All applicants for a dealer or remanufacturer license are required to procure and file a bond with the Nevada Department of Motor Vehicles. The bond is used to protect the consumers from fraud and wrongful acts committed by the dealership or their employees.
Nevada DMV dealer bonds also known as auto dealer bond will also ensure the dealership will follow the state legislation and regulations in your state.
The Nevada Secretary of State requires $50,000 legal document assistant surety bonds from every business and individual who charges a fee to prepare legal documents for the public as a means of ensuring document preparers perform all duties entrusted to them pursuant to NRS Chapter 240A. If the preparer fails to comply with these terms, the bond protects harmed parties from financial loss up to the full penal sum of the $50,000 bond.
As of July 2017, Assembly Bill 324 was enacted and expands the definition of document preparation service to include those who assist in the preparation of federal or state tax returns, certain paralegals, and bankruptcy petition preparers.
Employee Dishonesty and Fidelity bonds are not typically required by a State/City/County but with this bond, you protect your customers from losses incurred as a result of theft committed by unethical employees.
According to Employee Retirement Income Security Act (ERISA), every fiduciary of an employee benefit plan and every person who handles funds of such plan shall be bonded in an amount equal to 10% of the funds handled (subject to a maximum of $500,000 or $1,000,000 when employer securities are included). If the plan includes non-qualifying assets, the bond amount is the greater of 10% of plan assets being handled or the value of the non-qualifying assets, whichever is greater (subject to limits stated above).
If the money manager who works directly for the retirement plan mismanages funds, the bond will hold that individual liable for losses. The bond amount can then be used to reimburse individuals for funds lost as a result of the fiduciary’s financial mismanagement. As such, a fiduciary’s bond amount must be reviewed and updated annually as the plan’s assets change.
ERISA surety bonds are not required for SEC-registered brokers and dealers that are subject to fidelity bond mandates of their own regulatory agency or organization.
A company who hires housekeepers, maid services, or residential cleaning services, may wish to have this bond in place to cover any acts of dishonesty or theft possibly made by that employee. With this bond in place, you not only will protect your business, but also your customers from losses that may incur as a result of theft committed by unethical employees.