Florida Motor Vehicle Dealer Bond

Written by JoAnn Smith on June 21st, 2017. Posted in Florida, Motor Vehicle Bonds, Surety Bond Blog

So you want to become a Motor Vehicle Dealer in Florida and you need to get a Florida Motor Vehicle Dealer Bond?  If you are applying for a bond for the first time it can be confusing and a downright daunting task. We understand that and are here to help.

Here are the absolutes:

  1. Must be a US Citizen
  2. Must not have past due child support
  3. No open tax liens
  4. Must not have open judgments
  5. No large amount of past dues on credit report.
A surety bond is a 3 party agreement between you (the principal), the obligee (the state) and the surety company.   The Florida Motor Vehicle Dealer Bond is a compliance type bond.  You will have rules and regulations to follow to remain compliant with your license.  The bond guarantees that you will be compliant and if not the surety will pay the claim.  You, the principal, are the indemnitor. This means if there is a claim paid on the bond, you will be responsible to repay the surety company.  Having a bond claim paid out may result in cancellation of your bond. Surety companies review the credit of the owner(s) to determine the rate.  The better the credit the lower the rate.  It is important to know that once you are bonded your credit will be reviewed at every renewal period so keeping your credit in good shape or improving it each year will benefit you greatly.  Credit review is a review only and will not affect the credit score in any way. To apply for the Florida Motor Vehicle Dealer Bond you may click here BuySurety.com.

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California Motor Vehicle Dealer Bond

Written by JoAnn Smith on May 23rd, 2017. Posted in California, Motor Vehicle Bonds, Surety Bond Blog

So you want to become a Motor Vehicle Dealer in California and you need to get a California Motor Vehicle Dealer Bond?  If you are applying for a bond for the first time it can be confusing and a downright daunting task. We understand that and are here to help.

Here are the absolutes:

  1. Must be a US Citizen
  2. Must not have past due child support
  3. No open tax liens
  4. Must not have open judgments
  5. No large amount of past dues on credit report.
A surety bond is a 3 party agreement between you (the principal), the obligee (the state) and the surety company.   The California Motor Vehicle Dealer Bond is a compliance type bond.  You will have rules and regulations to follow to remain compliant with your license.  The bond guarantees that you will be compliant and if not the surety will pay the claim.  You, the principal, are the indemnitor. This means if there is a claim paid on the bond, you will be responsible to repay the surety company.  Having a bond claim paid out may result in cancellation of your bond. Surety companies review the credit of the owner(s) to determine the rate.  The better the credit the lower the rate.  It is important to know that once you are bonded your credit will be reviewed at every renewal period so keeping your credit in good shape or improving it each year will benefit you greatly.  Credit review is a review only and will not affect the credit score in any way. To apply for the California Motor Vehicle Dealer Bond you may click here BuySurety.com.

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Texas Motor Vehicle Dealer Bond

Written by JoAnn Smith on May 22nd, 2017. Posted in Motor Vehicle Bonds, Surety Bond Blog, Texas

So you want to become a Motor Vehicle Dealer in Texas and you need to get a Texas Motor Vehicle Dealer Bond?  If you are applying for a bond for the first time it can be confusing and a downright daunting task. We understand that and are here to help.

Here are the absolutes:

  1. Must be a US Citizen
  2. Must not have past due child support
  3. No open tax liens
  4. Must not have open judgments
  5. No large amount of past dues on credit report.
A surety bond is a 3 party agreement between you (the principal), the obligee (the state) and the surety company.   The Texas Motor Vehicle Dealer Bond is a compliance type bond.  You will have rules and regulations to follow to remain compliant with your license.  The bond guarantees that you will be compliant and if not the surety will pay the claim.  You, the principal, are the indemnitor. This means if there is a claim paid on the bond, you will be responsible to repay the surety company.  Having a bond claim paid out may result in cancellation of your bond. Surety companies review the credit of the owner(s) to determine the rate.  The better the credit the lower the rate.  It is important to know that once you are bonded your credit will be reviewed at every renewal period so keeping your credit in good shape or improving it each year will benefit you greatly.  Credit review is a review only and will not affect the credit score in any way.   To apply for the Texas Motor Vehicle Dealer Bond you may click here BuySurety.com.          

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Surety Bonds on the Rocks

Written by JoAnn Smith on July 22nd, 2016. Posted in California, On The Rocks, Surety Bond Blog

Bond Type:  Immigration Consultant Bond
Other names:
  • CA Immigration Consultant Bond

Definition:   This bond ensures that the person consulting legal immigrants will not give legal advice, will assist legal immigrants with completion of the proper forms, and will help the client secure the correct documentation to complete their immigration status.
Requirements: 
  • Application on BuySurety.com
  • US citizen
  • Current business and personal information
  • There cannot be a felony or a disqualifying misdemeanor on the record.

Obligee:  State of California
Typical Bond Premium: This bond is based on risk assessment using personal credit score and years in business.
Surety on the Rocks:  Red Sangria 2 bottles of red Spanish table wine 1 cup of brandy ½ cup triple sec 1 cup orange juice 1 cup pomegranate juice ½ cup Simple Syrup Slices of orange and apple, blackberries, pomegranate seeds Mix all ingredients together and let stand in a tightly sealed container or pitcher for at least 24 hours in the refrigerator before serving.three drinks

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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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