Archive for February, 2015

Surety On The Rocks

Written by JoAnn Smith on February 27th, 2015. Posted in Court Bonds, On The Rocks, Surety Bond Blog

Court Surety Bonds: The most common Court Surety Bonds are the probate bonds, administrator, executors, guardian and custodian bonds to name a few.  The Judicial Bonds also fall into this category; these include Appeal, Supersedes, and Release of Lien Bonds.  The Judicial Bonds carry a much higher risk and require at least 100% collateral held by the surety company.
martini_pink Judge Jr. – This one is in the Martini family.  You will need Gin (3/4 oz), Light Rum (3/4 oz), Grenadine (1/4 tsp), Lemon Juice (1/2 oz), Powdered Sugar (1/2 tsp).  Shake with ice and strain into a Martini glass.  Enjoy and Share.

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Surety On The Rocks

Written by JoAnn Smith on February 26th, 2015. Posted in Commercial Bonds, License and Permit Bonds, On The Rocks, Surety Bond Blog

Commercial Surety Bonds:  These are compliance type bonds which are used to guarantee that the individuals or businesses abide by the rules and regulations of their business license.  Examples of Commercial Bonds include Auto Dealer aka Motor Vehicle Dealer aka MVD bond, Collection Agency Bond, Contractor License and Permit Bonds, Mortgage Broker Bond, Notary Bond and about 4000 others.
Cool-Aide: Use a Pint glass filled with ice, add Blueberry Schnapps (1oz) then the Cranberry Juice (2oz).  Stir and then top off with 7-Up or Sprite.  Enjoy and Share!three drinks

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Surety On The Rocks

Written by JoAnn Smith on February 25th, 2015. Posted in On The Rocks, Surety Bond Blog

Obligee – In surety terms, the Obligee is one of the three parties of a surety bond.  One to whom another is obligated to.  Most often the Obligee is the state, city or county requiring the Principal to obtain a bond to guarantee something.  For example: Florida Motor Vehicle Dealer bond is required by the State of Florida (obligee) to guarantee the MVD will be in compliance with his MVD license requirements.
Orange Whip – Combine Amaretto (.5oz), Bailey’s Irish Cream (.5oz), Triple Sec (.5oz) with Orange Juice (4oz) – Shake ingredients and pour over ice.  three drinksEnjoy and Share.

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Surety Bonds On The Rocks

Written by JoAnn Smith on February 24th, 2015. Posted in On The Rocks, Surety Bond Blog

Welcome to the first edition of a regular post mixing surety bond definitions with whimsical drink recipes.
Surety Bond – A three-party agreement between The Obligee, The Principal and The Surety.
Surrey Slider – A three-party drink, Orange Juice, Peach Schnapps and Rum. Pour the rum (1.5oz), peach schnapps (.5oz) and Orange juice (4oz) into a highball glass almost filled with ice cubes.  Stir well and garnish with an orange slice.  Enjoy!  

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License and Permit Bonds Increase to $25K for New Mexico AMCs

Written by JoAnn Smith on February 23rd, 2015. Posted in License and Permit Bonds

     license and permit bonds help AMCs      
license and permit bonds required for AMCs
The new requirements for license and permit bonds will be increasing for appraisal management companies in New Mexico this year. This shouldn’t be surprising as this follows a trend across the nation of seeing license and permit bonds for businesses related to real estate increasing as the home building industry recovers. With the increased value of many home deals and thus their appraisals, the need for an increase in the license bonds is growing around the country.
 
Just last week we reported an increase to $100,000 for license and permit bonds for AMCs in Virginia as well. With real estate finally seeing the bad old days of 2008 in the rear view mirror, expect other license and permit bonds related to real estate to reflect the expected increase in traffic and income.
 

License and Permit Bonds Get Pricier

While it is true that a license bond is simply the price of doing business in most industries, for real estate appraisal that cost is going up in quite a few states. New Mexico is simply the latest in a string of states that have passed legislative changes regarding the price of being bonded and having a license. Before the latest legislative changes were passed, a license and permit bonds for an AMC in New Mexico would cost the business $10,000. Now that has gone up to $25,000 as the value of homes goes up and with it the risk for an appraisal. This new rate has been passed in the hopes of maintaining regulations for the fast paced industry.

New Surety Bond Regulations

In addition to the new license and permit bonds having increased in the required amount, another change has been seen for AMCs with this update. Corporate surety bond companies are now able to pay individuals who file a claim directly. Outside of these two changes, all other requirements and regulations that govern AMCs and their surety bonds remain the same.

Maintaining Surety Bonds a Must

Of course, the requirement of a surety bond for any New Mexico appraisal management company is still in force. Any company that cannot produce evidence of proper bond coverage upon demand can risk having their license revoked. That includes having a license and permit bonds that is in the correct amount. Getting bonded for the new surety bond requirements is fast and easy with BuySurety.

Get Bonded with BuySurety

If your business finds it should suddenly need to be bonded for any kind of surety bond, whether because of new business or changes in the requirements, we can help. BuySurety can get you bonded with the right kind of license and permit bonds quickly to keep your business legal and properly bonded. Don’t take chances when it comes to your business license. Get bonded with BuySurety and be sure!

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