE DEALERS
Last Action
Signed by Governor on 03/17/15 Session Law Chapter 53 Effective: 07/01/2015
3/17/2015