In Oregon the department of labor has received 15 complaints for a fitness club that has bounced payroll.
The department of labor is now going to give the fitness club six months to obtain a $187,200 payroll surety bond. The bond amount requested amounts to six months’ worth of wages. The Payroll surety bond will guarantee that payroll will be paid on time and within reason.
If the fitness club does not obtain the bond within six months the club will be shut down.
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.
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
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
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.
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.
A new bill is currently going threw the Senate which would revise the surety bond amounts for Agricultural Dealers. The proposed change would require the agricultural dealer bond amount to be in an amount equal to twice the average of the monthly dollar amounts of agricultural products handled during the preceding 12 month period.
Fast Surety Bond Quotes
Applying for a surety bond with our company is easy and getting an approval is fast and painless. We pride ourselves on fast approvals and friendly service. Your Surety Bond application is marketed to 14 companies to make sure you get the lowest rate. We issue Surety bonds same day. Our Surety bond quote system lets you know in seconds, how much your bond should cost if you qualify.
Surety Bond rates and Underwriting :
A surety bond rate is based off your credit, experience, bond type, risk and financial condition. The underwriter will factor the qualifications listed above to determine Surety Credit. The Bonding process is similar to applying for a unsecured loan. Since every situation is unique we have a hands on approach. We use computer systems to automate the process, but we have a underwriter review every submission to guarantee that the client is getting the best rate.
Surety Bond Programs :
We have several programs able to help you or your client procure a bond.
Companies with bad credit or weak finanical’s :
If have less than perfect credit or financial’s we can help. We have designed a surety bond program that helps businesses obtain surety credit even if they have credit issues.
If you have been turned down by another company we can help. Many applicants have been turned down because of the type of bond. Our specialty is hard to place bond types, so don’t worry we can help.
Start up Companies :
If you are a new business we can help. Many surety companies are not willing to write surety bonds for start up companies. We understand that you have to get your feet wet sometime and have programs that can help your business.
If you are a Real Estate Closing Agent in the State of Iowa, you will now be required to carry a $25,000 Surety Bond and become licensed. This new Law SB 2348 was signed into law on 4/07/2010 by the Governor of Iowa . The Law will go into effect on 7/1/2011, so there will be plenty of time to get your bond.
You can check back later for a copy of the Real Estate Closing Agent bond form
With the cost of cars going up many States are finding out their current bonding requirements are not sufficient. Many MVD bond claims are now exceeding the bond amount. Because of this States are forced to increase their bond amounts and Connecticut is no exception.
Currently in Connecticut the surety bond required for businesses that sell motor vehicles is set at $20,000. The New law S414 would require the bond amount to be set at $50,000. This new bonding requirement has not passed as of yet, as soon as it does we will let you know.
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