What must a dealer include in their petition after a bond increase?

When a dealer is required to submit a petition for a bond increase, they must include a comprehensive outline of the corrective actions they have taken. This requirement ensures that the requesting dealer addresses any issues that may have prompted the need for a bond increase, demonstrating accountability and a willingness to improve their business practices.

Corrective actions can include steps taken to rectify previous compliance issues, improve customer service, or enhance operational procedures. By providing this information, the dealer shows that they are proactive and committed to maintaining the standards expected by regulatory authorities. This element is crucial in regaining trust and ensuring that the bond reflects the current operations and financial responsibility of the dealer.

Including proof of financial stability or a business growth plan might be relevant but is not the primary requirement for the petition. Testimonial letters from clients, while they can support the dealer's reputation, do not directly address the need for a bond increase in terms of compliance and corrective measures.