Form OA 447. For-Hire Operating Authority Certificate or License - Virginia

Form OA 447 - For-Hire Operating Authority Certificate or License is used as a letter of credit submitted by customers in lieu of a bond for brokers involved in the transportation of passengers or passenger carriers. This form is crucial for brokers to fulfill the financial responsibility requirement without providing a traditional bond.

The parties involved are the customer submitting the letter of credit and the Virginia Department of Motor Vehicles. The form typically consists of sections for customer details, broker information, the amount of credit, and any necessary agreements.

Important fields in this form include customer information, broker details, credit amount, and any necessary agreements. Accurate submission of information and adherence to terms are crucial for regulatory compliance.

An example scenario is a passenger broker seeking to meet financial responsibility requirements without obtaining a bond. By submitting this form with the letter of credit, the broker fulfills their obligations and can legally operate.

No additional documents are typically required for this form. However, understanding the terms of the letter of credit and ensuring compliance with its provisions is important. Related forms might involve traditional bond submission or other methods of demonstrating financial responsibility.