New York and Vermont Motor Fuel Distributor License Bonds

Written by JoAnn Smith on April 18th, 2014. Posted in Commercial Bonds, Latest News, Legislation, License and Permit Bonds, New York, Surety Bond Blog, Vermont

     distributor license bond requirements change      
Distributor license bond requirements change
For motor fuel distributors in New York and Vermont, changes are coming soon regarding the regulation of distributor license bonds. The two states are looking at changing legislation that regulates the fuel distribution industry by making changes or introducing the requirement for surety bonds when it comes to their distribution licenses. While the two states currently have very dissimilar approaches to the regulation of motor fuel distribution, this will change if these two bills should pass.

Changes for Vermont Fuel Distributors

If passed, Vermont Senate Bill 314 would make changes to the requirements for motor fuel distributor licenses. The current license requires the owner to post a license bond of $400,000 as part of their permit and licensing procedures. However, if this bill should pass it would change that requirement to the posting of a $1 million surety bond.

Distributor License Bonds for New York Fuel Distributors

Meanwhile, in the state of New York legislature is considering changing the requirements for anyone that distributes or engages in the business of importing motor fuels or liquefied petroleum gas, along with terminal operators. These types of businesses will, if New York Senate Bill 1719 is passed, now be required to post a surety bond. The amount of the surety bond to be posted will be determined at a later date.

Distributor License Bonds from BuySurety

While the laws may change from state to state regarding the licensing and regulations of such businesses as fuel distribution, one thing is certain. No matter what kind of surety bond your business finds itself suddenly being required to carry, BuySurety can help you stay legal and within budget. We have experienced surety bond agents who can find exactly the right fit for your business, at a price you can afford. Don’t take chances with something as important as your businesses requirements for bonding. Get bonded for distributor license bonds or any other type of surety bond with BuySurety and be sure.

Tags: , , ,


Comments Off on New York and Vermont Motor Fuel Distributor License Bonds

Surety Bond Requirements – Vermont, New Hampshire and Maine Car Dealers

Written by JoAnn Smith on December 21st, 2013. Posted in Bond Types, Commercial Bonds, Latest News, Legislation, License and Permit Bonds, Maine, Motor Vehicle Bonds, New Hampshire, States, Surety Bond Blog, Vermont

     surety bond requirements
car dealer bond requirements are changing
As we take a look at the surety bond requirements for auto dealers in the extreme Northeast corner of the country, we see two different approaches to licensing. As we have seen in a few other states, Vermont and Maine look at licensing from the viewpoint of the size of the dealership. Meanwhile, New Hampshire has the simplest approach by simply requiring a surety bond for licensing regardless of what kind of auto dealership you happen to run. Here are the details:

Vermont Car Dealership Requirements

In Vermont, as we have seen before in several other states, the amount of bonding you are required to have in connection with your license depends on the number of cars you have on the lot. The only exception to this is when you are starting in the business as that first year will require the highest surety bond amount regardless of how many cars you have on the lot. You will note that these requirements only pertain to new car dealerships. Used car dealerships are not required to get bonded as part of their dealership license. Here is the breakdown on surety bond requirements for a new car dealership:
  • $34,000 surety bond – New Dealer Applicants
  • $20,000 surety bond – Dealers with 24 vehicles or less
  • $25,000 surety bond – Dealers with 25-100 vehicles
  • $30,000 surety bond – Dealers with 101 to 250 vehicles
  • $35,000 surety bond – Dealers with 251 vehicles or more

New Hampshire Auto Dealer Surety Bonds

Unlike its neighbor, New Hampshire has some very easy to understand rules when it come to licensing. If you are interested in opening an auto dealership in New Hampshire there is only one level of surety bonds that you need to post. In fact, it is the same amount, regardless of whether you are selling new or used vehicles. The surety bond amount for any auto dealer in New Hampshire is simply a $25,000 auto dealer surety bond that must be posted before completing your dealership license. Now, wasn’t that easy?

Maine Auto Dealers

When we get to that far corner of the country that is called Maine, we once again are dealing with multiple levels of surety bond requirements depending on the number of cars you will be selling. The difference between Maine requirements for surety bonds and Vermont is that in Maine there is no separate requirement for someone that is starting up a dealership and the bond is connected to the number of cars you sell regardless of how many cars are on your lot. The surety bond requirements are strictly based on the number of cars sold per year. Here is the nitty-gritty on Maine:
  • $5,000 surety bond – up to 50 cars sold
  • $10,000 surety bond – 51-100 cars sold
  • $15,000 surety bond – 101-150 cars sold
  • $20,000 surety bond – 151-200 cars sold
  • $25,000 surety bond – over 200 cars sold

Looking for Great Auto Dealer Surety Bonds?

Obviously anyone that needs an auto dealer bond as part of their licensing agreement wants to find a company that knows their way around surety bonds and also can give them the best deal. When it comes to helping you out with your surety bond requirements, our BuySurety customer service people can not only help you to define exactly what will work best for you, but find it for you at the best price. Don’t take chances with fly by night surety bond companies that may leave you high and dry. BuySurety has been doing surety bonds since 1998 and began as a brick and mortar company, which we still are. Contact us today or come by our site and find out just how easy getting the right surety bond and a great price can be.

Tags: , , , , , ,


Comments Off on Surety Bond Requirements – Vermont, New Hampshire and Maine Car Dealers

Small Business Surety Bonds and Loans News

Written by JoAnn Smith on November 13th, 2013. Posted in California, Connecticut, Indemnity Bonds, Legislation, License and Permit Bonds, Maine, Massachusetts, Retail and Professional Services Bonds, Surety Bond Blog, Vermont

     small business surety bonds
The Small Business Administration is back in business.
If you own a small business and need to post a surety bond as part of your plans for expansion, you may have noticed that the Small Business Administration (SBA) was shut down as part of the government-wide shutdown recently. This has meant that many small businesses that were counting on small business loans have had to wait, hat in hand, while the government sorted out a few items. But the SBA has announced that they are back in business and those loans that were delayed are in the queue to be processed. According to the Washington Post, $140 million worth of small business loans were on hold during that delay. For many small businesses that were waiting on approval for loans to help with start-up or expansion, the restarting of the SBA offices after this delay is welcome news.

Small Business Surety Bond News

In other news, while the federal Congress may have been shut down for a spell, many states were still hard at work. Here is just a few of the new laws that were passed in the last few months by state legislature that will affect many small businesses around the country: Maine Driver Education Schools – Schools will now be required in Maine to have surety bonds posted as part of their school license. The bond will ensure that the school meets the requirements for driver education in the state of Maine. California Car Washes – California passed a bill that would increase the license surety bonds for a car wash business from $15,000 to $150,000. The new surety bond amount will ensure that wages, benefits and damages for employees are fully covered. Connecticut Mixed Martial Arts Studios – These studios were not previously required to post a surety bond, but will now be required to be bonded the same as boxing studios. This bond is to ensure the payment of taxes at these studios. Massachusetts Scrap and Used Tire Transporters – These businesses will now be required to post a surety bond in the amount of $100,000 to cover compliance issues. Vermont Precious Metal Dealers – Any dealers of precious metals in this state will now be required to post a surety bond for $50,000 if they purchase or sell $2,000 of metal or more within a 12 month period.

Looking for License Surety Bonds at a Good Price?

All of the surety bonds requirements listed above are part of the licensing of the business. This is probably one of the most common surety bonds that any small business will need. But many small businesses find they have a hard time qualifying for a business license bond because they are still a new business. If this sounds like a familiar problem, come and talk to us. BuySurety specializes in small business license bonds and can help you to get bonded today.

Tags: , , , , ,


Comments Off on Small Business Surety Bonds and Loans News

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.

Tags: , , , ,


Comments Off on Performance Bonds Continue To Ensure Completion Of Projects

Performance Surety Bonds Cover Unpaid Subcontractors in Vermont

Written by JoAnn Smith on May 23rd, 2013. Posted in Performance Bonds, Surety Bond Blog, Vermont

     performance bonds, surety bonds
state office building in Battleboro, Vermont
The fallout from the bankruptcy filing of Baybutt Construction Corp. had left many subcontractors on a variety of jobs without payment for work completed. As we reported earlier, the company had been in financial trouble for the last year and had finally been pulled from several projects over the last six months as subcontractors began to walk off the jobs due to non-payment. Those projects, which included work on the Vermont State Office Building, a fire station in Keene and a library renovation project in Rockingham were all in danger of struggling to be completed but now seem to be back on track.

Work Resumes on Most Projects

As of May 14th, all but five of the 35 subcontractors working on the Keene Fire Station had been paid through the insurance company that handled the surety bond for the project. The project manager for the Battleboro project on the state office building stated that work was back on track after negotiations had been successfully completed with subcontractors claiming nonpayment from Baybutt. Workers were either up to date on payments or had reassurances they would be paid as work resumed on April 1st. The project is expected to be completed by July.

Performance Bonds Missing in Rockingham

The library project in Rockingham is a bit more complicated as the $210,000 paid to the contractor for bonds by the library board was never used for payment on performance bonds. As a result, when subcontractors walked off the job for non-payment there were no surety bonds in place to turn to for completion. At this point there is a court case pending and the library board has stated they will use the monies set aside to pay Baybutt to reimburse the subcontractors. They will also scale back the plans for the library reconstruction project so that it can be completed within the new financial strictures. These surety bond payments, and lack of them, only emphasize how important it is in every project to ensure that performance bonds are in place from the beginning. All of the projects that had surety bonds as part of the agreement, and were in fact posted, could then fall back on them to take care of these unpaid subcontractors and ensure the project could be completed. Looking for a performance bond or other kind of surety bond? If you have questions about your need for a performance bond for an upcoming project, be sure to come by the BuySurety site for help with all your surety bond needs. We are always available to answer any questions and help you find the surety bond that suites your individual situation.

Tags: , , ,


Comments Off on Performance Surety Bonds Cover Unpaid Subcontractors in Vermont