Surety On The Rocks

Written by JoAnn Smith on May 21st, 2015. Posted in Kentucky, On The Rocks, Surety Bond Blog

KY Online Securities Sales Surety Bond – HB 76 requires persons operating an Internet website for the sale of securities to register and post a minimum $50,000 surety bond. The new law provides that the surety bond secures the payment of costs, fines, and damages to any person who is aggrieved by an Internet Web site operator’s violation of the law as determined by the Commissioner of the Department of Financial Institutions. The new law will become effective on June 24, 2015. buysurety.com
Kentucky Longshot – Stir with ice 2 oz Bourbon Whiskey, 1/2 oz Canton Ginger Liqeur, 1/2 oz Peach Brandy, 1 dash Angostura Bitters and 1 dash Peychaud Bitters and strain into chilled cocktail glass.  Garnish with candied ginger.  three drinks Enjoy and share.    

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Surety On The Rocks

Written by JoAnn Smith on April 23rd, 2015. Posted in Kentucky, On The Rocks, Surety Bond Blog

Kentucky Online Securities Sales Surety Bond HB 76 requires persons operating an Internet website for the sale of securities to register and post a minimum $50,000 surety bond. The new law provides that the surety bond secures the payment of costs, fines, and damages to any person who is aggrieved by an Internet Web site operator’s violation of the law as determined by the Commissioner of the Department of Financial Institutions. The new law will become effective on June 24, 2015.  Fast and Easy Bond Quote
Kentucky Blizzard – Shake with cracked ice and strain into a cocktail glass 1 1/2 oz Bourbon Whiskey, 1/2 oz Lime juice, 1/2 oz Grenadine, 1 1/2 oz Cranberry Juice, 1 tsp sugar.  Garnish with a half slice of orange.  three drinks Enjoy and share.  

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Texas and Kentucky Invoke Surety Bonds to Complete Projects

Written by JoAnn Smith on June 19th, 2014. Posted in Contract Bonds, Kentucky, Performance Bonds, Texas

     surety bonds for construction      
surety bonds for construction
As the economy begins the long slow climb to recover, projects that were left uncompleted are quietly seeing the path to completion, thanks to the surety bonds connected to the projects. Whether it is a nature center for Weslaco Texas or a roadway in Vanceburg Kentucky, surety bonds are pulling their weight to get the jobs back up and running.

Texas Nature Center Restarts Construction

With accusations of fraudulent billing and subcontractors unpaid, the construction of the long awaited Weslaco Valley Nature Center ground to a halt last March. Luckily GAS Contractors was bonded and those surety bonds were used to continue construction once an assessment of the problems was completed. Subcontractors will need to file a lien on the surety bonds that GAS put into place in order to get paid on outstanding invoices, but the work will continue with a new general contractor in place. Since most of the outside work had been completed before work halted, the new contractor expects to complete the project within the next two months.

Surety Bonds in Place for Road Completion in Kentucky

Surety bonds will play another role in the completion of road work in Lewis County Kentucky on the Straight Fork Road. The contractor had asked for an extension of the original October 31st deadline, but even with that extension it was obvious that BRC Group would not be able to complete the project. They were expected to return to work on March 3rd but no word has been heard from them to this date. When a certified letter informing the company of their impending default on the project was returned, other plans were put into place. The surety bonds on the project will cover the remaining costs for gravel and blacktop work, expected to be completed soon.

Performance Bonds Guarantee Completion

As is obvious from these two examples, surety bonds such as a performance bond can be invoked to pay for the completion of a project when a contractor is unable to meet their obligations. Since just about any government-funded project will require surety bonds such as a performance bond, finding them fast and within your budget can be a key to landing that next project. Don’t take chances with your next project. BuySurety has fast and friendly customer service folks who can find you the right surety bonds at the best price. Come by our site, talk to our reps and know that with BuySurety you will always have the solid security of surety bonds to back you up on that next project.

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Uniform Trust Code Performance Bonds in Kentucky and Maryland

Written by JoAnn Smith on April 7th, 2014. Posted in Bond Applications, Bond Types, Contract Bonds, Kentucky, Latest News, Legislation, Maryland, Performance Bonds, Surety Bond Blog

     trustee performance bonds
Performance bonds help trustees
Performance bonds will be playing a new role when it comes to trustees in Kentucky and Maryland very soon. There are at present legislative bills before both Kentucky and Maryland’s Senate that would change the current requirements regarding trust laws. Both states are considering the possibility of adapting the Uniform Trust Code used in many other states. If these bills pass, it will affect the type of surety that is required of a trustee. The basics as outlined by the Uniform Trust Code would be the same in both states. But because of historical differences in their approach to the role of the trustee, each House is considering some changes. These would ensure that the requirements of a trustee will remain within the regulations of either Maryland or Kentucky.

Maryland Trustee Bill

In the Maryland legislature, House Bill 83 passed through the House with very little opposition and moved into the Senate on March 18, 2014. The bill, if passed, would see the adoption of the Uniform Trust Code that requires trustees to post a performance bond to secure the performance of their duties. However, this will only be done if the court requires it or if the terms of the trust require it. The court would authorize the requirement and determine the amount of the performance bond to be posted. The court would also have the authority to either modify the requirements of the bond or to terminate it as they see fit. Should the trustee resign, their liabilities for the trust or the bond will not be affected by the act of resignation.

Kentucky Performance Bond Requirements

Although there are currently trust laws in force in Kentucky that do not require a trustee to post a performance bond as part of their legal performance of their duties, that may change with the passage of House Bill 119. The bill was introduced in January of 2014 and passed through three readings in the House before moving forward to the Senate. As of April 2, 2014 the bill was awaiting approval and changes from the Senate Appropriations and Revenue Commission. If passed, the bill will adopt the conditions of the Uniform Trust Code. This will allow the court to determine if a performance bond is required by a trustee and to specify the amount of the bond and its liabilities as well. The bill also allows that if a regulated financial institution already qualified to do trust business in the Commonwealth of Kentucky is required within the terms of the trust to be bonded, the court can release them from this obligation.

Trustees and Performance Bonds

As it is easy to see, being named a trustee can often include the requirement to be bonded as part of the duties of the trustee. Although this requirement will change from state to state, the requirements for a performance bond are the same regardless of the situation that calls for it. If you should find yourself in need of a performance bond as part of your requirement as a trustee, contact BuySurety today for a fast easy quote on a performance bond. You will find our knowledgeable and friendly customer service are easy to work with and can help you get the kind of surety bond you need. BuySurety has been serving the needs of the American public with a wide variety of surety bonds for over 20 years. Let BuySurety take care of your performance bonds, or any other kind of surety bond, today.

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Do You Know Your Professions License Bond Requirements?

Written by JoAnn Smith on February 11th, 2014. Posted in Bond Types, Commercial Bonds, Florida, Kentucky, Latest News, Legislation, License and Permit Bonds, Michigan, Surety Bond Blog, Wisconsin

     license bond requirement      
Know your license bond requirement for your industry.
Whether you are a tradesman, a salesman or a sub-contractor in the building industry, understanding the license bond requirements for your industry can be a crucial part of any job. Almost any kind of business that involves providing a service or handling money probably also requires a surety bond of some kind. Usually this will take the form of a surety bond that is part of the licensing process for the business or trade. But the laws regarding exactly what that license bond requirement will cover and if it is even necessary can change. Keeping up with the shifting legal requirements for a license bond in your business can be difficult. While by no means an exhaustive list, here are some changes that have gone through legislation recently that will affect the license bond requirements in several industries and states.

Florida Title Insurance Agents

In the past, agents have been required to post either a license and permit surety bond or some other type of security to cover any losses incurred if an agent should violate their contract. This bond or surety of at least $35,000 was posted by the agent, not the agency. But a law was passed in 2012 that required the agency to also post a bond for this type of situation to benefit the appointed insurer. Now Florida House Bill 321 and Florida Senate Bill 570 will change this. It will eliminate the individual agent requirement, so that only the agency will be required to carry a license bond of at least $35,000 to cover any violations of the contracts regarding title insurance.

Kentucky Electrical Inspectors

As the law now stands, all electrical inspectors in Kentucky must post a $5,000 surety bond as part of their license. However, with the passage of Kentucky House Bill 38 introduced to legislature in January of 2014, certain Kentucky electrical inspectors would become exempt from this requirement. The exemptions to the need for a surety bond would include employees of the following:
  • City
  • County
  • Urban-county
  • Charter County
  • Unified local government
  • Consolidated local government
  • Any combination of governing entities
This exemption is only for work that has been authorized by the Department of Housing, Buildings and Construction for the administration and enforcement of its regulations. It should be noted that contractors, when hired by these organizations, will continue to be required to produce the license surety bond. This change for employees acting in this capacity will be effective upon the passage of HB38.

Wisconsin Mortgage Professionals

Currently in Wisconsin, individual mortgage professionals must have a license bond that does not exceed a value of $50,000 as a part of their licensing requirements. It is mandatory in order to make supervised loans and to act as a mortgage loan originator. But with the passage of Wisconsin House Bill 678 each individual branch location of a mortgage company will also have its own $50,000 license bond requirements in addition to the license surety bond for individuals.

Michigan Alarm System Contractors

If you work in the state of Michigan as a contractor that installs alarm systems, then you probably already know that this state requires all alarm system contractors to post a license bond in the amount of $25,000 as part of your licensing requirement. Currently that license bond requirement includes taking out this bond “in the name of the people of the State.” This will be changed with the passage of Michigan Senate Bill 619 to reflect that the surety bond is payable to the Department of Licensing and Regulatory Affairs for the benefit of the people of the state. The amount of the bond requirement will not change.

Knowing Your License Bond Requirement Needs

While most of us like to think we know all the requirements for licensing in our chosen profession, it can be hard to stay on top of all the legislative changes. Surety bond amounts can change or not even be required at all, which may mean you are spending more money than you need to in order to meet regulations. Worst yet, you could be facing charges and fines if you don’t have a license surety bond when you should. Know what you need and when you need it by contacting our knowledgeable and helpful customer service at BuySurety today. Find out what changes in legislature have made your license more expensive or even more complicated. We have been helping out businesses large and small find out what kind of surety bond requirements their business needs to fulfill since 1998 and we can help you. Don’t take chances with your legal standing, find out what type of surety bond you need and make sure it is current by contacting BuySurety today.

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