Surety Bond News – Newly Enacted Laws

Written by JoAnn Smith on March 10th, 2016. Posted in Commercial Bonds, Idaho, Legislation, License and Permit Bonds, South Dakota, Surety Bond Blog, Tax and Fees Bonds, Virginia, Wisconsin

Idaho Tax Bond – HB 376 provides that the surety bond required for cigarette wholesalers must be equal to twice the estimated average tax liability for the reporting period for which a return must be filed, or the value of stamps in the wholesaler’s inventory including those ordered but not yet received, whichever is greater. Prior law required the surety bond only to be equal to at least twice the average tax liability. The new law repeals the $1,000 minimum bond amount. The new law became effective upon enactment. (03/02)
  Idaho Reclamation Surety Bond – Surface Mining – SB 1197 increases the maximum amount of the performance bond required to secure the reclamation of a surface mining site from $2,500 per acre to $15,000 per acre. The new law requires the State Board of Land Commissioners to issue a written notice of a rejection of an application for bond release that explains the reasons for the rejection. The new law becomes effective on July 1, 2016. (03/08)
  South Dakota Court Bond – Wage Garnishment – SB 1059 repeals court procedures for wage garnishment cases that include a requirement for the defendant to post a bond to secure payment of the judgment to the plaintiff. With the repeal of the procedures, the bond requirement has been eliminated as well. (03/02)
  South Dakota License Bond – Vehicle Dealers – HB 1083 requires off-road vehicle dealers to be licensed and post a $5,000 bond. (03/02)
  Virginia Court Bond – Trusts – HB 230 provides that a person could petition a circuit court to establish a trust. The court would determine the terms of the trust and the trustee, as well as whether the trustee must post a bond with or without surety. (03/01)
  Virginia Appeal Bonds – HB 437 revises the current law for appeal bonds and “suspending bonds” to clarify the procedures for modifying the amount of the bond to specify that a motion can be filed in court in addition the current practice of filing a brief. The new law permits the parties in the case to agree to waive the requirement of a suspending bond or to agree to a suspending bond in an amount less than the compensatory damages. The suspending bond amount also now must include an amount equivalent to one year’s interest calculated from the date of the notice of appeal. The new law specifies that if the party filing the appeal provides cash in an amount equal to the judgment, then surety will not be required for the bond. (03/01)
  Wisconsin Financial Assurance – Radiological Materials –  AB 426 establishes a permit requirement for transporting radiological materials in the State. The Department of Transportation could require the permittee to provide a bond, insurance, or a certified check to hold the State and any city, village, town, or county through which the vehicle, trailer, or semitrailer will be operated harmless from any claim, loss, or damage that results from the granting of the permit or from any action under the permit. (02/06)
  Wisconsin License Bond – Charitable Organizations and Miscellaneous Bonds – Professional Employer Organizatons – SB AB 778 revises the current bond requirements for professional employer organizations, which currently must maintain a working capital or post a bond or other security for at least $100,000, or if the PEO has a negative working capital, the bond or other security must be equal to $100,000 plus an amount to make up the deficiency. The new law eliminates the option to provide other forms of security in lieu of the bond when only a bond is posted in lieu of the working capital. The new law revises the surety bond requirement for professional fundraisers and fundraising counsel to delete a provision requiring the bond to be from “one or more responsible sureties whose liability in the aggregate as sureties at least equals [the bond amount].” The new law deletes an option for the bond to be a rider for a blanket liability bond and instead would require the bond to be prescribed by and acceptable to the Department of Financial Institutions. (03/01)  Buysurety law

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$100,000 Bond Requirement for AMCs in Virginia

Written by JoAnn Smith on February 16th, 2015. Posted in Surety Bond Blog, Virginia

     bond requirement in Virginia real estate      
New bond requirements for Virginia AMCs
Virginia is seeing some shifts regarding regulations in their real estate industry. Recent changes to the requirements for appraisal management companies or AMCs in Virginia include a new $100,000 surety bond requirement for licensing. This surety license bond is a requirement to operate in the state of Virginia. As a result, it will be included as a requirement for the licensing of all future AMCs in the state of Virginia.
 
The Virginia Department of Professional and Occupational Regulation will be available to answer questions regarding the bond requirement. However, the bond requirement amount will be the same for any AMC regardless of the size of the business. In addition, AMCs in Virginia may want to start putting their paperwork together now as the deadline for this new bond requirement was February 1st.

New Bond Requirement Rules

The new bond requirements include the aggregate liability of surety, which cannot go beyond the penalty of the bond amount. This makes the limit of the liability to be the same as the current bond requirement, which is $100,000. In the event there is a failure to comply, the principle of the company will be held responsible. In addition, the bond remains viable until the license expires. When the license does expire, the bond is automatically renewed for another two years. That is, unless the surety notifies the Real Estate Appraisal Board that it wishes to cancel. It must do so at least 60 days prior to cancellation.

Getting Bonded to Avoid Penalties

Because this new bond requirement has just gone into effect, it is recommended that all Virginia AMCs that have not been bonded secure one as soon as possible. You can ensure correct and legal licensure for your business by contacting a reputable surety bond provider such as BuySurety. The friendly and knowledgeable agents at BuySurety can answer all your questions and be sure you have the right surety bonds to fulfill these new bond requirements. Don’t take chances with your appraisal management company’s business. Get bonded with BuySurety and be certain that your business bond requirements are being met legally.

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Appraisal Management Company Bonds Requirements Change

Written by JoAnn Smith on August 4th, 2014. Posted in Arizona, Commercial Bonds, Latest News, Legislation, License and Permit Bonds, Mississippi, States, Surety Bond Blog, Virginia

     appraisal management company bonds
Appraisal management company bonds see changes
For several states the requirements for real estate appraisal management company bonds are changing, which should be no surprise to anyone in the real estate industry. As the market makes its recovery from the 2008 crash, home prices are going up again. This means that appraisals need to be constantly re-evaluated and the appraisal management company bonds for these businesses are getting re-evaluated by the state legislative committees as well. Three states that saw changes to how the appraisal management company bonds would play into these new realities are Arizona, Mississippi and Virginia. All three have recently made changes to the requirements for real estate appraisal management companies to hold a surety bond as part of the cost of doing business.

Arizona Changes their License Bond

In Arizona a company that does business as an appraiser of real estate may not be required to have appraisal management company bonds, but they are required to be licensed and carry a license bond as part of that license. Until the passage of Arizona House Bill 2239 that requirement was a $20,000 license bond. With the passage of this bill on April 16, 2014 and the Governor signing it into law on April 22nd the requirement for a license bond for this type of business was changed to not less than $20,000 with a maximum surety bond amount of $50,000. In addition, instead of a criminal background check being required for licensing, owners will now only need to submit a valid fingerprint clearance card.

Mississippi and Appraisal Management Company Bonds

Mississippi’s House attempted to pass a change to the appraisal management company bonds requirements along with a change to authorize Mississippi real estate appraisers to establish standards for measuring certain residential properties. While the change regarding standards was written into law, the surety bond requirement for all real estate appraisal companies in Mississippi still stands. The final version of the new law did not see any changes in the requirements of posting a surety bond as part of the licensing structure.

Changes for Virginia Real Estate Appraisal Companies

With the passage of Virginia House Bill 762, both real estate appraisers and real estate appraisal companies will be required by law to hold a license and a real estate appraisal management bond or license bond, whichever is applicable. With this law no one who engages in the business of real estate appraisal can do so in Virginia without a license that is issued by the Real Estate Appraisal Board. In addition, the amount of the real estate appraisal license bond will be increased from $25,000 to $100,000. The bill was signed by the Governor on March 07, 2014 and went into effect on July 01, 2014.

Licensing Needs Met Here

Obviously many different kinds of businesses need many different kinds of licenses. Just as you see here where three different states have different requirements about surety bonds that go with those licenses, it is the same with a host of different types of businesses. That is why it is always a good idea to check in with a reputable surety bond broker, such as BuySurety, to be sure your business has the license bonds it needs to stay on the right side of the law. Not sure what your state requires of your new business? Contact BuySurety’s customer service and find out today. Keeping your business legal and bonded correctly is just one part of why businesses big and small across the nation have counted on BuySurety since 1998. Contact us today to find out just how fast and easy getting bonded with BuySurety can be for you.

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License Bonds for Suffolk Pawn Shops

Written by JoAnn Smith on July 14th, 2014. Posted in Bond Types, Commercial Bonds, Latest News, Legislation, License and Permit Bonds, States, Surety Bond Blog, Virginia

     pawnshop license bond      
Suffolk VA pawnshops will need a bigger license bond soon
A new regulation concerning pawn shops in the Suffolk Virginia area has just gone into effect this July. In addition to new software to help track stolen goods, there will be a new license bond requirement that will apply to all pawn shops and precious metal dealers in the area. While not every shop is gung ho about the changes, on the whole many of the owners of pawn shops in the Suffolk area seem to agree that the new software along with increased license bond requirements are something whose time had come. Best of all, the new software might actually help the police track down sellers of stolen goods, all great ideas to most pawn shop owners.

Getting the Goods on Criminals

The heart of this change will be the software installed on shop owner’s computers that will make it faster and easier to track stolen property. You can well imagine that the basic description of a pawned wedding ring as “14K gold with diamond” is pretty universal. Worse yet, wedding rings don’t come with serial numbers the way electronic goods do. But the new software will include a picture of the ring, making it easier for owners to recognize their stolen property. Since the upload is fast and almost automatic, it will also in the long run cut costs and make accessing the growing database faster and easier.

License Bond Increase

Of course, like everything else the cost of a pawn shop license will be increasing as well. While no one is claiming that the initial cost of the new program is the reason for increasing the cost of the license bond for both pawn shops and precious metal dealers, it is interesting that it should happen just at this time. New regulations for pawn shops will include a $50,000 license bond as part of the new licensing procedure. Precious metal dealers, who also often deal with “fenced goods” even if they don’t know it, will also be part of the new regulations for both the software and the new surety bond requirements. They currently are required to post a license bond of $5,000 but that will be increasing to $10,000 with the July requirements in place.

Qualify for License Bonds Fast with BuySurety

Whether you are a pawn broker in Suffolk or a car wash owner in California, many business owners these days are discovering the need to qualify for a license bond as part of their business. More states are beginning to require a surety bond as part of their licensing procedure. If this happens for your business, don’t get caught unprepared. BuySurety have been helping businesses from Alabama to Wyoming get their license bonds fast since 1989. Come by our site or talk to one of our helpful customer service reps to find out just how fast and easy it is to get your license bond today.

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Court Bonds and Bad Faith Patent Suits

Written by JoAnn Smith on March 24th, 2014. Posted in Bond Types, Commercial Bonds, Court Bonds, Latest News, Legislation, Maine, New Hampshire, Surety Bond Blog, Virginia

     court bonds, patent suit
Patent suits get new court bond rules
It appears that when patent suits are brought before a court, the most common accusation is one of “bad faith” between parties. Because of this, three states are currently looking at legislature that will require parties that bring these types of accusations to court to provide a court bond to cover the amounts due if the accusation should prove false or they are unable to provide the needed facts. Each state has a somewhat different approach to the problem of “bad faith” accusations for pending patents between parties, but all three states will require the posting of a court bond in order for the lawsuit to proceed.

Maine and Bad Faith Assertions

Maine Senate Bill 654 will require that any bad faith accusations regarding patent infringement be prohibited. If the Maine court decides that the lawsuit is in violation of the law, they will require the accuser to post a court bond of not more than $250,000. This bond will cover the costs of bringing the suit to court and any amounts that will need to be recovered in connection with the patent lawsuit.

New Hampshire Court Bond

The legislature in New Hampshire is in the process of passing a similar bill, New Hampshire Senate Bill 303, which will also require bad faith lawsuits involving patents to post a court bond. Although the court could in this case waive the requirement for posting a maximum $250,000 court bond if the person can prove they have the assets for the case, in many other respects this bill is similar to the one currently being considered in Maine. It would prohibit “bad faith” cases for patent protection if they deem them frivolous or unlikely to be proven. The bond will ensure the court that the case is serious and most likely provable in a court of law.

Virginia Court Bonds for Patent Cases

A “bad faith” case for patent protection will need to be backed up with a court bond in Virginia as well, if the current legislation for Virginia House Bill 12 is passed. As with the other two legislative bills, Virginia’s bill will require that anyone bringing a patent infringement case before the courts will need to show they have the necessary financial backing to pay damages should their case prove unsuccessful. In this case, as with the other bills, a court bond for no more than $250,000 will need to be posted before the trial can commence.

Court Bonds Play Important Role

Although most of us have good reason to believe we will never have to come up with a court bond, the legal and financial world has become much more complex in the last couple of decades. Often cases that should seem simple will require the posting of a court bond to ensure everyone involved can proceed to the logical conclusion of the case. If you can foresee the need for a court bond in your personal life or business life, you will be happy to know that BuySurety can provide you with a court bond in a timely manner and for less than you would expect to pay. Contact our informative customer service representative today to find out how easy it is to qualify for a court bond tomorrow.

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