In Florida, a new law was enacted relating to money services businesses titled SB 2158. The new law raises the required license bond requirement amount for money transmitters and would require licensure as oppose to the present registration requirements. The prior law had the Financial Services Commission establish the amount required which could be up to $250,000. Under particular circumstances, the Financial Services Commission was able to boost the required amount up to $500,000 in extraordinary cases. SB 2158 states that the surety bond must be at least $50,000 and it permits the commission to amplify it up to $2 million. The SFAA backed this increase, but informed on the limitations it could produce in availability.
Introduced on March 6th, 2008, SB 2534 is a new law regarding a health insurance program in the state of Florida. SB 2534 creates the Florida Health Choices, Inc. for a statewide reasonably priced health insurance program. The new law also allows Florida Health Choices, Inc. to ask for performance bonds for its vendor contracts. SB 2534 was enacted and effective on 05/21/2008.
On 01/31/2007, a new bill was enacted concerning tax bond requirements in the state of Georgia. The new bill, which is named HB 237, subjects manufacturing gear to the same sales and use tax requirement for manufacturing machinery and equipment. The present law permits a purchaser to acquire an exclusion from the taxes by getting hold of a surety bond that is conditioned on the purchaser’s payment of the taxes; but only if the sale is determined not to qualify for the exemption.
Our office will be closing today, 12/23/09 at noon to give our employees a much deserved break. We will be reopening on Monday, 12/28/09 at 8:30am eastern time.
We will then be closing again on 12/31/09 and 1/1/10 for the new year. It will be business as usual as of Monday, 1/4/10.
Georgia state law has been altered by a new law which was added concerning city officers and employees. Titled HB 1033, the new law produces a new charter for the City of Edgehill. The charter asks both elected and appointed officers and employees of the city to post surety or fidelity bonds; they must follow the terms and conditions that the City Council requires by ordinance and must be in the amount the council determines. HB 1033 was enacted on March 10th, 2008.
On 02/01/2008, the state of Idaho introduced a new law named HB 450 concerning loan originators. The new law eradicates the surety bond requirement in existing law for the loan originators. The law demanded a surety bond in the quantity of $10,000, which had to be issued by a state licensed surety. HB 450 will be active and affecting mortgage brokers on June 2, 2008.