Alaska House Bill 36, which is currently awaiting signature but will go into effect 90 days after it is signed, amends the state’s license application process for motor vehicle dealers. Most notably, it increases the Alaska auto dealer surety bond amount from $50,000 to $100,000.
How do I update my Alaska motor vehicle dealer bond amount to $100,000?
The Alaska Division of Motor Vehicles has released an updated application for dealer licenses, which includes steps for updating the amount for surety bonds already on file.
Although the increased requirement does not go into effect until 90 days after Alaska HB 36 is signed, the Division of Motor Vehicles recommends all active motor vehicle dealers in Alaska submit their new bond for $100,000, along with their proof of insurance, by September 1, 2021, to avoid dealer license cancellation.
The Alaska Division of Motor Vehicles notes that motor vehicle dealers who do not have a bond on file with the DMV for $100,000 will be considered invalid once the law goes into effect.
What should SuretyBonds.com customers expect?
If you are a SuretyBonds.com customer, we will be calling you in the coming weeks with an updated quote that reflects the bond amount increase. Payments can be submitted over the phone or via our secure checkout; a link to our checkout process will be sent in a follow-up email.
The Alaska Department of Motor Vehicles has approved the motor vehicle dealer bond to be digitally delivered. This means that your new bond will be emailed to you. According to the Alaska Division of Motor Vehicles, the new bond must then be submitted to the Anchorage DMV, ATTN: Vehicle Services, 3901 Old Seward Highway, Suite 101.
How do I get a new motor vehicle dealer surety bond in Alaska?
Alaska auto dealers can submit a surety bond application online 24/7. If you have questions about updating your existing surety bond or purchasing a new one and would like to speak with a surety expert, call at 1 (800) 308-4358 to discuss your current bonding needs further.