Increases the bond amount for used motor vehicle dealers and makes technical changes.

Utah HB0305 amends the bond requirements for used motor vehicle dealers, raising the bond amount to $200,000. It also includes technical changes to the bond claim process, ensuring that claimants must file written claims within one year of the cause of action and commence actions within two years. The bill specifies that if total verifiable claims on the bond are less than the bond amount, each claimant is entitled to the full amount of a valid claim.

Increases the bond amount for used motor vehicle dealers and makes technical changes.

Utah HB0305 amends the bond requirements for used motor vehicle dealers, raising the bond amount to $200,000. It also includes technical changes to the bond claim process, ensuring that claimants must file written claims within one year of the cause of action and commence actions within two years. The bill specifies that if total verifiable claims on the bond are less than the bond amount, each claimant is entitled to the full amount of a valid claim.