Archive for March, 2012
If Alabama State Senate Bill (SB 136) passes, companies that wish to sell and install storm shelters in the State of Alabama will need to have a $20,000 surety bond. Senator Paul Bussman, a co-sponsor of the bill, indicated that the growing storm shelter manufacturing industry could use some regulation. The $20,000 surety bond requirement provides protection “in case there was a problem with an installation. Just like insurance. Like any construction bond. When you have someone building you have to get a bond say if you don’t do it then bonding company will do it for them,” he said. WAFF news in Huntsville, AL provides an in depth video about the storm shelter surety bond issue.
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Recently, the State of Wyoming passed several new laws affecting public official surety bond regulations. Specific to a county weed and pest control district, House Bill No. 15 (Wyoming HB 15) mandated a substantial increase in the surety bond amount required for the treasurer of the board of directors for such a district. While the previous requirement was three thousand dollars ($3,000.00), the new amount required is fifty thousand dollars ($50,000.00). Wyoming House Bill No. 123 (Wyoming HB 123) also affects a public officials bond requirement. HB 123 effectively repeals the surety bond stipulations for circuit court magistrates and judges. Prior to passage of HB 123, circuit court judges were required to have a $5,000 surety bond, while the required amount for magistrates was $1,000. Effective Jul 1, 2011, they are no longer required. HB15 and HB 123 were enacted on February 18, 2011, and became effective July 1, 2011 Links Wyoming HB 15 Wyoming HB 123
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Surety Bonds were certainly on the agenda at the Department of the Interior co-facilitated roundtable discussions and hosted a business training session and competition for 15 tribal businesses who were nominated by the Native American Procurement Technical Assistance Center. RES is the premier American Indian economic and business development conference in the United States. Attendees include American Indian and Indigenous entrepreneurs, tribal economic and business development decision makers, tribal leaders, government and corporate executives and buyers seeking Indian suppliers and contractors. Over the course of three days, business information and training sessions were designed specifically for native entrepreneurs, tribal enterprises and organizations wishing to do business with American Indian businesses in an effort to help them improve their business performance. The Department of the Interior hosted two roundtables which combined training with policy discussions and matchmaking with corporate America. The first roundtable focused on access to capital where ways to improve federal lending and loan guarantee programs for Indians were discussed. The second roundtable focused on surety bonds, specifically performance bonds and bid bonds, for construction contracts. People who have had experience seeking surety bonds were available to share stories and advice with summit attendees about the difficulties and obstacles they’ve had in obtaining surety bonds. Interior representatives also lead a tribal business presentation contest and matchmaking session with 15 tribal business representatives who had to give two and six minute business pitches before a panel of judges. Native American business owners are welcome to a free surety bond consultation from BuySurety.com by simply calling (800) 600-9240., where the
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