Georgia Auto Dealer Bond RequirementsGeorgia actually has several categories within the basic car dealership business that require auto dealer bonds as part of the licensing process. Surety bond requirements for used vehicles are separate from used vehicle parts dealers. In addition they have distinct bond requirements for recreational vehicles that sell retail from those that sell wholesale or are distributors or importers. Bonds for van conversions are also covered under recreational vehicles. However, you will notice that there are no requirements for an auto dealer bond for new vehicle dealerships. The bond requirements are:
- Used Motor Vehicle Dealers – $35,000 Used Car Dealer Bond
- Used Motor Vehicle Parts Dealers – $10,000 Used Car Dealer Parts Bond
- Recreational Vehicle Dealers – $10,000 Recreational Dealer Bond
- Recreational Vehicle Manufacturers – $10,000 Recreational Dealer Bond
- Recreational Vehicle Distributors or Importers – $10,000 Recreational Dealer Bond
- Van Convertors – $10,000 Recreational Dealer Bond
Tennessee Car Dealer BondsWith Georgia and Tennessee right next door to each other, it would be easy to expect that their auto bond needs would be very similar. But in fact, they are very different from each other. Where in Georgia the car dealer bond requirements are varied depending upon what kind of vehicle you are selling and how you sell it, in Tennessee they have one car bond requirement for both used and new vehicles period. If you want to sell used or new vehicles in Tennessee you will need to post a $50,000 Auto Dealer Bond with the Tennessee Motor Vehicle Commission. That is it as far as surety bond requirements go for car and truck sales in the state.
Selling Vehicles in KentuckyIf you have ever driven through the countryside of Kentucky, where some of the finest horses in America are raised, you would understand why it is called The Blue Grass State. If driving cars or trucks are more your style, then you might be happy to note that the requirements for setting up a vehicle dealership in Kentucky is much less stringent then in many other states. For both new and used vehicles, the car dealer bond requirement is for dealers to post a surety bond for $15,000.
Qualifying for an Auto Dealer BondOf course, for all of these states you have to qualify for an auto dealer bond before you can purchase it. If you aren’t sure what surety bond you need or if you qualify for it, we can help. BuySurety has been supplying surety bonds for used car dealerships, new car dealerships, and every kind of auto dealer bond you can name in all 50 states for years. Contact BuySurety today to find out just how easy it is to qualify and get set up with the surety bonds you need to run your business, whatever that business may be.
Comments Off on Auto Dealer Bonds for Georgia, Tennessee and Kentucky Car Dealerships
Tennessee House Bill 63 – Public OfficialsIf passed this House bill would establish The County Financial Systems Act, a system for financial management for all counties under one system. It would create county finance departments that would each have a director. That director of the county finance department would then be required to post a $100,000 performance bond. This surety bond would be to secure the guarantee of that public official’s faithful performance of their duties as outlined in Tennessee House Bill 63. If the decision was made that the purchasing agent for the county would be someone other than the Director of the Financial Department that individual acting as the purchasing agent would also have to post this surety bond. For a complete reading of Tennessee House Bill 63, please use the link to its legislative site provided in this summary report.
Tennessee House Bill 75/Senate Bill 540 – Public OfficialsWhen passed House Bill 75 and Senate Bill 540 will have rewritten the town charter for the town of Tellico Plains. This revised town charter will include the stipulation that any officer, employee or agent of the town that either disburses, receives or in any way has custody of the town’s money or handles it in any matter must be bonded by the posting of a surety bond or performance bond. The town may also use a blanket bond to fulfill this stipulation and the town’s council will be charged with the approval of the bond and the sureties involved. House bill 75 has passed its second reading in the House and is currently in review with the House Local Government Committee. Concurrently, the Senate is currently reading Senate Bill 540. For a look at the complete language of Tennessee House Bill 75 as it now stands please follow the link provided for you in this bill summary.
Tennessee House Bill 100/Senate Bill 135 – Public OfficialsWhen passed House Bill 100 and Senate Bill 135 will make significant changes to the amount of surety bond protection required of public officials in Tennessee. The changes would affect eight distinct different public official groups in regards to their function as a caretaker for public funds. County Trustees, Emergency Communications Districts Board Members, Executive Committee Members, Employees, Officers or other Authorized Persons who receive public funds – A corporate surety bond base of $50,000 for revenues less than $50,000, with that bond amount to increase to 10% of the funds collected for revenues between $50,000 and $500,000. For revenues of $500,000 to $1 million, an increase of an additional 5% of the additional revenue must be added. Revenues of between $1-3 million will see an increased bond amount equal to 3% of this additional revenue, and revenue over $3 million increases the bond another 2% of the revenue amount that exceeds $3 million. Bond scale is cumulative for all amounts. Board Members, Policy Council Members, Employees, Officers or any Authorized Persons of a human resource agency who receive public funds – Bond amount is changed from “reasonable amount as determined” to equal to 4% of the fund collected up to a public fund amount of $3 million. For funds beyond this amount, a 2% additional amount will be added, with the scale of the surety bond amount to be cumulative. County Mayors – The bond amount would be changed from a sliding scale according to the population to a simple $100,000 surety bond for each mayor. The county legislature can require a larger amount if they deem it necessary. Sheriffs – The surety bond amount would be increased from the current $25,000 to $100,000. Registers – If the county has a population of less than 15,000 the surety bond amount would be $50,000 and if the county has a population of more than 15,000 the surety bond will go up to $100,000. County Director of Accounts and County Purchasing Agents – New surety bond amounts will be a minimum of $100,000. County Director of the Finance Department – Changes were made to require a $100,000 public official surety bond and to require a blanket bond to cover both the Director and their employees. Clerk of the Court – For counties with a population of under 15,000 a surety bond of $50,000 is required and if the population exceeds 15,000 the surety bond amount would increase to $100,000. In addition, any county official authorized to administer state-shared funds will need a $100,000 surety bond with the county legislature having authority to increase the bond amount required as they see fit. Also, blanket surety bond coverage for all county employees not covered by these individual surety bonds will need to be in place from county governments with a minimum amount of $150,000. House Bill 100 was introduced into the House on January 25, 2013 and is currently under review with the Local Government Subcommittee of the State Government Committee of Finance. To read the entire Tennessee House Bill 100 as it now stands, please feel free to use the link provided in this overview of the bill.
Tennessee House Bill 190/Senate Bill 196 – School BondsThe introduction of House Bill 190 and Senate Bill 196 is to create The Tennessee Choice and Opportunity Scholarship Act, a scholarship program with a school voucher measure. It will allow non-public schools to also participate providing they can demonstrate their financial viability with a surety bond. The Department of Education will determine the amount of the bond to be posted that will help them to meet the requirement for participation in the measure. This bill has passed the second reading and is currently in review with the Senate Education Committee. For a full reading of Tennessee House Bill 190 and Tennessee Senate Bill 196 please follow the provided link to a legislative website.
Tennessee House Bill 479 – Public Officials BondsThis bill will establish the Cumberland Regional Business and Agribusiness Marketing Authority. With the creation of this authority will be the appointment of a board of directors. This board of directors will be authorized to appoint managers, officers, employees, attornies and agents as they see fit. All of these positions will be required to post a surety bond. House Bill 479 was introduced into the House on January 30, 2013 and is currently in review with the State Government Committee’s subcommittee on Government Operations. For anyone interested in a reading of the complete Tennessee House Bill 479 as it currently stands, please be sure to follow the link we have created in this bill review.
Tags: Cumberland Marketing Authority, Cumberland Regional Business and Agribusiness Marketing Authority, public official surety bonds, public officials in Tennessee, school bonds for scholarship, Tellico Plains, The County Financial Systems Act, The Tennessee Choice and Opportunity Scholarship Act
Comments Off on Surety Bond Bill Legislature for Tennessee in 2013
Senate Bill No. 2633 — Insurance Fund Surety BondsTennessee’s Senate Bill 2633 will allow a client of a professional employer organization to be relieved of its liabilities for the organization’s requirements for state unemployment premiums for all client employees if the organization has posted an insurance fund surety bond of $100,000. This surety bond must be issued by a company that is licensed to issue bonds in the State of Tennessee. The insurance fund surety bond will benefit the Department of Labor and Workforce Development to collect funds when unemployment premiums are not paid and will also cover interest and penalties owed by the organization. To cancel the bond a 60-day notice would have to be delivered by the surety bond provider. The surety bond may be reduced to a minimum amount of $35,000 if all unemployment insurance premiums have been paid on a timely account for three full years; there is a reserve account in a positive amount for unemployment insurance and other certain deciding factors. Tennessee Senate Bill 2633 was enacted on May 21, 2012 and went into effect on July 01, 2012. Anyone wishing to read Senate Bill 2633 in its entirety can do so by following the link provided in this bill summary.
Senate Bill No. 3330 — Public Officials Surety BondsWith the enactment of Tennessee Senate Bill 3330 the public officials surety bond requirements for certain public officials including county assessors has increased from the former amount of $10,000 to $50,000. Changes were also made regarding the recording of said bonds and who would be responsible for that recording for county records. Senate Bill 3330 was enacted on May 15, 2012 and became effective immediately upon enactment. Those wishing for a reading of Tennessee Senate Bill 3330 in full can do so by using the link provided in this bill report.
House Bill No. 3868 — Public Officials and Employees Fidelity Surety BondsThe passing of Tennessee House Bill 3868 establishes a rewrite of the charter for the City of Millington. This bill will also create the position of city manager and require the city manager and each agent, officer and employee that in any way disburses, receives or has custody of the City of Millington’s money to post a fidelity surety bond. This bond must be issued by a surety company licensed to do business in the State of Tennessee. The amount of the surety bond will be agreed upon by ordinance of the city. Blanket bonds may be used for these surety bonds if provided by the City Board of Mayor and Alderman. The House Bill 3868 was enacted on April 27, 2012 and went into law upon enactment. Anyone wishing to read the complete Tennessee House Bill 3868 can do so by following the link provided in this bill summary.
Comments Off on Surety Bond Legislature Update for Tennessee
Comments Off on Contractor Performance Bonds Vital for Towns