Appraisal Management Company Bonds Requirements Change

Written by JoAnn Smith on August 4th, 2014. Posted in Arizona, Commercial Bonds, Latest News, Legislation, License and Permit Bonds, Mississippi, States, Surety Bond Blog, Virginia

     appraisal management company bonds
Appraisal management company bonds see changes
For several states the requirements for real estate appraisal management company bonds are changing, which should be no surprise to anyone in the real estate industry. As the market makes its recovery from the 2008 crash, home prices are going up again. This means that appraisals need to be constantly re-evaluated and the appraisal management company bonds for these businesses are getting re-evaluated by the state legislative committees as well. Three states that saw changes to how the appraisal management company bonds would play into these new realities are Arizona, Mississippi and Virginia. All three have recently made changes to the requirements for real estate appraisal management companies to hold a surety bond as part of the cost of doing business.

Arizona Changes their License Bond

In Arizona a company that does business as an appraiser of real estate may not be required to have appraisal management company bonds, but they are required to be licensed and carry a license bond as part of that license. Until the passage of Arizona House Bill 2239 that requirement was a $20,000 license bond. With the passage of this bill on April 16, 2014 and the Governor signing it into law on April 22nd the requirement for a license bond for this type of business was changed to not less than $20,000 with a maximum surety bond amount of $50,000. In addition, instead of a criminal background check being required for licensing, owners will now only need to submit a valid fingerprint clearance card.

Mississippi and Appraisal Management Company Bonds

Mississippi’s House attempted to pass a change to the appraisal management company bonds requirements along with a change to authorize Mississippi real estate appraisers to establish standards for measuring certain residential properties. While the change regarding standards was written into law, the surety bond requirement for all real estate appraisal companies in Mississippi still stands. The final version of the new law did not see any changes in the requirements of posting a surety bond as part of the licensing structure.

Changes for Virginia Real Estate Appraisal Companies

With the passage of Virginia House Bill 762, both real estate appraisers and real estate appraisal companies will be required by law to hold a license and a real estate appraisal management bond or license bond, whichever is applicable. With this law no one who engages in the business of real estate appraisal can do so in Virginia without a license that is issued by the Real Estate Appraisal Board. In addition, the amount of the real estate appraisal license bond will be increased from $25,000 to $100,000. The bill was signed by the Governor on March 07, 2014 and went into effect on July 01, 2014.

Licensing Needs Met Here

Obviously many different kinds of businesses need many different kinds of licenses. Just as you see here where three different states have different requirements about surety bonds that go with those licenses, it is the same with a host of different types of businesses. That is why it is always a good idea to check in with a reputable surety bond broker, such as BuySurety, to be sure your business has the license bonds it needs to stay on the right side of the law. Not sure what your state requires of your new business? Contact BuySurety’s customer service and find out today. Keeping your business legal and bonded correctly is just one part of why businesses big and small across the nation have counted on BuySurety since 1998. Contact us today to find out just how fast and easy getting bonded with BuySurety can be for you.

Tags: , , ,


Comments Off on Appraisal Management Company Bonds Requirements Change

Car Dealer Bond Requirements for Arizona, Nevada, Idaho and Utah

Written by JoAnn Smith on November 5th, 2013. Posted in Arizona, Commercial Bonds, Idaho, License and Permit Bonds, Motor Vehicle Bonds, Nevada, Utah

     car dealer bonds
Find out the car dealer bond requirements for your state.
Car dealer bonds are probably one of the most commonly required surety bonds when it comes to business. The bottom line for most is that you simply cannot run an auto dealership, sell cars in auction or even sell such recreational vehicles as boats and All Terrain Vehicles (ATVS) without a car dealer bond. But not every state requires them for all of these types of vehicles. Many states have different car dealer bond amounts for different vehicles and some states only require them when you are selling new cars on a lot. Confused yet? Well, we will try to make it a bit easier by every week presenting a few more states and the regulations for auto dealer bonds in those geographical locations. Here is a continuation as we move east from the Pacific coast to look at the car dealer bond regulations in the western desert states of Arizona, Nevada, Idaho and Utah.

Arizona Car Dealer Requirements

There are three different situations where an auto dealer bond will be required as part of doing business. You can get a free quote for any of these Arizona Auto Dealer Surety Bonds.  For all three situations, the bond must come from a company that is authorized to do business in Arizona. Lucky for you, BuySurety fits that bill just fine. If you have more than one location, you will need to have a separate surety bond for each county that you do business in. The one exception to this is the title service company which can run under multiple locations and they will be covered by the same car dealer bond.
  • For New and Used Motor Vehicle Sales – $100,000 New and Used Motor Vehicle Dealer Bond
  • For a Title Service Company – $25,000 Auto Dealer Bond
  • For a Wholesale Auto Auction Dealer – $25,000 Wholesale Auto Dealer Bond
  • For a Wholesale Motor Vehicle Dealer – $25,000 Motor Vehicle Dealer Bond
  • For an Automotive Recycler – $20,000 Auto Dealer Bond
In all of these the surety bond is continuous and does not need to be renewed. If a business or individual needs to cancel their auto dealer bond, they must do so in writing at least 60 days prior. The notice can be sent to Dealer Licensing.

Nevada Car Dealer Requirements

The Silver State separates out their auto dealer licenses, and the bonds that go with them, according to use. So if all you are planning to sell at your lot are new and used cars, this only needs one type of surety bond. But being the west, horse trailers, utility trailers and motorcycles are designated for a different kind of surety bond requirement. All of these types of Car Dealer Surety Bonds are available directly. Outside of these qualifications, the designations are fairly simple in Nevada for any kind of auto dealer bond.
  • For selling new or used motor vehicles – $100,000 Car Dealer Surety Bond
  • For selling motorcycles, horse trailers that do not have an area for living or utility trailers with unloaded weight of at least 3,501 pounds – $50,000 Motor Vehicle Dealer Surety Bond
  • For selling utility or boat trailers with unloaded weight under 3,500 pounds – $10,000 Surety Bond

Utah Car Dealer Bond Requirements

The Motor Vehicle Dealer (MVD) Surety Bonds for Utah motor vehicle dealers simply break down into cars versus bikes and trailers. This makes it fairly easy for Utah car dealerships to have their surety bond coverage taken care of with little fuss.
  • Dealers of new and used vehicles as well as sellers of large trailers – $75,000 MVD Bond
  • Dealers of motorcycles or small trailers – $10,000 MVD Bond
In Utah, the definition of a small trailer for the purposes of the surety bond is an unloaded weight of between 750-1999 pounds. We can supply a fast quote for either of these MVD bonds over the phone or via request on our website.

Idaho State MVD Bond Requirements

If you have ever driven through Idaho and seen the sheer amount of rock and gravel, you would understand why it is called The Gem State. But this combination of mountain and desert makes Idaho a place where having a solid truck is essential, so auto dealerships are a good investment. As it is in Nevada, the auto dealer bond requirements are broken down into two camps: cars and trucks versus the smaller recreational vehicles and trailers. Both types of MVD Bonds are available directly from BuySurety.
  • For New and Used Motor Vehicle Sales – $20,000 MVD Bond
  • For Motorcycle, ATV, Utility Vehicles, Campers and Snow Machine Sales – $10,000 MVD Bond

Tags: , , , ,


Comments Off on Car Dealer Bond Requirements for Arizona, Nevada, Idaho and Utah

Changes to Surety Bond Requirements for Pest Control Businesses

Written by JoAnn Smith on November 3rd, 2013. Posted in Arizona, Commercial Bonds, Iowa, Legislation, License and Permit Bonds, Nevada, Retail and Professional Services Bonds, Surety Bond Blog

     surety bond requirements
Pest control on farms is vital
Surety bond requirements change all the time, even in as singular a business as pest control services. The pest control industry was handed some new regulations recently in several states. In all three states, Arizona, Iowa and Nevada, changes were made regarding the use of surety bonds that cover risks for pest control services. In Arizona the previous law had been that surety bonds for pest control services were to cover the responsibility for damages that came about as a result of operations. The new law changes this interpretation of the surety bond coverage to include property damage and bodily injury specifically. The amount of the surety bond doesn’t change, just what the bond will cover. In Iowa, changes have been made to the amount of financial responsibility that will now be required as part of the licensing and surety bond regulations. Now commercial applicators of pesticides must carry separately:
  • A $200,000 surety bond for property damage
  • A $200,000 surety bond for personal liability
There is now an option to also carry insurance with a limited liability of $100,000 per occurrence and $300,000 annually aggregated. In Nevada the minimum surety bond requirements for a pest control business has been increased from a $10,000 to a $50,000 surety bond. All other requirements remain the same. Not sure if your state requires a surety bond for your business? Laws change all the time and surety bond requirements change with them. Find out if your business is now required to post a surety bond by contacting our knowledgeable staff and finding out the latest legislative changes. BuySurety can tell you what you need, what it will cost and take care of all the details right away for you.

Tags: , , , ,


Comments Off on Changes to Surety Bond Requirements for Pest Control Businesses

New Arizona MVD Bond Program from BuySurety.com

Written by JoAnn Smith on March 6th, 2013. Posted in Arizona, Latest News, License and Permit Bonds

     Arizona MVD bonds, Arizona motor vehicle bonds
Arizona Department of Transportation
BuySurety.com is please to introduce a new program for $100,000 Arizona Motor Vehicle Dealer (MVD) Bonds required by the Arizona Department of Transportation. Motor Vehicle Dealer (MVD) Licensing Applications must be accompanied by a car dealer bond, the amount of the surety bond to be determined by the type of business being conducted. This includes any businesses that have gone through changes since their last license application. A separate bond will be required with each individual application and for each county that the applicant has an established business. As a result, motor vehicle bonds will be required for Arizona for the following amounts: A $100,000 motor vehicle bond will be required for:
  • New Motor Vehicle Dealers – Anyone who buys, sells, offers, attempts to offer or is engaged in the business of selling new motor vehicles or used vehicles taken in trade.
  • Used Motor Vehicle Dealers – Includes anyone other than a new car dealer who engages in the buying, selling, auctioning, exchanging or offering to negotiate a sale or trade of four or more used vehicles in a 12-month period.
  • Public Consignment Auction Dealers – This includes anyone conducting live auctions or providing live auction services on a consignment basis at a public consignment auction dealer’s place of business or authorized off-premise location.
A $25,000 motor vehicle bond will be required for:
  • Motor Vehicle Brokers – This includes a person who for a fee or commission offers to provide the service of arranging or helping to arrange the purchase of a motor vehicle and is not a dealer of used or new vehicles, a manufacturer, a wholesaler or auctioneer of motor vehicles.
  • Wholesale Auto Auction Dealers – This includes anyone who provides auction services to wholesale dealers only in wholesale transactions. The must also neither buy, sell nor own the motor vehicles that they auction.
  • Wholesale Motor Vehicle Dealers – This includes anyone who sells used motor vehicles. They are sold solely to licensed motor vehicle dealers in Arizona.
A $20,000 motor vehicle bond will be required for:
  • Automotive Recyclers – This includes anyone who purchases at least six motor vehicles for the sole purpose of dismantling and reselling or otherwise disposing of the parts or accessories.

Tags: , , , , ,


Comments Off on New Arizona MVD Bond Program from BuySurety.com

Commercial Surety Bond Legislature Update for 2012 in Arizona

Written by JoAnn Smith on November 29th, 2012. Posted in Arizona, Surety Bond Blog, Tax and Fees Bonds

Arizona State Seal
There was one Senate bill and one House bill regarding commercial surety bonds that was enacted in the legislature for Arizona during the recent 2012 legislative session.  There were no legislative acts passed regarding contract bonds during the last session in either the House or the Senate for the state of Arizona. Enacted bills became effective on the 90 days after adjournment, which was August 3, 2012, or as provided in the act. Specified effective dates are provided in the bill summary. See the summaries below for an idea of the basics covered by these new legislative acts or follow the links to read the actual bill for more details.

Senate Bill No. 1280: License Bond—Tobacco Product Distributors

The Arizona Senate Bill 1280 will reflect changes to require all tobacco product distribution must post a bond for surety of license sales tax. The new bond law requires that the bond must be equal to 4X the average monthly liability for taxes of the distributor based on the preceding consecutive six months history of paid taxes or $500, based on whichever is the greater amount. In the event that a tobacco distributor does not have a six month history of tax payments, then the bond to be paid has to be at least $500. The bill was enacted on May 09, 2012. For full details and to see the actual language of the bill please follow our link here.  

House Bill No. 2462: Court Bond

In the house bill #2462 recently passed, a requirement will now be made that any dog owners whose dog has been seized for suspected cruel mistreatment or neglect including abandonment will need to  post a court bond. That bond will be $25 per animal seized. This is a change from when the bond bill was first introduced, where the requirement would have been $200 per animal. The bond will be paid to ensure that the costs regarding care of the animal are covered. This bill was enacted on March 21, 2012. To see the complete bill in PDF form and read all circumstances that pertain to this bill be sure to click on our link here.  

Tags: , ,


Comments Off on Commercial Surety Bond Legislature Update for 2012 in Arizona