To get a license as a service agent, a person must buy a special bond worth $25,000. This bond acts like insurance — if the agent does something wrong related to getting vehicle ownership paperwork, anyone who gets hurt by that can use the bond to get money back. A court has to officially rule against the agent first before any money is paid out, and the total paid to all affected people can never be more than $25,000.
301.117. requirements for agents — paid out, when — . — 1. The for shall be accompanied by a in the amount of twenty-five thousand dollars and on the faithful performance of all requirements for the lawful obtaining or receiving of certificates of ownership for motor vehicles.
2. The bond shall be an for any loss by reason of the acts of the person bonded when such acts constitute grounds for the or of his . The shall be in the name of Missouri for the of any ; except, that the to all parties shall, in no event, exceed the amount of the bond. The of the bond shall be paid upon receipt by the of a from a against the and in favor of an aggrieved party.
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Source & history notes
(L. 1984 S.B. 416 § 6)
Related Missouri laws
Records required to be kept by service agents, time period
RSMo 301.116
Revocation or suspension of license, procedure, grounds
RSMo 301.119
License plates returned, when
RSMo 301.120
Service agent required to obtain license, form, qualifications, fee
RSMo 301.114
Return of plates, partial refund
RSMo 301.121
Service agent obtaining certificate of ownership for owner, definition
RSMo 301.112
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.