To get a bonded title in Arkansas, you will need to follow a specific process outlined by the state’s Department of Finance and Administration. This process involves submitting the necessary forms and documentation, paying the required fees, and obtaining a surety bond to protect against any potential claims on the vehicle’s title.
What is a bonded title and when is it needed?
A bonded title is a type of vehicle title issued when the original title is missing, defective, or insufficient. In Arkansas, a bonded title may be needed in the following situations:
- Lost title
- Unrecorded lien
- Unresolved title issue
When faced with any of these scenarios, obtaining a bonded title can provide a legal way to establish ownership and transfer the vehicle to a new owner.
How to apply for a bonded title in Arkansas?
- Complete the Application for Bonded Certificate of Title for a Vehicle form.
- Submit the form along with any supporting documentation and payment of fees to the Department of Finance and Administration.
- Obtain a surety bond from a licensed insurance company equal to 1.5 times the appraised value of the vehicle.
- Provide proof of bond coverage to the DFA.
- Wait for the DFA to process your application and issue the bonded title.
What documents are required for a bonded title application?
| Document | Description |
|---|---|
| Application for Bonded Certificate of Title for a Vehicle form | Completed and signed form |
| Proof of ownership | Bill of sale, vehicle registration, or other relevant documents |
| Proof of identity | Driver’s license or state ID |
| Surety bond | Obtained from a licensed insurance company |
What are the fees associated with a bonded title in Arkansas?
There are several fees that you will need to pay when applying for a bonded title in Arkansas, including:
- Application fee
- Surety bond premium
- Any applicable taxes or titling fees
Can a bonded title be transferred to a new owner?
Yes, a bonded title can be transferred to a new owner in Arkansas. The new owner will need to follow a similar process to obtain a bonded title in their name, including applying for a new surety bond and submitting the required documentation.
What is the validity period of a bonded title in Arkansas?
A bonded title in Arkansas is valid for three years from the date of issuance. If the title remains free of claims or disputes during this period, it may be converted to a regular title.
What if a claim is made against a bonded title?
If a claim is made against a bonded title in Arkansas, the surety bond can be used to cover the cost of any damages or losses. It is important to work with the insurance company that issued the bond to resolve any claims in a timely manner.
In conclusion, obtaining a bonded title in Arkansas is a straightforward process that requires the completion of specific forms, submission of required documentation, payment of fees, and obtaining a surety bond. This title serves as a legal document to establish ownership of a vehicle when the original title is missing or defective. By following the necessary steps outlined by the Department of Finance and Administration, individuals can successfully navigate the process of getting a bonded title in Arkansas.