§ 15-1005

Maryland § 15-1005

• Jurisdiction: Maryland
• Article gtr: Transportation
• Title: 15

Text

(a) After the Administration notifies a manufacturer or distributor of new recreational vehicles of the approval of an application for a license and before the Administration issues a license, the manufacturer or distributor shall file with the Administration a surety bond in the form and with the surety that the Administration requires.

(b) (1) The amount of the surety bond shall be based on the number of new recreational vehicles transferred by the manufacturer or distributor to dealers in the State during the preceding license year, as follows:

(i) If 1 to 50 vehicles were transferred, a $25,000 surety bond;

(ii) If 51 to 500 vehicles were transferred, a $50,000 surety bond;

(iii) If 501 to 10,000 vehicles were transferred, a $100,000 surety bond; and

(iv) If more than 10,000 vehicles were transferred, a $300,000 surety bond.

(2) Each surety bond shall continuously maintain the amount specified in this subsection.

(3) A manufacturer or distributor need not file more than one bond regardless of the number of makes of recreational vehicles manufactured or distributed.