Arizona Aircraft Dealer Surety Bond
Arizona Aircraft Dealer Bond
Price is estimated on an individual (Arizona Aircraft Dealer Bond) basis depending on an underwriting review. Aircraft Dealers with big financials can expect to pay less.
How much does an Arizona Aircraft Dealer Bond cost?
The Aircraft Registration Unit of the Arizona Department of Transportation requires the state’s aircraft dealers to file a $10,000 surety bond. Premiums are estimated on an individual basis pending an underwriting review. Dealers with big financial credentials can expect to pay a premium that is only 1% of the bond amount, or nearly $100.
Why do I need this bond?
Arizona Aircraft Dealer Bond prevent aircraft dealers from conducting illegal sales or failing to file tax records, punishments, and other related fees. This particular bond type also works as an agreement to customers that the aircraft dealer will honor all sales contracts and won’t violate any terms of sales agreements. These laws and more are all stated in the Arizona Revised Statutes.
How to become an aircraft dealer in Arizona?
Once an aircraft dealer has been bonded, they can apply for an Arizona license for aircraft dealing. Upon filing for this license with the state of Arizona, aircraft dealers have to:
know their surety bond number
appoint a business contact for the state to communicate with
have their licensing application notarized
What’s the fine print?
Arizona aircraft dealer surety bonds are constant until canceled. In the event, the surety decides to cancel this bond.
All aircraft need to be registered in Arizona prior to any sale. The type of aircraft is mandatory for this process and must be noted on all appropriate forms. If the person is found guilty of violating their bond contract in some way or any of the provisions of the Arizona Revised Statutes, they are guilty of a class 6 felony.