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Expert Surety Bonds Since 2004
Need assistance? +1 815-826-6324 (815-8-BondAI) phil@AmericasSuretyBonds.com
Expert Surety Bonds Since 2004
The bond amount on a Texas bonded title is set by the state, not by what you paid for the vehicle. It is one and one-half times the vehicle's value, normally its Standard Presumptive Value. When TxDMV's record shows no lien, or only a lien ten or more years old, you can file the bond without first tracking down a lien release.
Texas Transportation Code section 501.053 lets a person who has the vehicle in their possession obtain a title by filing a bond with the Texas Department of Motor Vehicles, as an alternative to a tax assessor-collector hearing. Under 43 TAC 217.9 the bond equals one and one-half times the vehicle's Standard Presumptive Value, the applicant pays a $15 administrative fee, and the bond expires on the third anniversary of its effective date.
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A bonded title is available only when the vehicle is in the applicant's possession and one of three record situations applies. Under 43 TAC 217.9(a), the record shows there is no lien or the lien is ten or more years old, or the record shows a lien less than ten years old and the applicant provides a release of all liens with the bond, or TxDMV has no previous motor vehicle record at all. With no record, the VIN must be verified by an inspection under Transportation Code section 501.0321.
Section 501.053(b) sets the bond at one and one-half times the value of the vehicle as determined by the department. Rule 217.9(c) ties that value to Standard Presumptive Value under Tax Code section 152.0412. If SPV is not available, a national reference guide is used, and if neither works the applicant may get an appraisal from a Texas licensed motor vehicle dealer or insurance adjuster on the department's form. A vehicle 25 years or older may use an appraisal instead of a reference guide, but if the appraised value is under $4,000 the bond is figured from a value of $4,000. A trailer or semitrailer can use a set value of $4,000 if under 20 feet long or $7,000 if 20 feet or longer. Appraisals must be submitted within 30 days of their date.
Form VTR-130-SOF, Bonded Title Application or Tax Collector Hearing Statement of Fact, goes by mail to a TxDMV Regional Service Center with the $15 fee by check or money order. TxDMV responds with a Notice of Determination (VTR-130-ND). You then buy the bond on form VTR-130-SB and take the original bond, any power of attorney and the notice to your county tax assessor-collector's office. Rule 217.9(e) requires the original bond within 30 days of issuance and the notice of determination within one year of issuance.
The bond indemnifies all prior owners and lienholders, all later purchasers and anyone who acquires a security interest in the vehicle, and their successors, against expense, loss or damage, including reasonable attorney's fees, caused by issuing the title or by a defect in or undisclosed security interest on the applicant's title. The surety must report payment of any judgment to TxDMV within 30 days. The bond expires on the third anniversary of its effective date. Salvage and nonrepairable motor vehicles cannot be titled under section 501.053.
Under 43 TAC 217.9(a), a record showing no lien, or a lien ten or more years old, lets you apply for a bonded title without a lien release. A lien less than ten years old requires a release of all liens along with the bond.
No. It is one and one-half times the vehicle's value as determined by the department, normally its Standard Presumptive Value under Tax Code section 152.0412, with reference guides or appraisals used when SPV is not available.
A vehicle 25 years or older may use an appraisal. If the appraised value is less than $4,000, the bond amount is established from a value of $4,000.
Rule 217.9(e) requires the original bond within 30 days of issuance and the notice of determination within one year of issuance. Appraisals must be submitted within 30 days of the appraisal date.
Section 501.053(d) says the bond expires on the third anniversary of the date it became effective.
No. Section 501.053(f) bars obtaining a title under this section for a salvage motor vehicle or a nonrepairable motor vehicle.
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