House Status:
Senate Status:
Senate Status:
Minutes for SB305 - Committee on Transportation
Short Title
Increasing the bond amount required for a vehicle dealer license.
Minutes Content for Wed, Mar 11, 2020
Staff explained the bill.
Chairman Proehl recognized Rod Allen. (Attachment 5) According to Mr. Allen, currently licensed dealerships are required to obtain and hold a bond in the amount of $30,000. He said the Division of Vehicles is seeking to increase the amount of the bond to cover the increasing rise in vehicle prices.
The next proponent recognized was Don McNeely. (Attachment 6) According to Mr. McNeely the average new vehicle retail sales price is now $35,608 and used vehicle retail sales prices being $20,586, they believe increasing the surety bond amount to $50,000 would be appropriate. He also said that $50,000 is the average surety bond amount for licensure across the country.
There were no opponents and no neutrals. The Chairman asked if anyone else desired to speak to this bill and no one came forward so the Chairman closed the hearing on SB305 and opened the hearing on SB315.
