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Montana Surety Bond Overview
Starting a business in Montana often requires that you post a surety bond, so that you can obtain your license or be in compliance with state laws. Montana surety bonds safeguard the interests of the state and the general public by providing protection against fraudulent activities committed by individuals and companies.
Whatever type of Montana surety bond you’re looking for, Bryant Surety Bonds is licensed to underwrite it. We work with thousands of businesses across the US, to provide them with the bonds they need.
For our applicants with far-from-stellar finances, we also offer our Bad Credit Surety Bond Program. Since we forge strong relations with the top A-rated and T-listed surety bond companies, we are able to match the right bonding option to your particular situation.
Looking for your Montana surety bond? Consult the table below. For any questions, don’t hesitate to call us at (866)-450-3412.
Find the Bond You Need
Contractor License Performance & Payment (Local) BondCity of Whitefish Public Works Dept.(Whitefish, MT) Public Works Contractor License Bo
Mortgage Broker (1st & 2nd Mortgages) BondDivision of Banking and Financial InstitutionsMortgage Broker Licensee Bond
Mortgage Lender/Banker (1st & 2nd Mort.) BondDivision of Banking and Financial InstitutionsMortgage Lender
Mortgage Lender/Banker (1st & 2nd Mort.) BondDivision of Banking and Financial InstitutionsMortgage Lender License Bond
Title Insurance Agents & Escrow Officers BondMT, Division of Banking and Finacial InstatutionsEscrow Business Bond
Auto & Mobile Home Dealers (New & Used) BondTitle and Registration BureauMotor Vehicle Dealer
Auto & Mobile Home Dealers (Used Only, No New) BondTitle and Registration BureauMotor Vehicle Dealer
Professional Licenses (All Other) BondDept of Labor: Board of Private SecurityProcess Server/Levy Officer
Professional Licenses (All Other) BondMontana Dept of Transportation Motor Fuels SectionSpecial Fuel User (Contractor) Bond
Types of Montana Surety Bonds
The most popularly used Montana surety bonds are license and permit bonds, construction bonds, and court bonds.
- If you want to apply for a business license, you will often be asked to provide a license and permit bond.
- In case you are a construction contractor who wants to participate in public or private construction projects, you might be required to get construction bonds.
- You may need to obtain court bonds in certain situations, when required from a Montana court.
For any queries about Montana surety bonds, the bond experts at Bryant Surety Bonds are here to help. You can contact us at (866)-450-3412.
Montana License & Permit Bonds
A large array of Montana businesses must get licensed, to comply with state, local or city rules. In many cases, a license and permit bond is required during the licensing.
The purpose of your Montana surety bond is to guarantee that your business will follow all relevant rules governing your field. This way, it protects the general public from fraud and misuse. Breaking your obligations under the bond can lead to a claim. If the claim is proven, you will be liable to reimburse affected parties up to the penal sum of your bond.
The most common Montana license and permit bonds include:
- Montana auto dealer bond
- Obligee: Montana Department of Justice’s Motor Vehicle Commission
- Bond amount: $50,000
- Montana contractor license bond
- Obligee: Montana Department of Labor and Industry
- Bond amount: Set on a case-by-case basis
- Freight broker bond
- Obligee: Federal Motor Carrier Safety Administration
- Bond amount: $75,000
- Expiration date: Coinciding with the licensing year
Montana Construction Bonds
Montana contractors who want to bid on private or public projects often need to provide construction bonds. Each construction bond relates to a single project only, and some projects may require multiple bonds.
Construction bonds protect the project owners from non-completion of the work or from low quality performance of the contractor. In this sense, they guarantee the contractor will stick to their contractual agreements.
The types of construction bonds include:
- Bid bonds
- Performance bonds
- Payment bonds
- Maintenance bonds
Montana Court Bonds
In some specific cases, a Montana court might require you to post a court bond. Court bonds are not that commonly underwritten, but Bryant Surety Bonds can provide this type of bond as well.
The usual cases when you might have to obtain a court bond are:
- If you want to appeal a court case to a higher instance (an appellate court), a supersedeas bond– also called an appeal bond– might be asked from you.
- A fiduciary bond is required from individuals who are appointed as a guardian of another person’s assets, property or affairs.
Surety Bond Cost in Montana
It’s important to differentiate between the surety bond amount that you are required to obtain, and your actual Montana surety bond price. The bond amount is the maximum penal sum that can be paid to affected parties on proven claims. Your surety bond cost is, in fact, only a percentage of that amount, which is commonly referred to as the bond premium.
The typical percentages are between 1%-4% for most standard bonding market applicants. For example, if you need to post a $50,000 Montana auto dealer bond, you might end up paying only a few hundred dollars for it.
The bond price for your case is determined after you complete a full application with your surety. The surety then assesses the strength of your personal and business finances, and thus evaluates the bonding risk. The more stable your financial and business indicators are, the lower your bond price is likely to be.
The most important factors that are considered for formulating your premium are:
- Your personal credit score
- Business finances
- Assets and liquidity
- Professional experience
For an estimate of your bond price, our surety bond cost calculator in the right sidebar is a great starting point. After submitting a full application, you will receive your exact bond quote.
How to Get Bonded in Montana
Obtaining your Montana surety bond is an easy process that you can start today. You can apply online by completing the straightforward online form. Once you submit the necessary documents there, we’ll deliver your free bond quote in no time.
As a rule of thumb, it’s a good idea to keep copies of all original bond forms for future reference.
Need more information about the bond ing process? You can consult our overview of how surety bonds work.
Our team of bond specialists is here to help with your application and bonding. You can call us at (866)-450-3412 to receive our expert help.