How much is the surety bond that motor vehicle salespersons are required to have?

Motor vehicle salespersons in Colorado are required to have a surety bond in the amount of $15,000. This bond serves as a form of protection for consumers by ensuring that salespersons adhere to the laws and regulations governing motor vehicle sales. If a salesperson violates these laws, the bond can provide a source of funds for consumers who may suffer financial losses as a result. The $15,000 amount is set by the Colorado Motor Vehicle Dealer Board and is intended to foster trust and accountability in motor vehicle transactions. Understanding the significance of this bond is essential for compliance and maintaining a professional standard within the industry.