Archive for May, 2010

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INDIANA laws for Financial institutions | Surety Bond Blog

Friday, May 7th, 2010

S 328 revised laws for the following industries you should check with your obligee to make sure that your  in compliance.

Please see the following list of types of businesses that this new law effects.

1. Financial institutions

2. Debt management companies

3. Money transmitters

4. Check cashers

5. Pawnbrokers

6.  First lien mortgage lenders

As the surety bonding requirements change, we will keep you posted.

Indiana has been passing  various new surety bond requirements such as surety bonds for tobacco Manufactures.


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New Mississippi Surety laws for Money Transmitters | Surety Bond Blog

Thursday, May 6th, 2010

Mississippi has passed a new law for Money transmitters effective 7/1-10. This new law S 2652 will require a surety bond in the amount of $25,000 or an amount equal to the amount of outstanding money transmissions. Luckily for money transmitters there is a money transmitter bond cap, but the bond cap has been raised. The old surety bond cap was set at $250,000 the new bond cap is now set at $1,000,000. The new law was approved by the Governor on 3/29/10

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Virginia title lender surety bonds

Wednesday, May 5th, 2010

Vehicle Title Lenders.

Virgina is cracking down on vehicle title lenders. S606 has just passed effecting all vehicle title loan companies. This new law requires  businesses that provide loans against the equity of a vehicle,  to become licensed and bonded.

The surety bond amount will be $50,000 per office not to exceed $500,000.  Once the bond form becomes available we will post a copy of it.


Status: 4/11/10 – Approved by the Governor; effective 10/1/10

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Alabama Defective Title Surety bond

Tuesday, May 4th, 2010

Alabama is in the process of changing some of their existing laws in regards to Certificates of Title with H 179/S 231

This new law if passed would change the surety bond amount. Currently in Alabama for defective titles the state requires a defective title bond 1.5 times the value of the car. H 179/s231 would give power to the Department of Revenue which would determine the bond amount.

4/8/10 – Passed second house; enrolled; forwarded to Executive Department

If this new law passes we will post a copy of the bond form if it has changed.

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KENTUCKY Public Adjuster Bond | Surety Bond Blog

Monday, May 3rd, 2010

To curb fraud in the state of Kentucky new laws have passed making it tougher for Public Adjusters.

H 233 requires public adjusters to post a Surety bond in the amount of $20,000 “minimum” . The bond would benefit any person that sustains damage as a result of the public adjusters failure to act, conviction of fraud, erroneous acts, or conviction of unfair trade practices.    The law was signed by the Governor on 4/8/10.


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