Florida Private Auto Tag Agency Bond Requirements
To operate as a private auto tag agency in Broward, Miami-Dade, or Volusia County, you need to obtain a surety bond.
- Private auto tag agencies in Broward County need to obtain a surety bond in the amount of $25,000.
- Private auto tag agencies in Volusia County need to obtain a surety bond in an amount set by the local authorities.
- Private auto tag agencies in Miami-Dade County need to obtain a surety bond in an amount equal to 25% of the average monthly auto tag-related revenues collected in the preceding fiscal year.
The cost of the surety bond is equal to a percentage of the total bond amount. It is determined mostly based on the applicant’s personal credit score.
The table below shows the surety bond cost by credit score for each county.
|Florida Private Auto Tag Agency Surety Bond Cost|
|Location||Bond Amount||Surety Bond Cost by Credit Score|
|Above 700||650-699||600-649||Below 599|
Below you can read more about the surety bond requirements for each county.
Agencies in Broward County must post and maintain a $25,000 surety bond to the Board of County Commissioners of Broward County when being awarded a contract by the Board. The bond must also be approved by the county’s Risk Management Division.
It guarantees their compliance with the provisions of Article XII. - Private Auto Tag Agencies of the Code of Ordinances. Bonds must be renewed every year, along with the auto tag agency’s license.
By applying with us, you can get a bond in Broward County for as little as $250 per year!
Agencies in Miami-Dade County must submit a bond in an amount equal to 25% of the average monthly county and state auto tag-related revenues collected, excluding sales tax, based on the preceding fiscal year. They must submit the bond to the county’s Tax Collector's Office.
This bond guarantees agencies’ compliance with Article XVII. - Branch Offices of County Auto Tag Agency.
Agencies in Volusia County must post a surety bond with the county’s Tax Collector’s Office. The amount of the bond is set by the local authorities. Please contact the Tax Collector’s Office in Volusia for more information on your bond amount.
If you have a credit score of 700 or higher, you can get bonded in Volusia County for as little as 1% of the total bond amount required!
Why Do Private Auto Tag Agencies Need To Get Bonded?
This bond is required as a guarantee that auto tag agencies in each county will comply with local rules and regulations.
Specifically, it guarantees that an agency will correctly account for any money that it obtains. It also guarantees that the agency will correctly inform all persons with whom it deals about any taxes or fees levied against them or their property.
If an agency violates the term of its bond a claim can be filed against it.
To learn more about how surety bonds work, see our detailed ‘What is a surety bond’ guide!
Factors That Determine Your Bond Cost
Personal credit score is the most important factor that determines your bond cost. In general, applicants with high credit scores can expect to be offered lower rates.
Other types of financial data are also taken into account by sureties when determining your bond premium. This may include:
- Personal and business financial statements
- Fixed and liquid assets
- Work experience and record
If you’d like to know more about how surety companies determine bond rates, see our detailed surety bond cost guide!
How to Get a Private Auto Tag Agency Bond in Florida
To apply for a private auto tag agency bond, click on the banner below and complete our short application form (it takes 2 minutes). You will then receive a free quote along with free consultation by our surety bond experts.
If you have more questions about the bonding requirements for private auto tag agencies in Florida, call us at 866.450.3412!