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Nevada Specialty License Plate Bond
The Nevada Department of Motor Vehicles requires non-profits, such as charitable or collegiate organizations, that are registering for the Specialty License Plate Program to file a surety bond with the Commission on Special License Plates.
Jet Insurance Company provides the Specialty License Plate Bond as an assurance to the Nevada Department of Motor Vehicles (DMV) that the registered organization will comply with all obligations of the program. However, if criminal negligence or fraud is committed by the organization, the bond will act as a financial guarantee for the DMV for losses incurred.
How Is the Bond Limit and Cost Determined for the Nevada Specialty License Plate Bond?
The limit for the Specialty License Plate Bond will depend on the number of specialty license plates the organization is looking to sponsor. The Nevada Department of Motor Vehicles requires a $5,000 bond limit for a minimum of 1,000 active registrations and a $20,000 bond limit for 3,000 or more active registrations. Upon your application, the Commission will review your requested bond amount for approval.
At Jet, the cost of your Specialty License Plate Bond will be based on a small percentage of the bond amount and your personal credit score. For example, organization heads seeking a $5,000 limit could pay as low as $100 annually or $10 monthly. Take a look at the chart below regarding available bond limits and our preferred credit tier prices.
| Bond Limit | Monthly | Annual |
|---|---|---|
| $5,000 | $10 | $100 |
| $10,000 | $20 | $200 |
When you apply for your bond with Jet, you won’t be met with middlemen agents or brokers who elongate the application process and drive up costs. We act as a direct surety provider so that we can offer you efficient service at affordable rates.
The Nevada Specialty License Plate Bond Process With Jet
The Jet team has created a streamlined bond application process. The application for the Nevada Specialty License Plate Bond will begin by asking you for some general information such as your contact details, bond limit, and social security number. No need to worry about that last part, we run a soft credit check and can guarantee that it won’t affect your score. Once all has been submitted, a Jet underwriter will send you approved rates with monthly and annual options. Just choose your preferred term and fulfill the payment. Jet will instantly send over a copy of your bond form and receipt. It’s as easy as that!
The Nevada Department of Motor Vehicles requires the original signed and sealed bond to be filed with their Commission on Special License Plates Division. The surety bond must remain so for as long as your organization is involved in the program.
Jet can take care of filing your bond for you free of charge. However, if you would prefer to file your bond yourself, this option is available at checkout. All documentation should be sent to the mailing address below.
Nevada Department of Motor Vehicles
DMV Commission Special License Plates
555 Wright Way
Carson City, NV 89711
If you are registering for the program for the first time, further details and required forms can be found on the “Proposed Specialty Plates” webpage.
The Nevada Department of Motor Vehicles Commission on Special License Plates will let your organization know if you have fulfilled the minimum requirements of active registrations for your license plate during the preceding year. If so, you will be able to register for another year with the program which means your Specialty License Plate Bond must be renewed with Jet.
You won’t have to worry about renewing if you choose our monthly bond option; payments will continue to come out of your preferred account until cancellation is officially requested. As for those who choose our annual bond term, Jet will send you a renewal invoice in advance of your bond term expiration date. Standard payment is all that we ask for to keep your bond active for another term. If the bond limit has changed, it is important to let us know prior to making payment for the renewal term so we can update the bond to have sufficient coverage.
If you need to cancel your Specialty License Plate Bond, you can do so at any time! Just send us a written cancellation request to [email protected] and we will notify the Nevada Department of Motor Vehicles of your bond’s termination. Once received, the DMV will release the liability of such within 30 days.
We will have to charge monthly bondholders one last payment for the required 30-day cancellation period as your bond is technically still active. Your payments will immediately cease once this last step has been completed.
If you have any questions or concerns, feel free to contact us at the email address above or call us at 855-296-2663 and we can help you out right away!
How Does a Nevada Non-Profit Organization Avoid Specialty License Plate Bond Claims?
The Nevada Department of Motor Vehicles allows non-profits such as charities or collegiate organizations, as well as nonprofits that benefit firefighters, peace officers, veterans, and military organizations to register for the Specialty License Plate Program. Once the qualified institution has been registered, the non-profit is expected to follow all obligations and standards set in Chapter 482 of the Nevada Revised Statutes. A violation of the regulations may lead to the termination of your registration, large fines, and a bond claim.
A claim on the Specialty License Plate Bond will come from the Director of the Department of Motor Vehicles if financial negligence or fraud is committed by the organization regarding the program. For example, filing forms or records that are inaccurate, committing improper financial practices, and failing to ensure that the profits received from the special license plate sales are used for the benefit of the charity’s appropriate community are all serious violations.
An annual audit on the non-profit organization will be conducted by the Commission and if such violations are found to be committed, the DMV will order a hearing to be held in order to determine what penalties will be imposed. It is likely that the organization’s special plates will be recalled and a claim will be filed on the bond to cover all losses incurred, as well as the cost of attorney fees and other costs associated with the production and manufacturing of the special license plates.
Immediately contact Jet once you receive official notice from the Department of Motor Vehicles of a bond claim. We will ask that you provide us with all available information and documentation regarding the accused violation. These resources will be used for our own investigation to ensure that the claim is valid and that no mistakes were made by the DMV.
If the claim is justified, Jet is legally obligated to make payment up to the Specialty License Plate Bond amount (claim payouts will not exceed the bond limit). You are ultimately responsible for your own actions and the actions of your non-profit organization, and therefore must reimburse Jet for the claim payout made on your behalf. An omission to do so will result in difficulties obtaining future surety bonds in the State of Nevada.
