North Carolina Grain Dealer Bond Updated

Written by JoAnn Smith on May 26th, 2014. Posted in Agricultural Bonds, Commercial Bonds, Latest News, License and Permit Bonds, North Carolina, Popular States, Surety Bond Blog

     grain dealer bond      
New grain dealer bond requirements in the works
Last year’s passage of North Carolina House Bill 383 saw an increase in the amount of the grain dealer bond that would be required as part of the new agricultural licensing requirements. Now in effect, that bill saw the surety bond requirements that are part of the licensing for grain dealers in North Carolina increase substantially.
 
With the implementation of this new law, grain dealer bonds will move from the previous $10,000 surety bond to a $100,000 grain dealer bond.

Who Needs a Grain Dealer Bond?

This new bond amount will be required from anyone in North Carolina who owns controls or operates a grain mill, grain elevator or a warehouse connected to the storage of grains. It will also include anyone who owns and operates a truck or tractor-trailer unit or similar that buys, sells or solicits for sale or resale. The bill will also cover those who contract for these services or are involved in the exchange or sales of grain. These changes to the requirements for a surety bond are part of a bill that will make changes to all of the grain dealer licensing laws in North Carolina. Additional changes will include the ability of the Commissioner to refuse to grant a license to anyone who:
  • Has acted or portrayed themselves as a grain dealer in the past without the proper licensing.
  • Has hired someone convicted of involvement in fraud, theft or misrepresentation regarding buying or selling of grain.

Finding Your Grain Dealer Bond

Finding an insurance company that handles this large an agricultural dealer bond would be difficult, but BuySurety can supply these and other agricultural dealer bonds easily. They can apply online and even probably be notified the same day that they are approved for the grain dealer bond they need. When your business needs a surety bond because of changes in the requirements, new business ventures or any other situation, be sure to contact BuySurety. We have been supplying surety bonds, including grain dealer bonds for agriculture for over two decades across the nation. Find out just how easy it is to get bonded with BuySurety today.

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Requirements for Virginia, North Carolina and South Carolina Auto Dealer Bonds

Written by JoAnn Smith on November 28th, 2013. Posted in Commercial Bonds, Legislation, License and Permit Bonds, Motor Vehicle Bonds, North Carolina, South Carolina, Surety Bond Blog, Virginia

     auto dealer bonds
Auto Bonds remain important to car dealers
Auto dealer bonds can differ from state to state, even if those states are pretty similar. A good example of this is the requirements you will see for these three states. While the auto dealer bonds for a dealership in Virginia and North Carolina are pretty much the same, South Carolina’s car dealer bond requirements break up into whether the dealership is primarily wholesale or retail. This is a prime example of why it is so important to carefully consider the car dealer bond requirements when looking at expanding a dealership into a new state. Handling these surety bond needs in dealerships in Virginia and North Carolina would be far easier than if you decided to expand into South Carolina. This is just one simple reason why it is always a good idea to give us a call before making plans and talk to our knowledgeable staff about surety bond requirements any time you are considering expanding your business base. Meanwhile, here are the auto dealer bonds required for Virginia, North Carolina and South Carolina.

Virginia Car Dealer Bond Requirements

For all car dealerships operating within the state of Virginia the requirements are the same whether you are operating a new vehicle dealership, a used vehicle dealership or sell only cars, only trucks or even only anything else that would be considered a motor vehicle such as a motorcycle dealership. They all require a $50,000 Vehicle Dealer Bond. Be sure to check with our friendly and informative staff if you have questions or need help in qualifying for this surety bond.

North Carolina Auto Dealer Bonds

In North Carolina the requirement for a dealership that sells any kind of vehicle whether it is new or used is also a $50,000 Auto Dealer Bond much like you saw in Virginia. However, the difference between North Carolina and Virginia is that here you are required to post an additional $25,000 surety bond for each additional salesroom after the $50,000 Auto Dealer Bond has been posted.

Surety Bonds for Vehicle Dealerships in South Carolina

The difference between South Carolina and its two sister states above is that it requires a surety bond for different ways that you intend to sell those motor vehicles. If you are interested in simply selling new and/or used vehicles retail, then you will need to post a $30,000 MVD bond with the state. However, if you plan to run a wholesale auto auction, offer travel trailers or motorcycles or are planning to open a wholesale dealership you will need to pony up a $15,000 Motor Vehicle Dealer Bond. In addition, no matter what type of dealership you plan to open, this surety bond needs to be in place at the time that your licensing is begun.

Offering Auto Dealer Bonds at Reasonable Rates

If you think operating an automotive dealership is in your future, it doesn’t take a crystal ball to see that part of that dealership is going to be qualifying for surety bonds. If you are new to the business or have bad credit, this could be a problem. But here at BuySurety we know the business and can help you no matter what the situation. Come talk to us about your surety bond needs and find out just how reasonable and easy it is to get bonded through BuySurety.

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Surety Bond Legislative Update: Financial Industries

Written by JoAnn Smith on October 22nd, 2013. Posted in Connecticut, Illinois, Latest News, Legislation, License and Permit Bonds, Massachusetts, North Carolina, Pennsylvania, Surety Bond Blog

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Surety bonds in financial business Inspire trust
Although many states continue to be on hiatus, there are several state legislatures that are open for business and making legal changes to surety bond requirements. Several changes have been made that will be affecting various businesses that deal with finances, whether it is mortgage loan originators, sales finance companies or money transmitters. Here is the latest update on changes regarding surety bond requirements for Illinois, North Carolina, Pennsylvania, Connecticut and Massachusetts:

Mortgage Loan Originators

In Illinois the Governor has signed off on a bill that will now require mortgage loan originators that are registered with the Nationwide Mortgage Licensing System to be bonded if they are not now required to do so. The blanket permit and licensing bond would be posted by institution they were registered with and would cover them the same as the currently bonded mortgage originators are now. A bill is currently in legislature in North Carolina that will require the registration of any “transitional mortgage originator” that is licensed outside the state and will be doing business in North Carolina for no longer than 120 days. As part of the licensing, a surety bond that is equal to the current surety bond requirements for a mortgage originator will be required.

Pennsylvania Motor Vehicle Sales Finance

The Senate Appropriations Committee is currently reviewing possible changes to the surety bond requirements for a sales finance company or collector/re-possessor when it comes to motor vehicles. The current licensing surety bond amount is $5,000 but this amount will go up to $10,000 for a permit surety bond when passed. The bill has already passed the House and gone through one committee.

Connecticut and Massachusetts Money Transmitters

For money transmitters that handle foreign deposits, changes are being made in Massachusetts regarding the posting of money transmitter bonds. With the passage of HB 876, money transmitters that deal with foreign deposits will be required to post a $50,000 money transmitter surety bond plus additional $10,000 bonds for each additional location. The bond amount will be capped at $450,000. Meanwhile, in Connecticut the requirements regarding surety bonds for money transmitters have been changed. The statute of limitations for claiming on a surety bond has been changed from a two year tail to a two year limitation. If your company needs surety bonds for any reason, you can be sure that BuySurety has the right surety bonds at the right price. Hard to finance? Poor credit risk? Call our helpful customer service line today and find out just how easy we can make it for you to have the surety bonds your business requires at a price you can afford.

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Legislative Updates – Real Estate Appraisal License Bonds

Written by JoAnn Smith on September 6th, 2013. Posted in Commercial Bonds, Latest News, Legislation, License and Permit Bonds, Massachusetts, New Jersey, North Carolina, Surety Bond Blog

There are several states that have legislature in the process of being approved that will affect the real estate appraisal business. These are all connected with license and permit bonds that are to be required as part of the licensing of real estate appraisal management companies.

North Carolina Surety Bond Bills

In North Carolina a bill has been passed that will require such companies to post a $25,000 license and permit bond. This surety bond will ensure that the company complies with the laws and regulations regarding real estate appraisal in North Carolina. It will also be there to ensure the payment of its appraisers. Although the bill will allow direct actions to be taken on the bond itself, it will limit these actions to the amount of the penalty connected with the bond. A company can cancel a bond with a written 90 days notice but must continue to be bonded for two additional years if the company should end its operations in North Carolina. This bill has been passed and as of July 30th was awaiting the Governor’s signature to put the bill into law.

Massachusetts Surety Bonds

As of our latest reading (July 30th 2013), there is a bill still pending with the Massachusetts legislative body regarding real estate appraisal management licensing. This new law would require these companies to be licensed and bonded to do business in the state of Massachusetts. As a protection regarding claimants against the licensed company, a $20,000 bond will be required. As in the North Carolina bill, these license and permit bonds will allow direct action on the bond but that action will be limited by the stated principle amount of the bond.

New Jersey License and Permit Bonds

A committee is currently meeting to consider a similar bond requirement in the state of New Jersey. If passed through legislation, this bill would require that all real estate appraisal management companies doing business in New Jersey be both licensed and post a surety bond. The bond is for $25,000 as part of the company registration with the state. If your state requires your real estate appraisal management company to take out a surety bond, know that BuySurety can provide the correct license and permit bond quickly and easily. We welcome your questions and want you to know that even companies with challenging credit can be bonded through BuySurety. Find out the facts – talk to our helpful agents today.

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Performance Bonds Continue To Ensure Completion Of Projects

Written by JoAnn Smith on July 4th, 2013. Posted in Maryland, North Carolina, Performance Bonds, Surety Bond Blog, Texas, Vermont

     performance bond, surety bond, surety bonds
Government projects aided by performance bonds
Performance bonds continue to play a role in the country’s economic recovery plan. While there are signs of improvement, these steps are small. Across the country municipal improvement plans vital to turning this economy around are struggling. When local construction firms fail, it has been the role of the surety companies to step into the breach. We have been covering a number of such stories here in our surety blog, including the impact Texas contractor Ballenger’s failure has had on several construction projects. In Vermont the completion of the State Office Building renovation and fire station was completed after the failure of Baybutt Construction. In North Carolina, performance bonds ensured the completion of badly needed road and bridge upgrades when the local construction firm found they were unable to complete the projects.

Problems in Maryland

In Montgomery County, Maryland the same kind of problem has popped up once again. Two county projects that had been scheduled for completion this fall have run into trouble. One is the renovation and upgrading of the Olney Library. Like many region’s the upgrade of the library was a key community development. The other project was to be the construction of a new home for the Wheaton Volunteer Rescue Squad. Both of these projects were put on hold when local contractor Milestone Construction notified the county that they would be shutting down the business at the end of the year. They do not appear to be able to meet their obligations for the completion of these projects. In fact, even though in the past the company had a good reputation for completion on time, there had lately been complaints of late work and non-payment or slow payment of sub-contractors.

Performance Bonds Will Complete Project

Luckily, the construction company had fulfilled their obligation in providing performance bonds to cover the entire cost of the project. County officials have confirmed that the surety bond holder has already stepped in to ensure the completion of the project. There may be a short delay as the bond is put in place. The City Council was assured, however, that it was just a short delay and that plans were already underway to continue work with the subcontractors already established for the two projects. Looking for the best price for surety performance bonds for your next project? BuySurety can quickly give you a quote for performance bonds, bid bonds or any other surety bond you may need. Contact us today for a rate quote on any surety bond at a rate you will be happy with.

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