JW Surety Bonds

North Carolina Medicaid Supplier Performance Bond

North CarolinaOn 05/26/2008, a new law was introduced referred to as HB 2436. The new North Carolina law permits the North Carolina Department of Health and Human Services to have discretion when requiring Medicaid-enrolled suppliers to provide a performance bond, letter of credit, or an alternative financial instrument in an amount no more than $100,000. Previous law required the bond as a stipulation of receiving Medicaid payments. HB 2436 states that the health department may require a surety bond when the provider has failed to display financial viability, if it is concluded that “significant potential” for deception and fraud existed, or if the department determines that it is best for the Medicaid program.

Oklahoma Public Official Bond

OklahomaThe state of Oklahoma enacted a law on May 12th, 2008 referred to as HB 3187. The new law regards public officials and creates the Oklahoma Oilseed Commission. HB 3187 requires all members that handle finances for the commission to individually provide a surety bond. The amount of the required bonds will be established by the Department of Central Services. The new Oklahoma state law became operational on November 1, 2008.

Ohio Short Term Lenders License Bond

OhioIn the state of Ohio, there is a new law concerning short term lenders. HB 545, enacted on 06/02/2008, controls short-term lenders while requiring licensure and a surety bond from a state licensed surety or bonding company. The surety bond must be at least $100,000 unless the license applicant is a non-profit corporation, in which case the bond requirement is reduced to $50,000. The term of the bond runs along with the license period. HB 545 became operational 3 months after it was filed with the Secretary of State.

North Carolina Irrigation Contractor License Bond

North CarolinaOn 08/04/2008, a new law was enacted in North Carolina. The new law, named HB 2353, manages irrigation contractors by way of the new North Carolina Irrigation Contractors’ Licensing Board. HB 2353 now requires a license bond in the amount of $10,000. Surety bonds or letters of credit are also acceptable, and any bonds acquired must be issued by a surety company licensed in the state. The bond is conditioned on compliance and is open to direct actions from individuals claiming injuries or loss resulting from a violation of the new law. HB 2353 became operational on October 1, 2008.

Ohio Viatical Settlement Providers & Brokers Bond

North CarolinaViatical settlement providers and brokers must abide by a new law in the state of Ohio. The new law, titled HB 404, states that viatical settlement brokers and providers must provide a bond from an insurer licensed in the state in the quantity of $250,000. There are other options besides the surety bond that will meet the requirement such as a deposit of cash, a certificate of deposit, or securities. The bond allows the Superintendent of Insurance to make recovery for any individual in the state who suffered damages resulting from an erroneous act, failure to act or conviction of fraud that were caused by a licensed viatical settlement provider/broker. HB 404 is based on new model legislation from the National Association of Insurance Commissioners.

North Carolina Professional Employer Organizations (PEO) Bond

North CarolinaA new law was put in place concerning Professional Employer Organizations in the state of North Carolina. The new law, titled HB 738, altered the license bond amount required for Professional Employer Organizations or PEO’s. The prior law called for a surety bond or letter of credit in the amount of $100,000. HB 738 requires a surety bond or a letter of credit in an amount that is equal to 5% of the PEO’s total North Carolina wages; this includes benefits, workers compensation premiums, and unemployment compensation contributions all during the previous year. The amount of the bond acquired can not surpass $500,000. HB 738 became active on October 1, 2008.