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House Bill 3533 |
House Author: Martinez |
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Effective: 9-1-21 |
Senate Sponsor: Seliger |
House Bill 3533 amends the Transportation Code to increase from $25,000 to $50,000 the amount of surety bond that must be purchased by an applicant for the issuance or renewal of a motor vehicle dealer general distinguishing number or a wholesale motor vehicle auction general distinguishing number, other than a person licensed as a franchised motor vehicle dealer. The bill provides for the required posting by a dealer notice of the surety bond and related recovery procedure for a claimant.