Archive for the ‘surety bond’ Category

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Indiana Surety Bond for Tobacco Manufacturers

Tuesday, April 27th, 2010

A New law that was signed by the Governor of Indiana on 3/12/10 effects all tobacco manufactures.

This new law s 176 requires  “nonparticipating tobacco manufacturers” to post a Surety bond in the amount of $50,000, or the amount the manufacturer would be required to deposit due to its previous calendar year’s sales in Indiana, whichever is greater. This new bonding requirement goes into effect on 7/10/2010. You can view the Tobacco Manufacturers surety bond form here.

A surety bond cost and approval is based off of your financial condition and credit.  Don’t worry if your financial’s or credit are not up to par there are still programs that can help you.

You can  learn more about Tobacco License bonds here.

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MASSACHUSETTS Taxes and Surety Bonds

Monday, April 26th, 2010

Massachusetts new bill H 4367 would require Various Tax bonds for licensed companies. The surety bond amount shall not exceed the amount of the vendor’s tax liability for a six-month period or $1,000,000. The bonds could be used to secure the payment of any tax, including any interest or penalty theron, due.

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$100,000 Surety Bond for New York City Process servers

Friday, April 9th, 2010

Independent process servers must  file a $10,000 surety bond for New York City. Process server companies must also file a surety bond for New York City the bond amount required for companies will be set at $100,000. The $100,000 surety bond and the $10,000 bond for the city is required to guarantee compliance with the stricter regulations that just passed. You can learn more about process server bonds here

This is just one example of many surety bond changes this year. Many predict that more businesses will have higher surety bond amounts and new bond requirements this year.

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Oregon Landscape Surety Bond

Thursday, April 8th, 2010

A few requirements you must meet to become a licensed landscaper in the State of Oregon

WHO MUST BE LICENSED?
Oregon’s Landscape Construction Licensing Law, ORS 671.510-671.760, requires any business that offers the services of a landscape construction professional to have a valid landscape contracting business license. Violations of the law can result in civil penalties of up to $2,000 per offense. The Landscaper must also pass a exam to qualify for the license.

SURETY BOND: $3,000, $10,000 or $15,000

The amount of the bond is based off the size of the work preformed within a 12 month period.

a.) $ 3,000 Surety Bond for landscape jobs under $10,000;
b) $10,000 Surety Bond for landscape jobs between $10,001 – $25,000 or if your business constructs fences, decks, arbors, driveways, walkways, patios, landscape edging and/or retaining walls that are not done in conjunction with landscape work without a Construction Contractors Board license; or
c) $15,000 Surety bond for landscape jobs over $25,000.
* Landscape job is the total of one or more contracts for a project for the same consumer on the same job site during a 12 month period. ”
How do you qualify for the bond?

Simple just fill out the online surety bond application and we will get back to you within 24 to 48 hours with an approval. The Application should take less than five minutes. We have great programs for clients that have perfect credit or clients that have less the perfect credit.  If you have any questions about this type of bond or need any help please give us a call.

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Tax Bonds are Surety Bonds

Wednesday, April 7th, 2010

After April 15, your business may need a tax bond. A tax bond is a surety bond that is usually required by the State. Some of these bonds are needed the day you start your business others expire at the end of the year.  The majority of tax bonds are required for retail businesses guaranteeing the payment of sales taxes to the obligee.

Different types of tax bonds

Tax Bonds for restaurants :

There are many different types of tax bonds.  Some tax bonds are required for restaurants or bars to guarantee the payment of alcohol taxes. These bonds are also known as liquor bonds and alcohol bonds.

Penalty Bonds :

Some tax bonds are considered penalty bonds because your business was late on paying it’s  taxes.

Sales Tax Bonds :

The bond amount for Sales tax bonds is either based off your projected gross income or the bond amount is already preset by the obligee. There are even Tax Bonds required by contractors to guarantee that your will pay your taxes on the materials your purchased wholesale.

How much does a Tax Bond Cost?

The cost of the surety bond can vary depending on the bond language, credit, financial stability and the State.

What to do if you need this Surety Bond?

The first thing that the surety will need is an application.  Filling out the application should take five minutes or less.  The surety will review your credit, financial stability to determine surety credit.   After the application is completed you should receive an approval within the same day or the following day.

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Florida MVD Surety Bond April 30

Tuesday, April 6th, 2010

Florida MVD bonds expire April 30 of ever year.

What is A Florida MVD Bond?

A MVD is a surety bond. Surety bonds are required to fulfill a licensing requirement or financial obligation. Bonds protect the obligee,  from fraud, breach of contract and in some cases certain payments. Check your state Statutes referenced in your Surety Bond form to see what applies to you.

Who is requiring the Bond?

Florida MVD Bonds are required by The State of Florida department of Highway Safety and Motor Vehicles. This is the Obligee. A Obligee is the  one that is requiring the bond.  The Principal is the person or the business applying for the surety bond.

What does it do?

Taken from the Florida bond form

“WHEREAS, such bond shall be in favor of any person in a retail or wholesale transaction who shall suffer any loss as a result of any violation of the conditions herein above contained. NOW, THEREFORE, if the above named principal shall fully comply with the conditions of any written contract made by him as such dealer in connection with the sale or exchange of any motor vehicles, and shall pay or cause to be paid to any person in a retail or wholesale transaction any loss or damages which such person shall sustain as a result of any failure to comply with the conditions of any written contract made by such dealer in connection with the sale or exchange of any motor vehicle or as a result of any violation of the provisions of Chapter 319 or 320, Florida Statutes, in the conduct of the business of which he is licensed, then this obligation shall be void, otherwise to remain in full force and effect.

Basically if you violate the law the damaged party can file a claim and recoup their loses.

What happens if you have a claim?

If you have a claim and the surety pays out you must pay back the surety for the lose.

Surety bonds are underwritten similar to a loan. The surety reviews your credit and financials to determine surety credit.

How much do Surety Bonds cost?

Surety bonds for these bonds can start at 1% for good credit and qualifying assets. For clients that have issues rates can be anywhere from 3% to 20%.

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Surety still important

Wednesday, March 24th, 2010

If you have never needed a bond until now you’re probably have no idea what a surety bond is?

A surety bond is usually required by a state in order to obtain a license. There are thousands of different types of bonds, covering car dealerships to contractors, there’s practically a bond for every type of business.

History

Surety bonds can be dated back to the Mesopotamian days; it’s the oldest form of insurance. There is evidence of Individual Surety Bonds in the Code of Hammurabi and in Babylon, Persia, Assyria, Rome, and Carthage.

What does a bond do?

Surety bonds do not protect you, but the obligee.  So why do you need a bond if it does nothing for you? The answer is because you have to have one in order to obtain your license. Sometimes the obligee will waive the bonding requirement if you post a cash bond or an ILOC. The problem with doing that is that the state “obligee” may hold on to your collateral until all liability has been released. You are probably asking yourself now how long does that take. The answer is they can hold your collateral until the statue of limitations runs out and there are no statues of limitations on fraud.

How is a surety bond rate determined?

The rate is equated by many factors state, bond type, credit, personal net worth, business net worth and experience.

If you are not ready to apply for a bond  and you just want to see what the surety bond could cost, check out our surety bond quick quote.

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Iowa Surety bond for Solar Panel Contractors

Wednesday, March 24th, 2010

SB 2283 – Solar Panel Contractors.

A new surety bond requirement may be required for contractors in Iowa that install solar panels.

This  new state law will will make solar panel installers  have the same licensing and bonding requirements that plumbing, HVAC, refrigeration and hydronic contractors have.



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AZ Appraisal Management Companies Surety Bond

Tuesday, March 23rd, 2010

If  S 1351 passes Appraisal Management Companies will be required to register a $50,000 Surety Bond. The details for the Appraisal bond would be determined by regulations. Status: 3/1/10 – In Senate; in Rules, proper for consideration amended

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Debt Management surety bond for the state of IL

Friday, March 19th, 2010

H 4682 – Debt Management. Would amend the Debt Management Service Act; would require debt relief service providers to post a $25,000 Surety bond, and debt settlement service providers to post a $75,000 Surety bond.

Status: 1/4/10 – In House; referred to Rules

Still no word on this new requirement. As soon as we hear something we will let you know

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