Form BMV 2180. Application - Financial Responsibility Surety Bond Secured by Real Estate

Form BMV 2180. Application - Financial Responsibility Surety Bond Secured by Real Estate is used to demonstrate financial responsibility for vehicles that are subject to certain regulatory requirements. The main purpose of this form is to allow vehicle owners to provide proof of financial responsibility by securing a surety bond with real estate as collateral.

The form typically consists of sections where the applicant must provide personal information, vehicle details, and the specifics of the surety bond secured by real estate. Additionally, the form may include a section for the surety bond company's information and signature.

Key fields in this form include the applicant's personal information, vehicle identification details, and the details of the real estate property used as collateral for the surety bond. Accurate completion of these fields is crucial to ensure that the application is processed correctly.

An example scenario for using Form BMV 2180 would be when a vehicle owner is required to demonstrate financial responsibility to meet state requirements. Instead of purchasing an auto insurance policy, they can opt for a surety bond secured by real estate, and this form serves as the application for the bond.

When filling out the form, the applicant should carefully provide accurate information about the vehicle and the real estate property being used as collateral. They should also ensure that the surety bond company's details are correct to facilitate the processing of the application.

Additional documents needed to complete this form may include documentation related to the real estate property being used as collateral and any agreements or contracts with the surety bond company.

Related forms or alternatives may include applications for other forms of financial responsibility, such as liability insurance or a certificate of deposit issued by the BMV or an approved agency.