When Public Official Surety Bonds Pay Taxpayers Back

Written by JoAnn Smith on February 5th, 2015. Posted in Mississippi

     public official bonds
Public Officials Need Bonding
Mississippi has a reputation for small town politics gone wrong, and nowhere is that more obvious then in cases where public official surety bonds come into play. This kind of drama unfolded recently in a small county seat when the local county clerk was found to have botched his bookkeeping duties. In fact, if it weren’t for the public official surety bonds that are required to be in place for the county clerk position, the county could have found itself holding the bag for a $500,000 error. Instead the surety bond company will be covering a portion of that, with the clerk personally responsible for about half of that amount.

Public Official Surety Bonds to the Rescue

The county of Itawamba is tucked away in the northeast corner of the state of Mississippi. Like many mostly rural counties, it depends on its local public servants to take care of a myriad of small details that keep the county running smoothly. A county clerk’s office for a county like Itawamba depends on the efficiency of the local office to keep everything in order. A recent investigation revealed that in this case that trust was misplaced. It turns out that hundreds of thousands of investor and county dollars have been misappropriated due to the county clerk’s bad bookkeeping records. This is not so much a case of theft as it is of poor management of the books. That much is obvious when the investigation revealed that amongst those owed monies for back fees paid was the clerk himself. At this point the county will see to recouping its lost funds by demanding payment of the public official surety bonds that the clerk took out when he first was appointed to the position.

Surety Protection Can Be Vital

While some may look at public official surety bonds as just an extra cost of government, this is a good example of how even honest public officials make mistakes. When they do, these public official surety bonds can ensure that the taxpayers are not left finding the money to pay for it. Like any job that entrusts the taxpayers money in an elected officials hands, public official surety bonds have proven time and again they are a good investment.

Find Your Surety Bond Fast with BuySurety

When you find yourself faced with the requirement of a surety bond, whatever the situation or requirement, get what you need fast and at a low rate from BuySurety. We have the experience to help you with a wide array of surety bonds and can walk you through all the qualifications. Don’t leave getting bonded to just any company, go with BuySurety to be sure.

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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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Car Dealer Bond Requirements for Louisiana, Mississippi and Alabama

Written by JoAnn Smith on October 26th, 2013. Posted in Alabama, License and Permit Bonds, Lousiana, Mississippi, Motor Vehicle Bonds, Surety Bond Blog

     car dealer bond
car dealer bond requirements are changing
The Deep South has a long love affair with vehicles, road trips through sun-splashed countryside and white jacketed car dealers offering you great cars at rock bottom prices. Whether you are offering recreational vehicles or practical cars and trucks, a car dealer bond is going to be an important part of your trade. Knowing the requirements for DMV bonds when selling in Louisiana, Mississippi and Alabama will let your good old boys make those deals all the more easily.

Louisiana Car Dealer Bonds

Located between the giant plains of Texas and the old south plantations of Mississippi, Louisiana has plenty of great opportunities for anyone looking to establish a car dealership. The requirements for a car dealer bond as part of your licensing are very straight-forward. If you wish to open a new or used car dealership in Louisiana you will also need to post a $20,000 car dealer bond. The bonds are good for that year and will expire on December 31st, when they will need to be renewed. The Baton Rouge DMV offices handle the car dealer bonds for all of the state.

Mississippi Car Dealer Bond Requirements

Anyone who has driven down a country road in Mississippi in spring knows why it is called The Magnolia State. The sweet smell of magnolia blossoms through the open window of your car can banish any gloom. In Mississippi you will need to post surety bonds for both the dealership and each agent. If you are planning to sell new vehicles you will need to post an auto dealer bond for $25,000. In addition, each agent or salesperson you employ at the dealership will need to have a $15,000 car salesperson bond as well. Only dealerships that sell new cars need to have individual surety bonds for their salespeople, used car lots can have their salespeople bonded under the dealer bond.

Alabama Car Dealership Surety Bonds

The Old South still lives in Alabama, where you will continue to see the old Confederate flag fly at many businesses. Small businesses abound, which may be why Alabama actually requires licensing and surety bonds for anyone who sells more than just five vehicles. The car dealer bonds that are required for this license only run until September 30th of any given year, when they expire and must be renewed. The licensing and car bond requirements are split along several different categories:
  • New Motor Vehicle Dealers – $25,000 car dealer bond
  • Used Motor Vehicle Dealers* – $10,000 car dealer bond
  • Automotive Parts Recyclers and Auto Dismantlers – $10,000 car dealer bond
*Used car dealers in Alabama include anyone who reconditions, rebuilds or sells wholesale.

Offering a Good Deal on Car Dealership Bonds

No matter where you live in the south, or any other part of the U.S., it is simply a part of business when you open a car dealership that you will need to have car dealer bonds too. Although the requirements vary from state to state, BuySurety can take care of all your auto dealer bond needs regardless of your situation, location or credit standing.

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Surety Bonds for Gas and Oil Leases Go Through Changes

Written by JoAnn Smith on June 14th, 2013. Posted in Alabama, Alaska, Latest News, Mississippi, Nevada, New York, Pennsylvania, Reclamation, Mining and Removal Bonds, South Dakota, Surety Bond Blog

     gas and oil exploration surety bonds
*Gas and oil leases need surety bonds*
In the recently completed state legislative sessions, quite a few states have made legislative revisions to how oil and gas lease procedures and their attendant performance bonds are handled. The majority of the bills reflect the growing interest in using hydraulic fracturing as part of the gas and oil extraction process. They also reflect the growing demands of environmental concerns regarding the extraction industry. Many bills involve ensuring reclamation of the surface lands upon plugging of old wells. Links are provided to legislative online reports as well as BuySurety’s surety bond pages for more information on these specific surety bond types.

Alaska Surety Bonds

In Alaska legislature, Senate Bill 96 and House Bill 198 have both been scheduled for a hearing with their respective Resource Committees. Both of these bills will revise current laws for oil and gas leases by providing extensions that are conditional upon the posting of a performance bond.

Alabama Surety Bonds

The Alabama Legislative House introduced House Bill 503 that would allow surface mining operations that own abandoned wells to recover oil from oil sands upon the posting of a reclamation bond. This bond would provide a security that ground surfaces disturbed by the oil sand recovery would be reclaimed per written agreements.

Mississippi Surety Bonds

The House and Senate of the Mississippi Legislature have both adopted a conference report that is the basis for House Bill 1698 regarding oil and gas wells. Operators of horizontally drilled wells and recompletion wells will be required to post a $1 million performance bond at the time that they obtain a permit for the well. The bond will cover compensation for the repair and maintenance of roads damaged by drilling traffic in the county where the wells reside.

 Nevada Surety Bonds

The State of Nevada’s Senate Bill 390 will authorize hydraulic fracturing for gas and oil drilling in the state. As part of the permit process, the Division of Environmental Protection may require a performance bond to ensure that dry or abandoned wells are plugged and that wells causing waste are repaired.

New York Surety Bonds

The New York Senate has introduced Senate Bill 24 and the New York Assembly has introduced Assembly Bill 6365 to regulate the introduction of the hydraulic fracturing method for natural gas drilling. Well operators will be required to furnish a reclamation bond that will be non-recoverable and bankruptcy proof to guarantee the costs of restoring the drilling site. In addition, New York Senate Bill 4028 and Assembly Bill 3634 will establish the requirement of a reclamation bond to cover the costs of addressing contamination of natural gas sites. The bond would be directed by the Department of Environmental Conservation and would be tied to the owner’s or operator’s cleanup and decontamination performance.

Pennsylvania Surety Bonds

The Pennsylvania Senate has introduced SB 780, a bill that will require a surface use agreement between surface owners and the gas or oil well operators. A surety bond for $10,000 per well could be posted for the benefit of the land owner in lieu of the agreement. A blanket bond of $25,000 to cover all well locations, if in a readily payable form, would also be permitted.

South Dakota Surety Bonds

The enactment of South Dakota’s Senate Bill 1 has changed the requirements of the performance bonds currently required for oil and gas wells plugging. The new law increases the bonds for wells less than 5500 feet to $10,000 per well or a blanket bond $30,000. For wells over 5500 feet deep the surety bond has increased to $50,000 with a blanket bond of $100,000.

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Contract and Commercial Surety Bond Legislature for 2012 in Mississippi

Written by JoAnn Smith on April 13th, 2013. Posted in Commercial Bonds, Mississippi, Performance Bonds, Surety Bond Blog

The State Seal of Mississippi
April 5, 2013 – The State of Mississippi had two house bills and two senate bills pass during the past legislative session that dealt with the question of posting commercial surety bonds. One of the house bills required certain planting of non-native species to be accompanied by a permit surety bond to cover costs or possible removal of the non-native species. A second house bill was enacted to create a new wastewater authority and calls for the posting of public official bonds by the board of directors. The Senate of Mississippi passed a bill that would allow airline authorities to place liens on certain airlines that had past due fees or other costs. The bill would allow these airlines to post a bond in order to obtain a release of these liens. Finally, a bill was passed that would now include the requirement of the posting of a bond when a real estate appraisal management company registers the business with the state. There were no contract surety enactments in 2012 in the State of Mississippi.    

House Bill No. 634: Miscellaneous Bond

Mississippi House Bill 634 makes it a requirement for anyone who plans to plant non-agricultural use plants that are not native on a piece of land whose area exceeds one acre to obtain a permit to do so. This includes planting a non-native species for the production of fuel. When the permit is requested a posting of a license or permit surety bond will be required that is equal to the cost estimated to remove or destroy the non-native plants on this land. The bill also requires that the bond must be issued by a bond company that the state has pre-qualified for doing business in Mississippi. House Bill 634 was enacted on May 01, 2012 and went into law effective July 01, 2012. If you wish to read the entire text to House Bill 634 you can do so by following our link.

House Bill No. 1533: Public Officials

Mississippi House Bill 1533 will enact the creation of the Sand Creek Wastewater Authority. This new authority will have a board of directors including a treasurer, which will be required to post a public officials surety bond. The board of directors must each post a surety bond of at least $10,000 except for the treasurer who will be required to post a surety bond for a minimum of $50,000. The house enacted this bill on May 03, 2012 and it went into effect upon enactment. For a look at the complete text to House Bill 1533 please follow our link to the legislative site.

Senate Bill No. 2336: Release of Lien Bond

Mississippi Senate Bill 2336 creates a provision for the posting of a surety bond to release liens against specific commercial airlines. These liens are for past due fees and other charges owed to an airline authority. The surety bond that can be posted in regards to these liens must be equal to 125% of the lien claim in order for the surety bond to be regarded as a release for the lien. Senate Bill 2336 was enacted on April 16, 2012 and went into effect on the day it was enacted. For a look at the full transcript of Senate Bill 2336 please follow the link provided.

Senate Bill No. 2903: License Bond—Real Estate Appraisal Management Companies

The Mississippi Senate enacted Senate Bill 2903 to require the posting of an appraisal company management surety bond as part of the current legal requirements for registration of a real estate appraisal management company. This bond must be in the amount of $20,000 and will be posted to benefit any person who should see a loss or damage from the company’s violation of applicable laws or through such company’s breach of its contract. Senate Bill 2903 was enacted on May 18, 2012 and went into law on July 01, 2012. For anyone wishing to read the entire Senate Bill 2903 you may use the link provided to the legislative bill site.

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