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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Surety On The Rocks

Written by JoAnn Smith on April 22nd, 2015. Posted in Legislation, License and Permit Bonds, On The Rocks, Surety Bond Blog, Wyoming

Wyoming Fuel Tax Surety Bond: HB 9 requires alternative fuel suppliers, refiners, distributors, terminal operators, importers and exporters of alternative fuelfor motor vehicles to be licensed. The new law provides that the licensee may be required to post a surety bond or certificate of deposit. If the licensee has been in business for at least one year with a good filing record, the surety bond must be equal to the last available six months of tax liability. If a licensee commits a violation or has its license revoked, the surety bond also may be required. If a licensee failed to file any report, remits insufficient funds, or is delinquent twice in the preceding 12 months, the surety bond is mandatory until it demonstrates a good filing record for 12 months, in which case the bond may be waived. The bond guarantees payment of delinquent taxes, penalties and interest due and the return of the license and is conditioned on the licensee not practicing any fraud, making any fraudulent representation, or violating any applicable law. The new law becomes effective July 1, 2015. Fast and Easy Bond Quote
Wyoming Margarita – Blend 1 cup Tequila, 8 oz Limeade, 1/4 cup water and 4 tbsp Sugar with 10 ice cubes.  Add 1 can of beer and blend again.  serve in margarita glass salted on the rim.  Makes about 4 servings.  three drinks Enjoy and share.

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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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Delaware Surety Bond Bill affects Tenant Security Deposits

Written by JoAnn Smith on July 7th, 2014. Posted in Bond Types, Delaware, Latest News, Legislation, Payment Bonds, Surety Bond Blog

     Delaware surety bond for tenants and landlords      
Delaware surety bond for tenants and landlords
A recently passed Delaware surety bond bill will result in some changes to how tenants and landlords agree to cover security deposits in the future. With the passage of Delaware House Bill 92, tenants will be allowed to post a “non-refundable” surety bond in lieu of a cash deposit as security with a landlord. The landlord must agree to this type of security deposit. As with any other type of security deposit, the use of the Delaware surety bond is to ensure that the landlord is compensated for any damage to the property by the tenant. This will include losses from non-payment of rent, breach of the lease or from physical damage to the rental property.

Delaware Surety Bond Bill Moves Quickly

The bill moved through The House in record time. HB 92 was introduced to The House on April 25th and immediately sent to the Housing and Community Affairs Committee where it passed within five days. By May 2nd an amendment was added and approved and the new bill was passed with no dissenting votes. It was introduced to the Senate and immediately assigned to the Community/County Affairs Committee. Within two weeks it had passed the committee and been approved as stands. On June 11th it was voted unanimously to pass by the Senate and sent to the Governor for signature.

Surety Bonds a Safe Bet for Landlords

With the quick passage of this bill landlords will have a new way to ensure that the costs of damage to properties will be covered, and do so without the problem of having a separate account for security deposits. When the landlord decides to accept a Delaware surety bond as a security deposit they will know that the recovery costs are guaranteed and the tenant is in good financial standing. This is a great example of how a surety bond can help business transactions from all walks of life by providing safe financial security.

BuySurety Provides Bonds Fast

Whether you are a Delaware landlord who needs a surety bond for a new tenant or a renter looking for a good price on a Delaware surety bond, we can help. BuySurety has been providing all types of surety bonds for a wide variety of businesses since 1989. Let our friendly and helpful customer service reps help you to find the surety bond that fits your needs. Surety bonds from BuySurety are the best solution to any security deposit needs, no matter who you are or what you need. Let BuySurety take the work out of getting bonded today.

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