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Official Connecticut K 158 Template in PDF

The Connecticut K 158 form is a surety bond required for motor vehicle dealers, repairers, and leasing companies operating in Connecticut. This document serves as a financial guarantee that these businesses will comply with state and federal laws while protecting consumers from potential losses due to misconduct. Understanding the specifics of this form is crucial for anyone looking to engage in these industries within the state.

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Official Connecticut K 158 Template in PDF

Structure

The Connecticut K 158 form serves as a surety bond specifically designed for motor vehicle dealers, repairers, limited repairers, and leasing or renting companies. This document is essential for those seeking licensure under the Connecticut Department of Motor Vehicles (DMV). It establishes a financial guarantee, requiring a bond amount that varies based on the type of business: $50,000 for motor vehicle dealers, $5,000 for motor vehicle repairers or limited repairers, and $10,000 for leasing or rental companies. The bond ensures compliance with state and federal laws governing the conduct of these businesses. It also provides indemnity for any losses incurred by individuals due to actions of the licensee that could lead to suspension or revocation of their license or result in the business closing. The bond must be executed in the name of the State of Connecticut, benefiting any aggrieved party, although its penalty can only be invoked following a hearing conducted by the Commissioner of Motor Vehicles. The form requires signatures from both the principal and the surety, along with witnesses, and mandates the attachment of a current Power of Attorney for the surety’s attorney-in-fact.

Connecticut K 158 Example

SURETY BOND - MOTOR VEHICLE

DEALER REPAIRER/LIMITED REPAIRER, OR LEASING/RENTING CO.

K-158 REV. 6-10

STATE OF CONNECTICUT

DEPARTMENT OF MOTOR VEHICLES

DMV USE ONLY

LICENSE NO.:

60 STATE STREET, WETHERSFIELD, CT 06161

DEALERS & REPAIRERS SECTION

KNOW ALL MEN BY THESE PRESENT:	EFFECTIVE:

SURETY BOND INFORMATION

$50,000

M.V. DEALER

$5,000

M.V. REPAIRER/LIMITED REPAIRER

$10,000	SURETY BOND NO.
$10,000
LEASING OR RENTAL CO.

	FULL NAME OF LICENSEE AS PRINCIPAL (Name Must Appear as in Records of DMV)				DEALER/REPAIRER/LEASING LIC. NO.
LICENSEE					(If currently Lic. by DMV)
LICENSEE
AS
AS	ADDRESS	No. and Street	City or Town	State	Zip Code
PRINCIPAL	ADDRESS	No. and Street	City or Town	State	Zip Code
PRINCIPAL

	FULL NAME OF SURETY COMPANY

SURETY	ADDRESS	No. and Street	City or Town	State	Zip Code
SURETY
COMPANY

	STATE UNDER WHOSE LAWS CORPORATION ORGANIZED AND EXISTING

The above Surety, as duly authorized by law to become surety on bonds of the State of Connecticut, and the above Principal are held and firmly bound unto the State of Connecticut in the sum as so specified above to be paid to the State of Connecticut, to which payment the Principal and Surety do jointly and severally bind themselves, their heirs, executors, administrators, successors and assigns, and each and every one of them, firmly by these presents.

THE CONDITIONS OF THIS OBLIGATION ARE SUCH THAT:

WHEREAS, the Principal is an applicant or licensee under the purview of Section 14-52 or Section 14-15, Connecticut General Statutes, and WHEREAS, pursuant to the provisions of Section 14-52(b) or Section 14-15, Connecticut General Statues, the Principal has been required, as a condition to his licensure, to furnish the Commissioner of Motor Vehicles a bond satisfactory to him in the amount of either $50,000 in the case of a motor vehicle dealer or $5,000 in the case of a motor vehicle repairer or limited repairer, or $10,000 in the case of a motor vehicle leasing or renting company conditioned upon the applicant or licensee complying with the provisions of any State or Federal law or regulation relating to the conduct of such business and provided as indemnity for any loss sustained by any person by reason of any acts of the licensee constituting grounds for suspension or revocation of the license or such licensee going out of business. Such bond shall be executed in the name of the State of Connecticut for the benefit of any aggrieved party, but the penalty of the bond shall not be invoked except upon order of the Commissioner of Motor Vehicles after a hearing held before him in accordance with the provisions of Chapter 54 of the Connecticut General Statutes. This bond shall cover acts and omissions occurring during the period of the license granted to the Principal. The aggregate liability under this bond shall not exceed the penal amount.

NOW THEREFORE, if the above bounden Principal shall conduct the business in full compliance with State and Federal law and regulations relating to the conduct of said business, then this obligation shall be void; otherwise to remain in full force and effect.

The Signature of Principal and Surety must be witnessed by two witnesses each. A current Power of Attorney for the Surety's attorney-in-fact must be attached to this bond.

SIGNATURE OF PRINCIPAL	PRINTED NAME AND TITLE OF PRINCIPAL'S SIGNER
X
SIGNATURE OF FIRST WITNESS OF PRINCIPAL	PRINTED NAME OF WITNESS OF PRINCIPAL
X
SIGNATURE OF SECOND WITNESS OF PRINCIPAL	PRINTED NAME OF WITNESS OF PRINCIPAL
X
SIGNATURE OF ATTORNEY-IN-FACT OF SURETY	PRINTED NAME OF ATTORNEY-IN-FACT OF SURETY
X
SIGNATURE OF FIRST WITNESS OF SURETY	PRINTED NAME OF WITNESS OF SURETY
X
SIGNATURE OF SECOND WITNESS OF SURETY	PRINTED NAME OF WITNESS OF SURETY
X
IN WITNESS WHEREOF, the Principal and Surety have signed and sealed this instrument on
DAY:	MONTH:	YEAR:
DAY:	MONTH:	YEAR:

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Document Specifications

Fact Name	Description
Purpose of the K-158 Form	The K-158 form serves as a surety bond for motor vehicle dealers, repairers, limited repairers, or leasing/renting companies in Connecticut.
Bond Amounts	Different bond amounts are required: $50,000 for motor vehicle dealers, $5,000 for repairers, and $10,000 for leasing or rental companies.
Governing Laws	This form is governed by Section 14-52 and Section 14-15 of the Connecticut General Statutes.
Conditions of Obligation	The bond ensures compliance with state and federal laws, protecting against losses due to the licensee's actions.
Execution Requirements	The signatures of both the principal and surety must be witnessed by two individuals, and a Power of Attorney for the surety's attorney-in-fact must be attached.

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