The center of the storm is in San Juan County, a 14,000 kilometer area with a population of a little over 130,000 people. But the size of the area isn’t what is in contention; it is their belief that public official bonds are required by the state’s constitution.
Required to Give Their BondAccording to Ron Lyman, President of the Citizens Government Oversight Group, the New Mexico state constitution requires all public officials to not only take an oath of office but to also post a bond, which he says means individual public official bonds such as the ones that BuySurety sells. But the County Commissioner doesn’t agree that individual surety bonds are needed. He says that the blanket bond that was taken out for the entire commission is sufficient. Blanket bonds have been used in many instances where a surety bond is required but one bond that covers all members of a group, such as the state or county commission, can be posted to cover all members of the group. Lyman says that the blanket bond is not sufficient and that each individual commission member must have their own public official bonds.
A Question of InterpretationThis is not the first time that the question of this particular part of the constitution has been brought up by this group. In fact, New Mexico Secretary of State has said that the same handful of people bring the subject up at his office every year for the last few years. The state has even brought the question before a group of magistrate judge candidates to find out their opinion, but none wanted to venture one. Some claim that the requirement is a left-over vestige of the old days when New Mexico was still a territory and lawmen of any kind were required to be bonded individually to protect citizens. But in the end this may need to be settled one way or another; as the citizens group is not about to pick up their ball and go home. Either the commission members need to invest in public official bonds or the New Mexico constitution needs a revision. Either way, it will take some time before anyone can agree on next steps.
Get Bonded at BuySuretyOf course, not every case of public official bonds or other surety bonds is this complicated. In the same manner, BuySurety can assure you that getting bonded for any kind of surety bond from public official bonds to auto dealer bonds is fast, easy and within your budget. Got questions? We have answers. Come by our site or call our helpful customer service reps today. Because when it comes to surety bonds, BuySurety has got you covered.
Comments Off on Public Official Bonds Missing in New Mexico
Performance Bonds in QuestionThe former beauty queen called Park Girl has stated that the county district attorney overstepped his boundaries when he charged her with 17 criminal counts of fraud. She claims it is all a matter of settling these disputes in a civil court case because they are simply disagreements on what her contracts stipulate. According to Ms. Ares, the contracts include an arbitration clause that every complainant could have invoked or they could have cancelled their contract with her. Instead they chose to bring it to court as a question of fraud. Performance bonds that were part of the contract, she claims, could have covered all disputes.
Legal Aid Steps InWhen over 40 of her clients went to legal aid over the contracts, things began to get a bit ugly. This is when Park Girl claimed that the performance bonds that were part of the arbitration clause could have been called into the case. But since the state says it is not bound by the arbitration clause, the possibility of invoking the performance bonds became untenable and fraud was charged. Now Park Girl, the company and the ex-beauty queen, have filed for bankruptcy. Where this leaves the 40 original complaints remains to be seen.
Demanding Arbitration With Performance BondsAlthough there is some question of whether these particular performance bonds could be called in to resolve the disputes, it is a good example of why they can be so important in many types of businesses. Performance bonds can be used in contracts to ensure both parties will live up to the expectations outlined in the agreement. When they are not, the disputing party can use the leverage of the performance bond to demand satisfaction. This is why it is so important when using a performance bond in a contractual agreement to use a surety bond company that is reliable. BuySurety has been providing performance bonds as well as many other types of surety bonds, to companies and governments for over two decades. When you need a performance bond to ensure your contractual agreements, be sure to talk to the helpful service agents at BuySurety to get the right bond for your business needs.
Comments Off on Performance Bonds for Park Girl
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.
Comments Off on Auto Dealer Bond Requirements for New Mexico, Colorado, Wyoming and Montana