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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Public Official Surety Bond Still Needed in Texas

Written by JoAnn Smith on December 31st, 2014. Posted in Court Bonds, Surety Bond Blog, Texas

     public official bond
Public Officals Must Be Bonded
The requirement of a public officials bond for any elected or appointed public official in Texas probably seemed very straight-forward when Sylvia Garza-Perez was elected as Cameron County Clerk. Her election was clear and she did try to obtain the proper public official surety bond upon election. The problem was not in the election process nor was it with any questions about her ability to take on her elected office. But her approval process was held up by a technicality the Commissioners Court had not anticipated, regarding her ability to qualify for her surety bond.

Requirements for a Public Official Surety Bond

The one little thing that seems to have tripped up the elected county clerk is that she must be able to provide a bond to secure her position. Most states require any public official to provide a surety bond to guarantee their honesty and faithful performance of their duties to the public. The amount of the public official surety bond differs from state to state. In Texas, the surety bond amount required is $400,000. While Garza-Perez was able to obtain a surety bond for $100,000, she does not have the liquid assets to qualify for the larger surety bond amount.

Exploring Other Options

The Commissioners office has stated that they are exploring other options to assist in meeting the legal requirements; including obtaining four separate $100,000 surety bonds instead of one bond of $400,000. The stumbling block may be resolving the need for $400,000 in liquid assets as opposed to net worth. The difference between the two may be the reason behind Ms. Garza-Perez’s current dilemma.

Finding Surety Bonds Quickly at BuySurety

This is a good example of why it is so important to talk to a surety bond provider such as BuySurety whenever you are aware you may need a surety bond in the near future. Getting prequalified for a surety bond such as the public official surety bond that was required here would have bypassed this problem altogether. Don’t wait until you are up against a deadline before you look into your surety bond needs. While BuySurety can provide you with fast easy service, it is always better to be sure you will qualify for the amount of surety bond you need as soon as you know you will need it. From an Administrator Bond to a Yacht Salesman Bond, we have every kind of surety bond you can need. Contact one of our helpful Customer Service Agents today and find out just how fast and easy it is to get bonded with BuySurety.

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Texas and Kentucky Invoke Surety Bonds to Complete Projects

Written by JoAnn Smith on June 19th, 2014. Posted in Contract Bonds, Kentucky, Performance Bonds, Texas

     surety bonds for construction      
surety bonds for construction
As the economy begins the long slow climb to recover, projects that were left uncompleted are quietly seeing the path to completion, thanks to the surety bonds connected to the projects. Whether it is a nature center for Weslaco Texas or a roadway in Vanceburg Kentucky, surety bonds are pulling their weight to get the jobs back up and running.

Texas Nature Center Restarts Construction

With accusations of fraudulent billing and subcontractors unpaid, the construction of the long awaited Weslaco Valley Nature Center ground to a halt last March. Luckily GAS Contractors was bonded and those surety bonds were used to continue construction once an assessment of the problems was completed. Subcontractors will need to file a lien on the surety bonds that GAS put into place in order to get paid on outstanding invoices, but the work will continue with a new general contractor in place. Since most of the outside work had been completed before work halted, the new contractor expects to complete the project within the next two months.

Surety Bonds in Place for Road Completion in Kentucky

Surety bonds will play another role in the completion of road work in Lewis County Kentucky on the Straight Fork Road. The contractor had asked for an extension of the original October 31st deadline, but even with that extension it was obvious that BRC Group would not be able to complete the project. They were expected to return to work on March 3rd but no word has been heard from them to this date. When a certified letter informing the company of their impending default on the project was returned, other plans were put into place. The surety bonds on the project will cover the remaining costs for gravel and blacktop work, expected to be completed soon.

Performance Bonds Guarantee Completion

As is obvious from these two examples, surety bonds such as a performance bond can be invoked to pay for the completion of a project when a contractor is unable to meet their obligations. Since just about any government-funded project will require surety bonds such as a performance bond, finding them fast and within your budget can be a key to landing that next project. Don’t take chances with your next project. BuySurety has fast and friendly customer service folks who can find you the right surety bonds at the best price. Come by our site, talk to our reps and know that with BuySurety you will always have the solid security of surety bonds to back you up on that next project.

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Thinking of Running for Office? Get Qualified for Public Official Bonds First.

Written by JoAnn Smith on February 21st, 2014. Posted in Latest News, License and Permit Bonds, Retail and Professional Services Bonds, Surety Bond Blog, Texas

     public official bond      
A public official bond can often be a part of running for office.
When it comes to holding a public office, one of the initial qualifications for many positions is taking out a public official bond as part of that office. But what if you have something in your past that will prevent you from meeting that surety bond requirement? Can you even take office then? This is the kind of question that anyone considering running for office needs to consider, and that even includes the office of County Clerk.
 
This information came home for veterinarian Tiffany Olsen Pearson lately when she made the decision to run against incumbent Renee Calhoun for Randall County Clerk in Texas. It didn’t matter that the problem was in dispute, that it existed at all could be grounds for Olsen to not be bondable, according to several experts in the matter. That could be a big obstacle to taking office should she get elected.

Don’t Mess with the IRS

It probably doesn’t help her situation any that the reason she may be considered ineligible for public official surety bonds is that she is in the midst of an ongoing dispute with the IRS over a tax lien. There is a tax lien against Pearson and her husband regarding a 2009 return. The government organization claims she owes them a little over $20,000 in back taxes along with the penalties and interest charged for the unpaid taxes. Some of this has been paid down but the couple is currently in dispute with the IRS over the remainder. It is this final amount that may in the end be her undoing if she cannot find a surety company willing to cover her surety bond with the lien still intact. The chances for that don’t look good right now.

Public Official Bonds Protect Taxpayers

This situation is a good example of why public official surety bonds are so important when it comes to anyone in public office. The intention is to protect the taxpayers should someone in office fail to comply with the regulations pertaining to their office. As a County Clerk, whoever gains the office would be recording deeds and birth certificates which entail handling money. To do so in the public trust means they must be “bondable”, able to get bonded for a public official surety bond. But with the current lien by the IRS against Ms. Pearson, that is in doubt.

Know if You Are Bondable

Do you know if you are bondable right now? While the case above is one where the person running for office should probably have checked first, we don’t always know ahead of time when a surety bond might be part of a job or situation. Contractors in the construction industry use bonds to bid on government projects, ensure they can fulfill the project and even guarantee that their subcontractors will be paid. Car Dealers must be bonded to ensure the public that what they say they are selling is true. Some folks still call these kinds of bonds “lemon law bonds”.
 
Many types of business licenses require a license bond as part of the licensing process to ensure that the business follows the regulations of that industry. Whatever kind of business you are in, you may need a surety bond at some time to do it. Are you bondable? BuySurety has been providing a wide array of surety bonds to both individuals and businesses since 1998. Find out just how easy it is to get bonded when you discuss surety bonds with our knowledgeable and helpful customer service representatives today. Whether you need a public official bond to run for office or a performance bond to take on that construction job, we have the right bond for you.

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Oil Well Bonds Requirement is Enforced

Written by JoAnn Smith on December 30th, 2013. Posted in Bond Types, Commercial Bonds, Latest News, License and Permit Bonds, Reclamation, Mining and Removal Bonds, Surety Bond Blog, Texas, Utah

     oil well bond, oil well surety bond      
Oil Exploration in Utah
Oil exploration is a dirty and dangerous business. One of the ways that some of the risk is mitigated is by the requirement for oil companies to post an Oil Well Bond. These bonds ensure that when the well is no longer producing it will be capped off in a way that does not impact the surrounding area. While most companies can be counted on to fulfill their requirements regarding these surety bonds, sometimes this requirement slips past even the most careful watchdog. That was the case in Utah recently.

Injection Wells Sited

It turns out that Newfield Exploration out of Texas did not post the required surety bonds when they were operating injection wells within the jurisdiction of the Ute Indian Reservation. The bonds would ensure that when these wells were closed off they would not impact the drinking water on the reservation. Since the passage of the Safe Water Drinking Act, all wells are required to post a surety bond for this very reason.

EPA Filing Moves Forward

The Environmental Protection Agency (EPA) filed a complaint against the company when they failed to provide two of the five requirements of the act. This included an inability to provide proof of financial responsibility with either an Oil Well Surety Bond or other form of financial responsibility. Newfield has been fined $600,000 and has agreed to pay it. Although the complaint did not include any problems with spills, this penalty is a good reason to be sure that any company that is involved with the extraction industry researches thoroughly all of the requirements for the venture. This definitely includes any legislated requirements for surety bond coverage.

BuySurety Provides Bonding

If you are in a business that may have surety bond requirements, don’t take a chance. You may find yourself liable for fines because of the wrong kind or amount of surety bond coverage. BuySurety has been providing surety bonds to a wide variety of industries for decades. We have the background and expertise to provide the right kind of low cost coverage your business requires. We know the surety bond business thoroughly and can work with you to ensure you have the coverage you need at a price that suits your company budget.

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