Surety Bond News

Introduced on January 17th, 2009 was a new law concerning the Greenway District in the state of Colorado. Named SB 141, the new law produces the Fountain Creek Watershed, Flood Control, and Greenway District. SB 141 requires the appointed custodians of the Greenway District’s funds to acquire a surety bond in a quantity that the District’s board will determine and authorize.

In the state of Arkansas a new bill was introduced on February 3rd, 2009 affecting existing law concerning vehicles hauling coal. The new bill, titled SB 300, revoked the existing law regulating the Department of Arkansas State Police weighing vehicles transporting coal. The coal weighing official/manager was required to obtain a $5,000 surety bond. Now that the law was removed, the bond requirement was also terminated. This bill revision was enacted on March 10th, 2009.

Enacted in Hawaii, a new law is now in place affecting mortgage loan originators within the state. The new law which is labeled SB 1218 integrates the federal definition of a mortgage loan originator. The law also requires originators to obtain a surety bond in a quantity that would be calculated by the dollar amount of the loans originated. Should the loan originator be an employee or an exclusive agent of a licensee, the coverage under the employer’s surety bond would satisfy the bonding requirements. SB 1218 requires the surety bond to cover all of the originators. The State Governor prevented the bill, but the legislature reversed the veto and SB 1218 became law. SB 1218 was introduced on 1/27/2009 and enacted on 7/15/2009.

Promoters of action sports such as boxing have a new law to abide by in the state of Idaho. The new law, named HB 32, authorizes other types of security to be obtained in place of the surety bond that is currently required for promoters of boxing, kickboxing, wrestling and mixed martial arts matches. The new law became active on July 8th, 2009.

In the state of Georgia, a new law was introduced on 01/28/2009 concerning child support collectors. HB 189 is the new law and it regulates private child support collectors, requiring both registration and a surety bond or a deposit of cash in the quantity of $50,000. The surety bond is conditioned on compliance and the authentic performance of the collector’s responsibilities. The surety bond must be from a state authorized surety company able to do business in the state. HB 189 was enacted on May 11th, 2009.