Wyoming Temporary RV Display and Sales Event Bond: A Comprehensive Guide
This guide provides information for insurance agents to help their customers obtain a Wyoming Temporary RV Display and Sales Event Bond
At a Glance:
- Average Cost: Between $500 to $3,750 per year based on the applicant’s credit
- Bond Amount: $50,000
- Who Needs it: All out of state dealers applying for a temporary RV display and sales event permit in Wyoming
- Purpose: To ensure the Department of Transportation will receive compensation for any damages should the dealer violate the terms of their permit
- Who Regulates Temporary RV Display and Sales Events in Wyoming: The Wyoming Department of Transportation
Background
Wyoming statute 31-16-127 requires all out of state dealers to obtain a permit through the Department of Transportation before holding a temporary RV display and sales event. The Wyoming legislature enacted the permit requirement to ensure that these events are conducted in accordance with all applicable rules and regulations. To provide financial security for the enforcement of the permit requirement, out of state dealers must purchase and maintain a $50,000 surety bond to be eligible for a permit.
What is the Purpose of the Wyoming Temporary RV Display and Sales Event Bond?
Wyoming requires out of state dealers to purchase a surety bond as part of the application process to obtain a temporary RV display and sales event permit. The bond ensures that the public will receive compensation for financial harm if the dealer fails to comply with the regulations set forth in Wyoming statute 31-16-127. Specifically, the bond protects the public in the event the dealer engages in any acts of fraud or fails to return their permit, demo license plates, and unused temporary registration permits. In short, the bond is a type of insurance that protects the public if the dealer fails to comply with the terms of their permit.
How Can an Insurance Agent Obtain a Wyoming Temporary RV Display and Sales Event Surety Bond?
BondExchange makes obtaining a Wyoming Temporary RV Display and Sales Event bond easy. Simply login to your account and use our keyword search to find the “temporary” bond in our database. Don’t have a login? Gain access now and let us help you satisfy your customers’ needs. Our friendly underwriting staff is available by phone (800) 438-1162, email or chat from 7:30 AM to 7:00 PM EST to assist you.
At BondExchange, our 40 years of experience, leading technology, and access to markets ensures that we have the knowledge and resources to provide your clients with fast and friendly service whether obtaining quotes or issuing bonds.
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Is a Credit Check Required for the Wyoming Temporary RV Display and Sales Event Bond?
Surety companies will run a credit check on the dealer to determine eligibility and pricing for the Wyoming Temporary RV Display and Sales Event bond. Dealers with excellent credit and work experience can expect to receive the best rates. Dealers with poor credit may be declined by some surety companies or pay higher rates. The credit check is a “soft hit”, meaning that the credit check will not affect the dealer’s credit.
How Much Does the Wyoming Temporary RV Display and Sales Event Bond Cost?
The Wyoming Temporary RV Display and Sales Event bond can cost anywhere between $500 to $3,750 per year. Insurance companies determine the rate based on several factors including your customer’s credit score and experience. The chart below offers a quick reference for the bond cost on the $50,000 bond requirement.
$50,000 Temporary RV Display and Sales Event Bond Cost
| Credit Score | Bond Cost (1 year) |
|---|---|
| 800+ | $500 |
| 625 – 799 | $750 |
| 575 – 624 | $1,875 |
| 550 – 574 | $2,500 |
| 500 – 549 | $3,750 |
Who is Required to Purchase a Bond?
Wyoming requires all out of state RV dealers to purchase a $50,000 surety bond as a prerequisite to obtaining a temporary RV display and sales event permit. To paraphrase Wyoming 31-16-27, “out of state dealer” means a motor vehicle dealer that is licensed in a state other than Wyoming. Additionally, an “RV display and sales event” is a public or private assembly in which recreational vehicles are displayed for sale.
BondExchange now offers monthly pay-as-you-go subscriptions for surety bonds. Your customers are able to purchase their bonds on a monthly basis and cancel them anytime. Learn more here.
How do Out of State Dealers Apply for a Wyoming Temporary RV Display and Sales Event Permit?
Out of state dealers in Wyoming must navigate several steps to secure a Wyoming temporary RV display and sales event permit. Below are the general guidelines, but applicants should refer to the permitting statutes for details on the process.
Permit Period – All Wyoming temporary RV display and sales event permits are valid for up to 7 days beginning on the first day of the event
Step 1 – Request an Application
To obtain a permit application, dealers should contact the Department of Transportation by calling (307) 777-3815 or submitting an online contact form
Step 2 – Complete the Application
All Wyoming temporary RV display and sales event permits should be mailed to the following address:
Wyoming Department of Transportation
Compliance & Investigation
5300 Bishop Boulevard
Cheyenne, Wyoming 82009‐3340
Dealers must complete the application in its entirety, and submit the following items:
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- Copies of the dealer’s license, franchise agreement (if applicable), and IRS documentation verifying their federal employer identification number (FEIN)
- Completed background check information questionnaire, fingerprint cards, and a $39 fingerprint processing fee
Dealers must pay a $500 fee (not including the $39 fingerprint processing fee) when submitting their permit application.
Step 3 – Purchase a Surety Bond
Once their permit application is approved, dealers must purchase and maintain a $50,000 surety bond
Do Dealers Need to Renew Their Wyoming Temporary RV Display and Sales Event Permits?
No, all Wyoming temporary RC display and sales event permits are valid for 7 days from the start of the event and expire thereafter. Dealers must obtain a separate permit for each event but may not receive more than three permits per year.
What are the Insurance Requirements for the Wyoming Temporary RV and Display Sales Event Permit?
Wyoming does not require out of state dealers to purchase any form of liability insurance as a prerequisite to obtaining a temporary RV display and sales event permit. Dealers must purchase and maintain a $50,000 surety bond.
How Do Dealers File Their Wyoming Temporary RV Display and Sales Event Bonds?
Dealers should mail their completed bond forms, including the power of attorney, to the following address:
Wyoming Department of Transportation
Compliance & Investigation
5300 Bishop Boulevard
Cheyenne, Wyoming 82009‐3340
The surety bond requires signatures from both the surety company that issues the bond and from the dealer. The surety company should include the following information on the bond form:
- Legal name, operating structure, and address of the entity/individual(s) buying the bond
- Surety company’s name and state of incorporation
- The bond’s term
What Can Dealers do to Avoid Claims Against Their Bonds?
To avoid claims against their bonds, dealers must adhere to the terms of their permit, including some of the most important issues below that tend to cause claims:
- Return all demo license plates, and unused temporary registration permits
- Do not engage in any acts of fraud
What Other Insurance Products Can Agents Offer Out of State Dealers in Wyoming?
Wyoming does not require out of state dealers to purchase liability insurance as a prerequisite to obtaining a temporary RV display and sales event permit. However, most reputable dealers will seek to obtain this insurance anyway. Bonds are our only business at BondExchange, so we do not issue any other types of insurance, but our agents often utilize brokers for this specific line of business. A list of brokers in this space can be found here.
How Can Insurance Agents Prospect for Wyoming Temporary RV Display and Sales Event Permit Holder Customers?
Wyoming unfortunately does not provide a public database to search for active permit holders in the state. We suggest contacting the Department of Transportation to obtain this information. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.
