Contract and Commercial Surety Bond Legislature for 2012 in Mississippi

Written by JoAnn Smith on . 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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