What is a California Commercial Requester Surety Bond?
In the state of California, any person or business that has a legitimate need for obtaining DMV information can apply for a commercial requester account. This account allows users to access the California DMV files. Security, in the form of a $50,000 surety bond, is required for users who are issued a requester code and authorized to receive residence address information.
How does a California Commercial Requester Surety Bond work?
California Commercial Requester Surety Bonds guarantee that all state regulations pertaining to the commercial requester accounts are followed. It also guarantees that requesters pay all fees and costs related to accessing information from the DMV in a timely manner. If the requester does not comply with these terms, a claim can be filed with the surety company. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. The requester is then required to reimburse the surety for all monies paid out, including any attorney fees incurred by the surety in the defense of the requester.
What are the terms of the bond?
California Commercial Requester Surety Bonds are filed with the California Department of Motor Vehicles and renew on an annual basis. The bond term is continuous and will remain in force and effect until cancelled by the surety company or principal. The surety can cancel the bond at anytime by giving 30 days written notice prior to the effective cancellation date to the DMV. The aggregate liability of the surety will not exceed the penal sum of the bond.
How do I get a California Commercial Requester Surety Bond?
The first step is to complete our quick online application for your free bond quote. It only takes about five minutes to complete, and one of our underwriters will be in contact with you within a couple of hours with your pricing.
After you receive approval, you will sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day as we receive your signed documents and payment.
How much does a California Commercial Requester Surety Bond cost?
California Commercial Requester Surety Bonds are subject to underwriting and the price you will pay depends on a review of your personal credit report. Pacific Surety is proud to offer a variety of approvals, regardless of credit, with rates starting at $500 annually for well qualified applicants. It typically takes just a few hours from quote to issuance of the bond, and we have the ability to beat any competitors pricing. If you have any specific questions, feel free to contact our knowledgeable underwriting staff.