Surety On The Rocks

Written by JoAnn Smith on April 22nd, 2015. Posted in Legislation, License and Permit Bonds, On The Rocks, Surety Bond Blog, Wyoming

Wyoming Fuel Tax Surety Bond: HB 9 requires alternative fuel suppliers, refiners, distributors, terminal operators, importers and exporters of alternative fuelfor motor vehicles to be licensed. The new law provides that the licensee may be required to post a surety bond or certificate of deposit. If the licensee has been in business for at least one year with a good filing record, the surety bond must be equal to the last available six months of tax liability. If a licensee commits a violation or has its license revoked, the surety bond also may be required. If a licensee failed to file any report, remits insufficient funds, or is delinquent twice in the preceding 12 months, the surety bond is mandatory until it demonstrates a good filing record for 12 months, in which case the bond may be waived. The bond guarantees payment of delinquent taxes, penalties and interest due and the return of the license and is conditioned on the licensee not practicing any fraud, making any fraudulent representation, or violating any applicable law. The new law becomes effective July 1, 2015. Fast and Easy Bond Quote
Wyoming Margarita – Blend 1 cup Tequila, 8 oz Limeade, 1/4 cup water and 4 tbsp Sugar with 10 ice cubes.  Add 1 can of beer and blend again.  serve in margarita glass salted on the rim.  Makes about 4 servings.  three drinks Enjoy and share.

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Are Oil Well Surety Bonds Enough for Wyoming’s Orphan Wells

Written by JoAnn Smith on July 3rd, 2014. Posted in Indemnity Bonds, Latest News, License and Permit Bonds, Performance Bonds, States, Surety Bond Blog, Wyoming

     wyoming oil well surety bond      
Orphaned oil wells like this one in Wyoming need oil well surety bonds.
If you have ever driven across Wyoming you would quickly be aware of the hundreds of oil wells dotting the landscape. The truth of the matter is, many of these oil wells are actually coal-bed methane wells and in the Powder River Basin area, thousands of them are abandoned. How successful the state will be at cleaning up the aftermath of the implosion of the industry depends largely on whether that particular well was covered by an oil well surety bond or a blanket bond. And there lies the crux of the problem, as Wyoming Oil and Gas Supervisor Mark Watson explained to Wyoming State legislature recently. Even though both are a type of surety bond, blanket bonds are proving to not sufficiently cover the costs of the plugging operation. This was not obvious when they were first allowed to be issued as part of the agreement with the state.

Oil Well Surety Bonds vs Blanket Bonds

As is true for many states, Wyoming requires any company that drills for oil, water or other substances such as coal-bed methane to create a guarantee that they will have sufficient funds to pay the costs of plugging an abandoned well if the company should go broke. Generally that includes the option of posting cash, an oil well surety bond or a blanket bond. The difference is that an oil well surety bond is posted for each individual well while a blanket bond is taken out to cover all the wells the company drills. Theoretically they should be sufficient to cover all the wells, but it appears that in the case of the Powder River wells, the blanket bonds were in place more to guarantee proper performance of the companies duties and were not calculated with the thought that a company could go bankrupt and need to cover the cost of capping every single well they owned. This would not be that big a problem if it was only a few wells. Unfortunately right now the number is closer to 1200 orphaned wells that are not sufficiently covered.

The Importance of Correct Bonding

This is a prime example of why it is so important for any company to make sure that the surety bonds they purchase are configured to do the job they are intended to do. If these companies had been required to purchase performance bonds to cover the performing of the business and oil well surety bonds to cover the costs of plugging the wells, this problem could have been avoided. Because the law didn’t require both, the small companies that had bought many of these wells when the price for methane had dropped were left holding the bag and often went bankrupt.

BuySurety Offers Surety Bond Security

While blanket bonds may look like an inexpensive fix, for many companies to perform responsibly they need to look beyond the basics and find the surety bond that does the job. This is why BuySurety is so proud of our knowledgeable customer service agents. When you talk to our agents, they will discuss your needs and find the right surety bond for your situation. Whether it is performance bonds for that next big project or oil well bonds for a drilling you are undertaking, we can help. Come by our site or call our agents to find out just how good BuySurety is at finding the right surety bond for your business, at the right price. We have been doing this for over 15 years and we know we can find the best surety bond solution for you.

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Auto Dealer Bond Requirements for New Mexico, Colorado, Wyoming and Montana

Written by JoAnn Smith on November 9th, 2013. Posted in Colorado, Commercial Bonds, Legislation, License and Permit Bonds, Montana, New Mexico, Surety Bond Blog, Wyoming

     car dealer bonds
Find out the car dealer bond requirements for your state

The auto dealer bond requirements change from state to state. They also go through requirement changes as legislation decides to redesign how auto dealerships are licensed. That is why it continues to be very important to stay on top of the changes in the DMV dealership surety bond requirements for your state. To help you keep up to date on any changes, here are the requirements for surety bonds when it comes to having a license for an auto dealership in New Mexico, Colorado, Wyoming and Montana.

New Mexico Auto Dealer Bond Requirements

The folks at the DMV in New Mexico must like to keep things under close control. They require that an auto dealership renews their license every year on December 31st and that they provide proof of bonding at the time of renewal. This is a good date to keep in mind whether you have a regular car and truck dealership or even if you only sell motorcycles. Both types of dealerships are required to be licensed and have surety bond coverage.

  • For new and used motor vehicle dealers – $50,000 surety bond

  • For dismantlers – $50,000 surety bond

  • For motorcycle dealerships – $12,500 surety bond

Colorado Auto Dealer Bond Requirements

Colorado has some specific requirements for how the surety bond is set up, but they only require surety bonds for licenses for new and used motor vehicle dealerships. The $50,000 auto dealer surety bond must be in the legal name of the dealership, the bond must be an original dealer bond signed by the owner or corporate partner of the company or a corporate officer if the company is an LLC.

Wyoming Auto Dealer Bond Requirements

If you have ever driven through Wyoming, you probably remember it for its wide open spaces and giant sky. It is also a state with few roads and even fewer cars and trucks. That may be why the state of Wyoming has one surety bond requirement that covers all auto and truck dealers, whether they are selling new or used vehicles. The surety bond requirement is $25,000 and does not need to be renewed annually.

Montana Auto Dealer Bond Requirements

While Montana may be called The Treasure State, to many of us it is cowboy country and proud of it. The auto dealer bonds for licensing an auto dealership in Montana cover new and used as well as both cars and trucks. Licensing requires a $25,000 surety bond and must cover the period from January 1st to December 31st each year.

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Surety Bond Legislature Update for Wyoming

Written by JoAnn Smith on May 3rd, 2013. Posted in Contract Bonds, License and Permit Bonds, Surety Bond Blog, Wyoming

     Wyoming surety bonds
Wyoming state legislature seal
May 03, 2013 – The State of Wyoming legislature had two bills pass during 2012 that would affect the use of surety bonds, one in the House and one in the Senate. The bill in the House requires anyone holding mixed martial arts matches to be licensed and post a surety bond for the event.   The Senate bill changed the threshold for surety bond requirements for all contracts with political entities in Wyoming such as cities, towns and school districts from $100,000 to $150,000.    

House Bill No. 87: License Bond—Mixed Martial Arts Matches

With the passage of Wyoming House Bill 87 all clubs, organizations, corporations or individual persons who are conducting mixed martial arts matches will be required to be licensed for the events and must post a license and permit surety bond. The bond should not exceed $10,000 and the amount will be determined by the State Board of Mixed Martial Arts. The surety bond is to assure the compliance of the matches with all current law as it applies. This House bill was enacted on March 08, 2012 and went into law effective July 1, 2012. For a reading of the complete text of Wyoming House Bill 87 a link has been provided to the legislative website for Wyoming.  

Senate File No. 107: Bond Threshold

With the passage of Wyoming Senate Bill 107 the threshold for state surety bonds for contracts with the state as well as with counties, cities, towns, school districts and all other political subdivisions in the state of Wyoming was increased from $100,000 to $150,000. The Senate bill was enacted on March 21, 2012 and went into law upon enactment on the same day. Anyone wishing to read the entire text to Wyoming Senate Bill 107 can do so by following the link provided in this bill summary.  

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Wyoming Surety Bond News – Public Officials Bond Changes

Written by Surety Bond Expert on March 13th, 2012. Posted in Surety Bond Blog, Wyoming

Wyoming Surety BondsRecently, the State of Wyoming passed several new laws affecting public official surety bond regulations. Specific to a county weed and pest control district, House Bill No. 15 (Wyoming HB 15) mandated a substantial increase in the surety bond amount required for the treasurer of the board of directors for such a district. While the previous requirement was three thousand dollars ($3,000.00), the new amount required is fifty thousand dollars ($50,000.00). Wyoming House Bill No. 123 (Wyoming HB 123) also affects a public officials bond requirement. HB 123 effectively repeals the surety bond stipulations for circuit court magistrates and judges. Prior to passage of HB 123, circuit court judges were required to have a $5,000 surety bond, while the required amount for magistrates was $1,000. Effective Jul 1, 2011, they are no longer required. HB15 and HB 123 were enacted on February 18, 2011, and became effective July 1, 2011 Links (PDF) Wyoming HB 15 (PDF) Wyoming HB 123

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