Public officials must now abide by a new law referred to as SB 1020 under Pennsylvania state law. The new law cancels existing law, which explains that the state Conservation Commission shall provide for the carrying out of surety bonds for employees/officers, but only those who directly deal with the Commission’s funds or assets. The new law was enacted on 07/09/2008.
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Pennsylvania Conservation Commission To Handle Surety Bonds
September 30, 2009 by Eric WeisbrotCategory: Commercial Bonds, Surety NewsTags: bond requirements, legislation, PA, pennsylvania, surety bond | Comments (0)
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South Dakota Money Transmitter Bond
September 28, 2009 by Eric Weisbrot
There is a new law regarding money transmitters in South Dakota titled HB 1009. The previous law required a cash deposit or securities of $100,000, and $5,000 for each extra location in the state. The maximum amount one could deposit was $250,000 under prior law. As a replacement for the deposit or securities, a surety bond was allowed to be posted in the same amount. Under law HB 1009, letter of credit, a surety bond, or other security is required in the sum of $100,000. The new law would permit the Director of the Division of Banking to increase the amount of the bond/security if the licensee’s financial condition is weakened, as evidenced by a reduction in financial losses, net worth, etc. The new law also raises the maximum amount of the bond/security from $250,000 to $500,000. Under existing law, the surety’s accountability would be limited to the penal sum of the bond; the bond is cancellable. The new law allows direct actions to be taken on the bond/security from any applicant in opposition to the licensee. The Director of the Division of Banking would be allowed to take action against the bond or security.Category: Commercial Bonds, Surety NewsTags: money transmitter, money transmitter bond, SD, South Dakota | Comments (0)
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Rhode Island Travel Agent Bond Eliminated
September 27, 2009 by Eric Weisbrot
The state of Rhode Island has enacted a new law referred to as SB 2067. The new Rhode Island law was introduced on 01/15/2008 and is concerning travel agents within the state. SB 2067 eliminates the licensing requirement of a $10,000 surety bond for travel agents. The repeal came about for reasons not relating to the surety bond. The repeal became active upon enactment.Category: Commercial Bonds, Surety NewsTags: bond requirements, legislation, Rhode Island, RI, surety bond, travel agent, travel agent bond | Comments (0)
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Rhode Island Appeal Bond Amendment
September 26, 2009 by Eric WeisbrotThere is a new law involving appeal bonds classified as SB 2509. The new Rhode Island bill caps the supersedeas bond at $50 million for all appellants together despite the worth of the judgment; this is done to stay the carrying out of a judgment associated to the Master Settlement Agreement. SB 2509 became law even though the Governor did not provide his signature. The new law was enacted on 07/08/2008.Category: Court Bonds, Surety NewsTags: appeal bond, Rhode Island, RI | Comments (0)
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South Dakota Abstracters of Title Bond Amendment
September 25, 2009 by Eric WeisbrotHB 1008, enacted on 02/12/2008, changes the bond requirement to simplify it for abstracters of title concerning registration in the state of South Dakota. Under the old law, the bond amount requirement was calculated by the population of the county. The updated law requires that if the county population is under 15,000, the required bond amount is $25,000; should a county’s population be over 15,000, the required bond amount is raised to $50,000. HB 1008 became active on July 1, 2008.Category: Commercial Bonds, Surety NewsTags: bond requirements, legislation, SD, South Dakota, surety bond | Comments (0)
