California Dealer Bond

[Carboholic]

I have a $50K dealer bond right now because I am considered a retail dealer. I may be changing over to wholesale, in which case California only requires a $10K dealer bond. Can I just get my bond reduced, or will I need to cancel the $50K bond and replace it with a $10K bond?

[Admin]

That depends on whether the state has different bond forms or not. In this case, CA does have seperate forms for each bond type. Therefore, the current bond will have to be cancelled and the new one issued.