Illinois Employment Surety Bond HolderOn the other side of the country, an Illinois business might find itself in a bit of difficulty because of its hiring practices. It seems that Central Grocers Inc. of Juliett Illinois hired the former president of TJ Produce, Thomas Hanyzewski, who had failed to pay reparation that was awarded to his company. Because of this background, Central Grocer will need to post an employer surety bond that will be held by the USDA for four years. The surety bond is in the amount of $50,000 and will be the companies guarantee to the industry that it will perform according to the rules set down by the Perishable Agricultural Commodities Act or PACA.
Agriculture and Employer Surety BondsIt is easy to see from these two examples that employer surety bonds are a big part of the agriculture industry. While it is true that most companies will never find themselves on the wrong side of the table when facing the USDA for rule infractions or fraudulent behavior, agriculture dealer bonds and employer surety bonds can ensure that everyone plays fair. That is why it is so important for anyone who is involved with this important industry to get bonded by a company that knows the rules and can be sure they have the right surety bond for their particular situation. BuySurety has been providing employment surety bonds, agricultural dealer bonds and every kind of required surety bond for the agricultural community for over two decades. Drop by our website or give our knowledgeable customer service folks a call and find out just how easy it is to ensure your business, no matter what sector it is in, has the right surety bonds at the best price.
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The auto dealer bond requirements change from state to state. They also go through requirement changes as legislation decides to redesign how auto dealerships are licensed. That is why it continues to be very important to stay on top of the changes in the DMV dealership surety bond requirements for your state. To help you keep up to date on any changes, here are the requirements for surety bonds when it comes to having a license for an auto dealership in New Mexico, Colorado, Wyoming and Montana.
New Mexico Auto Dealer Bond Requirements
The folks at the DMV in New Mexico must like to keep things under close control. They require that an auto dealership renews their license every year on December 31st and that they provide proof of bonding at the time of renewal. This is a good date to keep in mind whether you have a regular car and truck dealership or even if you only sell motorcycles. Both types of dealerships are required to be licensed and have surety bond coverage.
For new and used motor vehicle dealers – $50,000 surety bond
For dismantlers – $50,000 surety bond
For motorcycle dealerships – $12,500 surety bond
Colorado Auto Dealer Bond Requirements
Colorado has some specific requirements for how the surety bond is set up, but they only require surety bonds for licenses for new and used motor vehicle dealerships. The $50,000 auto dealer surety bond must be in the legal name of the dealership, the bond must be an original dealer bond signed by the owner or corporate partner of the company or a corporate officer if the company is an LLC.
Wyoming Auto Dealer Bond Requirements
If you have ever driven through Wyoming, you probably remember it for its wide open spaces and giant sky. It is also a state with few roads and even fewer cars and trucks. That may be why the state of Wyoming has one surety bond requirement that covers all auto and truck dealers, whether they are selling new or used vehicles. The surety bond requirement is $25,000 and does not need to be renewed annually.
Montana Auto Dealer Bond Requirements
While Montana may be called The Treasure State, to many of us it is cowboy country and proud of it. The auto dealer bonds for licensing an auto dealership in Montana cover new and used as well as both cars and trucks. Licensing requires a $25,000 surety bond and must cover the period from January 1st to December 31st each year.
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- $3,000 – For projects that are $10,000 or less
- $10,000 – For projects that are $10-25,000
- $15,000 – For businesses on probation and if projects are more than $25,000
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House Bill No. 1110: License Bond—Real Estate Appraisal Management CompaniesHouse Bill 1110 was passed that will now demand that all real estate appraisal management companies will need to be licensed and are required to post a $25,000 appraisal management AMC surety bond. The posting of the bond will also require that any surety company that provides the bond also give 30-day notice to the Board of Real Estate Appraisers at the time a payment from the bond is made or at any time that the bond should be cancelled. The new law becomes effective July 1, 2013 and the bill regarding this new bond requirement was enacted on June 08, 2012. For more details, follow our link to read the actual HB 1110 bill.
House Bill No. 1327: License Bond—Towing CompaniesA new law was passed regarding towing carriers, House Bill 1327 that will repeal the former $50,000 surety bond that had been required under the prior existing law. Instead of the bond, towing carriers may have their operating authority revoked immediately if they fail to pay any fine for violating applicable regulatory or statutory requirements. They would also not be allowed to reapply for new authority for five years upon revocation. The new law became effective upon enactment on May 24, 2012. To read the act in its entirety, please follow our link to Bill 1327 here.
House Bill No. 1155: Private Postsecondary Educational InstitutionsSome colleges and universities will be required through House Bill 1155 to post a surety private school bond or other security. This bond act is to cover any judgements resulting when damages have been incurred by the students of the school due to the school ceasing to operate, resulting in those students loss of instruction that had been paid for in advance. This bond will also cover any violation of the applicable regulations or laws pertaining to this. The amount of the bond must be a reasonable estimate of the maximum prepaid and unearned tuition and fees or equal to $5,000. The new law permits direct actions on the bond and was enacted on June 04, 2012. It becomes effective on August 8, 2012. For a look at the exact language of the house bill please follow our link to HB 1155 on the legislative site.
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