What does the Financial Responsibility Act require from manufactured home dealers?

The Financial Responsibility Act requires manufactured home dealers to maintain certain levels of insurance for consumer protection. This is crucial because it ensures that dealers have the financial means to cover potential liabilities that may arise from the sale of manufactured homes. The requirement for insurance helps to protect consumers by providing them with assurance that they have recourse in case of defects, accidents, or other issues related to their purchase. Insurance levels mandated by the Act minimize the risk to consumers, ensuring that their investment in a manufactured home is safeguarded against unforeseen circumstances. This requirement promotes trust and accountability within the industry, as it obligates dealers to secure adequate protections for their customers.