Form HSMV 86057. Florida Motor Vehicle Dealer Irrevocable Letter of Credit - Florida

Form HSMV 86057 is used in Florida by motor vehicle dealers to establish an irrevocable letter of credit. This form is specifically for dealers who need to comply with the licensing requirements and financial obligations set by the Florida Department of Highway Safety and Motor Vehicles (DHSMV).

The form consists of sections and important fields, including:

• Dealer Information: This section requires details about the motor vehicle dealer, such as their legal name, address, contact information, and license number.
• Letter of Credit Information: Here, the dealer provides information about the irrevocable letter of credit, including the issuing bank's name, the credit amount, and the expiration date of the letter of credit.
• Obligee Information: The form includes fields to identify the obligee, which is the DHSMV or any other designated authority responsible for overseeing motor vehicle dealership licensing.
• Signature: The motor vehicle dealer signs the form, indicating their agreement to comply with the licensing requirements and fulfill the obligations outlined in the irrevocable letter of credit.

When filling out this form, it is crucial for the motor vehicle dealer to accurately provide their information and ensure that the details regarding the letter of credit are correct. They must sign the form to indicate their commitment to meeting the licensing requirements and financial responsibilities.

An alternative form related to this is Form HSMV 86059, which is the Florida Motor Vehicle Dealer Surety Bond. While Form HSMV 86057 involves establishing an irrevocable letter of credit, Form HSMV 86059 allows dealers to provide a surety bond as an alternative financial security option. The main difference lies in the method used to meet the financial obligations associated with motor vehicle dealership licensing.