R17-5-402. Bond Amounts; Dealers, Brokers, and Automotive Recyclers’ Business Licenses

A. As prescribed under A.R.S. § 28-4362, the Department shall require a bond in the amount specified for the following motor vehicle business license applicants: 1. $100,000 for: a. A new motor vehicle dealer, b. A used motor vehicle dealer, or c. A public consignment auction dealer. 2. $25,000 for: a. A broker, b. A wholesale motor vehicle dealer, or c. A wholesale motor vehicle auction dealer. 3. $20,000 for an automotive recycler. B. An applicant shall submit a bond on the original vehicle dealer bond form prescribed by the Director that meets the requirements in A.R.S. § 28-4362 and these rules. An applicant shall submit a separate, original bond for each application and for each county in which an applicant or licensee has an established place of business or a principle place of business. A power of attorney for the attorney-in-fact shall be attached to the dealer bond, if applicable. C. An applicant shall sign the dealer bond, in addition to all partners for a partnership, or one officer for an incorporation. D. The completed bond form shall contain an embossed stamp, seal, or sticker from the bond company. E. The Department shall not accept a handwritten bond.