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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