Effective November 19, 2017, South Carolina will begin requiring applicants seeking a recreational vehicle dealer license to have a $30,000 surety bond, pursuant to South Carolina Senate Bill 321. The legislation increases the amount of the previously required $15,000 surety bond. The bill defines a recreational vehicle as a motorhome, travel trailer, fifth-wheel trailer or folding camping trailer designed to provide temporary living quarters for recreational, camping, or travel use.
How much does it cost to get a surety bond?
The cost of getting a surety bond can vary significantly between applicants. The amount that you pay for the bond will be a premium determined by an underwriter who will review all owners with 10% or more ownership in the business. This means that instead of paying the total amount of the bond, applicants will typically only pay a percentage of the amount. You can find out more about surety bond costs by visiting our website.
How often do I need a new bond or continuation certificate?
If you are a South Carolina recreational vehicle dealer, your bond is issued for a full twelve-month term, meaning that you must provide a new bond or continuation certificate annually to the South Carolina Department of Motor Vehicles for as long as you wish to keep your license active.
Are there any other costs associated with licensing?
Yes, you must pay a license fee of $50 to the South Carolina Department of Motor Vehicles in order to get your South Carolina recreational vehicle dealer license. This fee will be paid when your license application is approved by the department. The license will expire and will need to be renewed twelve months after the license is issued on the last day of the month. For example, if your license was issued on May 2, 2018, your license would expire on May 31, 2019.
What happens if I don’t get a license?
If you do not get a temporary or permanent license in conjunction with this new law, you will be guilty of a misdemeanor. Additionally, you will be fined. For your first offense, you will be fined between $50 and $200 and imprisoned for up to 30 days. The fines and length of imprisonment increase with the number of offenses perpetrated.
How do I get a recreational vehicle dealer bond?
If you are thinking of becoming a recreational dealer in South Carolina, the experts at SuretyBonds.com are available to assist with all your bonding needs. Give us a call at 1 (800) 308-4358 or click below to receive a free, no obligation quote.