On 03/07/2008, the state of Virginia enacted HB 137/HB 354/SB 356. The new laws eliminated the mandatory surety bond that the Board of Education required regarding contracts with publishers of school textbooks. The bond could not be less than $1,000 and not above $20,000. The required bond was conditioned upon the publisher’s compliance of the terms & conditions of the contract and payment of any liquidated damages that are shown to be a direct result of contract violation.
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Virginia Publisher’s School Textbook Bond Requirement Abolished
August 31, 2009 by Eric WeisbrotCategory: Commercial Bonds, Surety NewsTags: bond requirements, legislation, publisher bond, school textbook bond, surety bond, va, virginia | Comments (0)
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West Virginia Discount Medical Provider Bond
August 30, 2009 by Eric Weisbrot
West Virginia has a new enactment for medical discount providers referred to as HB 4404. The law requires a surety bond equal to or more than $35,000 to be posted by discount medical establishments. The bond attained by the discount medical organizations must be in favor of the Insurance Commissioner for the advantage of individuals that may be damaged by the organization’s breach of the new law; it is mandatory that the insurance company who wrote the bond is licensed in the state.Category: Commercial Bonds, Surety NewsTags: discount medical provider, medical, medical provider, medical provider bond, west virginia, wv | Comments (0)
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JW_Surety_Bonds Twitter Weekly Updates for 2009-08-30
by Michael Weisbrot- Did Michael Vick persuade Virginia law makers to expand legislation on surety bond requirements for dog fighting? http://tinyurl.com/mavttz #
- " Surety Bonds May Prove Too Costly for Houston Light Rail Project": Metro President Frank Wilson said the trans.. http://bit.ly/iz4Vl #
- Go green and help Bryan of Surety Insider with his grass roots movement for nuclear energy. Contact your rep now! http://tinyurl.com/ljesvp #
- "Bankruptcy for former Drumore secretary convicted of stealing $300K": "Even though the surety bond company paid.. http://bit.ly/19wKz1 #
- Fired for dishonesty in 2003 – Bondability: I was fired from a bank in early 2003 due to a dishonest act. No cri.. http://bit.ly/fFbCf #
Category: OtherTags: tweets, twitter | Comments (0)
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Virginia Cruel Pet Treatment Bond Amendment
August 29, 2009 by Eric WeisbrotVirginia state law revised the current bond amount required for owners that have had their animals confiscated because of cruel treatment or abandonment. The new law is named HB 999, which says that if the locality has not approved an ordinance, the court may order the owner of the animal to post a surety bond if the animal is held for more than 30 days. The bond must be equivalent to the value of boarding the animal for a period of time that many not surpass nine months. The new law provides that the bond will not be renounced if the owner is found to be not guilty of violating the law. Category: Commercial Bonds, Surety NewsTags: bond requirements, cruel animal treatment, legislation, pet, pet abandonment, surety bond, va, virginia | Comments (0)
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Arizona Mechanics & Materialmen Liens Bond
August 28, 2009 by Tracy Konopka
HB 2474 was enacted by the state of Arizona on April 28, 2008 and became effective October 10, 2008. It was created to amend the current mechanic’s lien discharge and discharge bond laws. It is required that bonds for lien releases be in the amount of 150% of the claim under the existing law, and the bonds can be posted by any original contractor, subcontractor or construction lender. This enactment clarified the law so that upon the recording and service of the surety bond discharging the lien, funds withheld with regard to any issued stop notice on the construction project shall be released. The enactment also grants the person filing a stop notice with a lien the permission to post a surety bond (bonded stop notice). The amount of the claim required for a stop-notice bond has been increased from 125% to 150% under the new law.Additionally, if the construction lender or any original contractor or subcontractor disputes a stop notice or bonded stop notice, the party can post a bond in the amount of 150% of the claim. This has been increased from 125% by this new law. It also states that a bond provided for the lien release may also be used as the bond for the release of stop notice on a project, as well as for the release of any funds withheld in regards to the stop notice.
Category: Contract Bonds, Surety NewsTags: arizona, az, bond requirements, legislation, materialmen lien bond, mechincs lien bond, surety bond | Comments (0)
