If you do not have proof of ownership (a title) for your boat, motor vehicle, motorhome, mobile home, motorcycle or other titled property, you can provide the State of Minnesota with a Certificate of Title Bond in order to replace your lost, stolen, damaged or defective title. You will be able to register your vehicle with this new title.
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Minnesota Statute Section 168A.07 requires individuals file a surety bond if they cannot prove vehicle ownership when registering their vehicles. State form PS2052-04 is officially titled the “Ownership and Security Interest Surety Bond” but is more commonly known as a ” certificate of title bond” or “defective title bond.” These bonds protect prior owners and future purchasers from expenses, losses, or damages resulting from certificate of title issuance. If such a loss occurs, the issuing surety company will pay valid claims up to the full bond amount, which the bonded vehicle owner must then reimburse.
Minnesota certificate of title bond costs start at $100 for the state-required 3-year term. The exact cost will vary depending on the surety bond amount required by the Division of Motor Vehicles.
The Minnesota Lost Title Bond costs either $100 or 1.5% of the bond amount, whichever is greater (rates may vary for bonds greater than $25,000).
You can purchase your Minnesota title bond online 24/7. You must provide the following information for Division of Motor Vehicles filing approval.
Once your payment has been processed, you’ll receive a digital copy of your Minnesota vehicle title bond by email. Your official certificate of title bond will be delivered to your preferred mailing address.
Minnesota requires residents to purchase a surety bond as part of the application process to obtain a bonded title. The bond ensures that the rightful vehicle owner will not suffer a financial loss if the title applicant is seeking to obtain the title fraudulently. If the title applicant is engaging in fraud, then the rightful vehicle owner can file a claim against the bond and receive compensation up to the full amount of the bond. In short, the bond acts as a safeguard against people attempting to obtain ownership of a vehicle through unethical means.
If you cannot prove you own a vehicle you’re trying to register, you’ll need to file a Minnesota vehicle title bond along with your bonded title application. Vehicles must be 6 model years or older to qualify for a bonded title.
Motor vehicle title bonds are required for vehicle registration. If you plan to sell vehicles, you need a Minnesota motor vehicle dealer bond.
The Minnesota Department of Public Safety requires title applicants to purchase a surety bond if the applicant cannot present the department with tangible proof that they own the vehicle and if the department does not have an ownership record of the vehicle. Typically, lost title bonds are required for the following reasons:
The Minnesota Department of Public Safety Division of Motor Vehicles enforces registration requirements for vehicles with missing titles.
Your bond amount must be 1.5 times the vehicle value as determined by your local deputy registrar’s office. Do not purchase your bond until your local deputy registrar has calculated your exact required surety bond amount.
We do not conduct a credit check for bonds that are less than $25,000. At limits over $25,000, we will review your standing to determine the qualification and rates for the bond.
If the Minnesota Department of Public Safety Division of Motor Vehicles requires your vehicle title bond documentation to be updated for any reason, contact your surety provider.
The most common changes for these bonds include vehicle owner’s name and vehicle information.
Yes, Minnesota bonded titles expire 3 years from their effective date and do not renew.
To apply for a bonded title, complete the following steps:
In Minnesota, bonded title applicants should mail the completed bond form, including the power of attorney, to the following address:
Minnesota Department of Public Safety
Driver and Vehicle Services Division
445 Minnesota St.
St. Paul, MN 55101-5185
The Minnesota Lost Title Surety Bond requires signatures from both the surety company that issues the bond and the bonded title applicant. The surety company should include the following information on the bond form:
Minnesota requires all motor vehicle owners to purchase auto insurance with the following minimum limits:
Bonded title applicants must purchase and maintain a surety bond in an amount equal to one and half times the vehicle’s value.
To avoid claims against their bond, bonded title applicants in Minnesota must ensure that they are the rightful owners of the motor vehicle.