Surety On The Rocks

Written by JoAnn Smith on April 28th, 2015. Posted in Minnesota, On The Rocks, Surety Bond Blog

Minnesota Uniform Trust Surety Bond – SB 578 adopts the Uniform Trust Code. The new law provides that the trustee only must post a bond if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement. The court specifies the amount of a bond, its liabilities, and whether sureties are necessary. The court also may modify or terminate a bond at any time. Regulated financial-service institutions qualified todo trust business in the State are exempt from the bonding requirement. The new law will become effective on January 1, 2016.
Minnesota Slammer – Layer 2 oz of cherry brandy, 2 oz peach schnapps and 2 oz of sour apple schnapps in a large hurricane glass.  Add 2 oz of sour mix and fill the remainder with Sprite. three drinksEnjoy and Share.  

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New Surety Bond Requirements for 2014 in Minnesota, Ohio and California

Written by JoAnn Smith on January 8th, 2014. Posted in Bond Types, California, Commercial Bonds, Contract Bonds, Latest News, License and Permit Bonds, Minnesota, Ohio, Performance Bonds, Retail and Professional Services Bonds, States, Surety Bond Blog

surety bond requirement
estate sales may need surety bonds

As should be expected, there have been a few states with surety bond requirement legislation that was passed in the last few months and will go into affect with the new year. While many of these changes take place immediately, there are some that will simply go into effect as of January 1, 2014.

Do you know what kinds of changes are going into affect in your state for your industry? While there are dozens of changes, some have been getting a bit more attention because they will affect a broad scope of businesses. Here are several new surety bond requirements that will be affecting specific industries in Minnesota, Ohio and California beginning in 2014.

Minnesota Estate Sales Operators

A new requirement for estate sales operators in the state of Minnesota will result in these businesses taking out a surety bond as part of their licensing with the state. As of January 1, 2014, anyone conducting business doing estate sales will need to post a $20,000 license surety bond. The bond will then be applied to ensure that the proceeds from the estate sale go to the family, even if the estate sales operator should default or go out of business.

Ohio Puppy Mills

In a bill that has been over six years in the making, high-volume breeders of dogs will be required to fulfill a set of regulations that includes:

  • Kennels must be clean

  • Kennels must be properly ventilated

  • Outdoor facilities must offer shelter from the elements

  • Breeders must undergo a background check

  • Breeders must provide either a surety bond or proof of insurance

Ohio has currently over 300 self-identified high-volume breeders and has been the focus of several animal rescues in the last few years. Four additional inspectors have been hired to enforce the new regulations.

California Immigration Consultants

Beginning in 2014 there will be an increase in the amount of the performance bond that is required by the California Secretary of State from anyone acting as an immigration consultant. This revision changes the surety bond amount to $100,000 from the previous $50,000. An active immigration consultant must file this new surety bond amount with the State of California before July 1, 2014 or face the possibility of having the state shut the business down.

Surety Bonds at Great Prices

So many businesses these days are required to post a surety bond as part of the cost of doing business. If you are looking into starting up a new business, you might want to come by our BuySurety website or give us a call to be sure your legal requirements regarding surety bonds have been covered. We know surety bonds and have been supplying the business community with solid surety bonds at reasonable rates since 1998. Why take a chance with your business? Get all your surety bond requirements taken care of quickly and within your budget at BuySurety.

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Missouri, Iowa and Minnesota DMV Surety Bond Requirements

Written by JoAnn Smith on November 11th, 2013. Posted in Iowa, License and Permit Bonds, Minnesota, Missouri, Motor Vehicle Bonds, States, Surety Bond Blog

     DMV surety bond
Some DMV surety bonds cover snowmobile sales too!
As we begin to look at DMV surety bond requirements in states that are east of the Mississippi River, we see more densely populated states with even more auto dealerships needing surety bonds. While it is easy to see that Missouri still has many characteristics of the southern states, including a large rural population, it is a state that boasts some pretty big cities such as Kansas City and St. Louis. Iowa is a state we tend to think of as being part of the Mid-West and the city of Des Moines is not only its capital but also its largest city. Plenty of cars to sell in that state! Finally, Minnesota is a state that has a reputation for having citizens that can be stubborn and extremely practical. Must be those northern winters! Even with them, you can be sure that surety bonds for auto dealerships are in big demand! Here are the rules for car dealerships in these three states, when it comes to making sure that your DMV surety bonds are in line with the state requirements.

Missouri DMV Surety Bond Requirements

Although the state has other cities that are larger, it is the state capital of Jefferson City that handles the issuing of DMV bonds for all the car dealerships in the state. Luckily those requirements are not that difficult to fulfill, since all dealerships, whether they sell used cars and trucks or new ones, have the same car dealer bond requirements. All dealerships are required to post a DMV surety bond in the amount of $25,000. The bonds must expire on December 31st of any given year, so it may be a good idea to get your surety bond at the beginning of the year.

Iowa Car Dealer Bonds

The Hawkeye state is smack in the middle of the country. This means that you are close to everything or far from anything, depending on how you view it. Between the corn fields, there are quite a few car dealerships and all of them are required to carry car dealer bonds as part of their business operation. However, the requirements are pretty simple: every dealership must post a $50,000 car dealer bond regardless of whether they sell new or used vehicles. The Iowa Dept of Transportation in Des Moines will handle all the particulars when you register that dealership and get bonded.

Minnesota Dealer Bond Needs

This is a big state and it stretches all the way up to the Canadian border. Folks in Minnesota are used to the cold, and one way you can tell is that they have a separate bond requirement for snowmobile sales. I would guess that there are quite a few of them sold in this state where the wind can get pretty chilly in the winter. Here are the requirements for a vehicle dealership auto dealer bond in Minnesota:
  • New and Used Motor Vehicle Dealer Bond – $50,000
  • DSB Bond( for snowmobiles, small horse trailers and motorized bicycles) – $5,000

Getting Your DMV Bond Today

So if you are considering opening an auto dealership in Missouri, Iowa, Minnesota or any state for that matter, you are going to need a DMV bond. These are also sometimes called a car dealer bond as well. Whatever you end up calling them, you can be sure to find a great price on all your surety bonds with BuySurety. What is even handier, you can talk to our customer support folks and get information on pricing, qualifications and more. Just come by our site and check out the variety of surety bonds, including auto dealer bonds we can offer. Get your car dealer bond the fast easy way at a price you can afford today at BuySurety.

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Minnesota Contract and Commercial Surety Bond Legislature Update in 2012

Written by JoAnn Smith on December 6th, 2012. Posted in Agricultural Bonds, Minnesota, Payment Bonds, Performance Bonds, Surety Bond Blog

Minnesota State Seal
The State of Minnesota passed two house bills during the last legislative session that will have an impact on the need for surety bonds. The first bill was with regard to grain warehouse operators and grain buyer’s surety bonds. The requirement was changed to allow for a sliding scale based on net liability reported. The second house bill created an authority that will oversee the new Vikings Football Stadium that is to be built. It covers, amongst others things, the posting of bonds for the construction manager and others associated with the new Minnesota Stadium Authority.

House File No. 2398: Grain Warehouse Operators and Grain Buyers

Public grain warehouse operators currently are required to post a surety bond. This new house bill will provide to the operators a sliding scale for the bonds posted. It will replace the current law that requires a minimum surety bond of $10,000 for each warehouse location with a maximum of five locations. It also revises the requirement that this bond must be continuous until cancelled and replaces it with a requirement that if a public grain warehouse operator wishes to cancel the bond they must provide 90 days notice in writing to both the Commissioner of Agriculture and the licensee. The new sliding scale for the surety bond requirement for public grain warehouse operators will be based on half the net liability that was stated in the provided storage report. That scale will be represented as shown below:
Bond Amount Storage Liability
$10,000 $0 to $25,000
$20,000 $25,001 to $50,000
$30,000 $50,001 to $75,000
$50,000 $75,001 to $100,000
$75,000 $100,001 to $200,000
$125,000 $200,001 to $300,000
$175,000 $300,001 to $400,000
$225,000 $400,001 to $500,000
$275,000 $500,001 to $600,000
$325,000 $600,001 to $700,000
$475,000 $900,001 to $1 million
$500,000 Above $1,000,000
This Minnesota House File 2398 was enacted on April 28, 2012 and went into effect on August 1, 2012. For a look at the complete details to HF2398 please be sure to follow our link provided.

House File No. 2958: Vikings Football Stadium

Football fans were happy to see that the Minnesota House passed a bill to create the development a new National Football League (NFL) stadium in Minnesota as well as the establishment of the Minnesota Stadium Authority to administer it. Within HF 2958 was the stipulation that upon awarding of the agreement for this development, a construction manager will be required to provide a performance surety bond that will be equal to the minimum of the certified price approved by the Minnesota Stadium Authority, or provide another security against this. The bond will also need to provide for any excess costs above the certified price and loss of revenues from incomplete construction on the completion date. The Minnesota Stadium Authority will also be allowed to require payment bonds as they are outlined in the Little Miller Act and can require the filing of an individual fidelity bond or fidelity insurance policy from any employee. This house file was enacted on May 14, 2014 and went into effect on August 1, 2012. Anyone wishing to read the entire text to the Minnesota House Bill 2598 can do so by following the link we have provided to the legislative site.  

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Dangerous Dog Laws and Posting Surety Bonds

Written by JoAnn Smith on November 16th, 2012. Posted in Alabama, Georgia, Minnesota, Pennsylvania, Surety Bond Blog, Washington

Dangerous Dog Surety Bonds Becoming More Common
There has been quite a bit of talk in the last few years about whether it is best to require owners of specific breeds that are deemed dangerous to post a dangerous dog surety bond for their animal versus requiring owners of dogs that have been deemed dangerous by their specific actions to post a surety bond. Owners of such animals as an American Pit Bull Terrier (a.k.a. pit bull) or Rottweiler say that their dogs, if trained properly are no more dangerous than other dogs. Nonetheless, quite a few states have enacted both breed-specific legislation (BSL) and dangerous dog laws, and many of these laws do require a bond be posted by the owner. If you have a dog that has either been deemed dangerous by the courts because of a specific action or live in a state where specific breeds are required to have bonds posted against damages, then you should make sure you know the law for your dog.

States with BSLs

Because most BSL is done at the municipal or county level, some states have passed laws that do not allow a municipality to pass breed specific laws. BSL basically either bans specific breeds or requires that they are neutered. They can also require a bond be posted to ensure the owner will cover the costs for any damage done by their dogs. These states that have BSL include: Colorado, Florida, Illinois, Maine, Massachusetts, Minnesota, New Jersey, New York, Oklahoma, Pennsylvania, Texas, and Virginia

States with Dangerous Dog Laws that Require Surety Bonds

There are several states that do require any dog deemed dangerous by local authorities will have to post a surety bond to cover possible costs incurred by the dog. We recommend that all dog owners should be aware of these laws as any breed of dog can be deemed dangerous and liable for surety bond coverage by local authorities if it bites or attacks for any reason.
  • Pennsylvania – The state has enacted statutes 459-503-A that requires anyone who owns a dangerous dog to either show proof of insurance or post a surety bond. Both are required to be in the amount of $50,000.
  • Alabama – Law was recently passed House Bill 231 requiring owners of dogs deemed dangerous to either post a bond or provide proof of insurance in the amount of $100,000.
    There are doubtless plenty of other states that have in the past posted laws regarding dangerous dogs that require owners to post a surety bond in that state. In fact, there are few states that do not have surety bond requirements for any dog owner whose dog has been deemed dangerous because of an incident. If in doubt, ask your local animal control. Posting a surety bond in the required amount is the law and will give most owners of dogs deemed dangerous some security against unreasonable lawsuits or even the possibility of having your dog seized or put down.

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