When registering a vehicle from out of state or with a missing title, the state requires the vehicle owner to get a VIN verification inspection by a Colorado Vehicle Verifier. This procedure ensures the information the state registers about the vehicle is correct.
Back in 2017, Colorado initiated a pilot program to authorize third-party transportation associations and organizations to conduct VIN verification inspections for commercial vehicles and vehicles needing a bonded title. However, the legislature SB20-011 has made this program permanent as of 2020.
These third-party transportation associations and organizations must seek approval for a permit by the Chief of the Colorado State Patrol. Of the requirements for the permit, you must provide evidence of a savings account, certificate of deposit or surety bond in the amount of $10,000.
Your job as a Vehicle Verifier is to inspect and document vehicle details for DMV records. Therefore, you’ll start by verifying the VIN has not been tampered with or altered. The VIN should look the same as when it came from the manufacturer. Also, if the vehicle owner has the title, the VIN should match.
You’ll record additional information about the vehicle, such as the body type, paint color and license plate number. Then the state uses the document you’re filling out as proof of the vehicle’s identity.
The Chief of the Colorado State Patrol grants authority to third-party transportation associations and organizations to conduct vehicle verifications. Of course, you must meet all the state requirements to receive a Vehicle Verifier Permit.
Vehicle Verifier Permit Requirements:
• You and your employees must know the verification process and standards.
• Have no felony convictions within the last 10 years.
• Provide evidence of a savings account, certificate of deposit or surety bond in the amount of $10,000.
Submit the following information for each verifier:
• Full Name
• Location of Operation
• Contact Information
• And any other information the chief requires.
The Chief only issues permits to those meeting the above requirements. So, when your organization seeks to hire a new verifier, you must submit the above information for the new hire to be approved by the Chief.
Your Vehicle Verifier Permit can be denied or canceled by the Chief for any of the following reasons.
• If you’ve been convicted of a felony or hire a convicted felon.
• Commit fraud.
• Incompetence resulting in incorrect vehicle information submitted as verified.
• Misrepresent yourself on the application for the permit.
You’ll need the required $10,000 Vehicle Verifier Bond if you run a transportation association or organization that conducts or plans to conduct VIN verifications,. However, you can choose to submit evidence of a savings account or certificate of deposit in place of the surety bond.
Getting a surety bond is your best solution if you don’t have the $10,000 or would rather not have that large amount of money tied up. Moreover, by choosing to get a surety bond, you’ll only need to pay a small portion of the bond amount to get your bond.
A common misconception is the surety bond is in place to protect you. But, the surety bond doesn’t protect you or your business. On the contrary, the bond is required to ensure your customers and the state are not financially liable if you perform unethically or fail to conduct your business according to the law.
If someone makes a claim against your bond, the surety company holding your bond will investigate the claim. The surety will pay out up to the full bond amount ($10,000) if the claim is found to be valid. Then, you (the principal) are responsible for reimbursing the surety company back in full.
The best part about getting the surety bond instead of evidence of a savings account or certificate of deposit is you don’t need to have the $10,000 cash.
We offer this bond as low as 1% – 5% of the bond amount if approved. In fact, you may only need to pay $100 for your $10,000 Colorado Vehicle Verifier Bond if you purchase through Surety Solutions, A Gallagher Company.
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Third-party transportation associations or organizations must comply with the requirements set by the Chief of the Colorado State Patrol to receive their Vehicle Verifier Permit. Although, you can choose between evidence of a savings account, certificate of deposit or surety bond in the amount of $10,000 to satisfy the Chief’s requirement.
By enforcing this requirement, the state is protected if a valid claim is made against you for failing to perform your duties ethically or accurately.
Don’t overpay for your surety bond. Get the best deal for your bond at suretysolutions.com.
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