SB 5354 is a new Washington State law that was enacted relating to a county public hospital capital facility. The new law directs the county treasurer to serve as the treasurer for a county public hospital capital facility. It also authorizes the hospital’s commission to choose and appoint its own treasurer, who must acquire a surety bond in a quantity that the commission will establish. SB 5354 authorizes the hospital to require any member of staff managing the hospital’s funds or securities to attain a surety bond. The new law also calls for a surety bond from depositories holding hospital funds in a quantity nt less than the quantity deposited.
Mortgage brokers must abide by a new bill that was enacted in Washington State. The new bill, which is labeled HB 1749, addresses mortgage brokers, who are required under present legislation to be licensed and bonded. The previous law required a license bond in a quantity ranging from $20,000 to $60,000. HB 1749 terminates the existing surety bond amount, and states that the Banking Commissioner will promulgate the surety bond amounts, which will differ according to the yearly loan origination volume of the broker. The new legislation also terminates other alternatives to bonding authorized under the previous law. Should the surety bonds under the new requirements not be obtainable, then the Director of Financial Institutions will relinquish the requirement. HB 1749 provides for a mortgage broker recovery fund. Only individuals acquiring a judgment in court regarding damages sustained as a result of a mortgage broker can make recovery from the fund.
The State of Texas introduced a new law relating to anthropogenic carbon dioxide. The new law is titled SB 1387 and provides for the injection and geologic storage of anthropogenic carbon dioxide, which is carbon dioxide that has been stripped, segregated, or separated from any other fluid flow or was harvested from an emission source such as clean energy endeavors or industrial sources. The carbon dioxide is stored in injection wells, for which a permit is necessary, along with proof of financial accountability in the form of a performance bond or alternative financial security. The surety bond guarantees the proper plugging of a deserted well, or the availability of funds for plugging the well, post-injection site treatment, and closure of the location.
HB 169 is a new Wyoming State law that concerns any organizations that are licensees under the Uniform Consumer Credit Code. The new law requires all organizations that are licensees under the state Uniform Consumer Credit Code to acquire a surety bond to cover individual mortgage loan originators in employment or under contract with the licensee. HB 169 requires mortgage loan originators to be licensed and covered by their employer’s surety bond. The surety bond quantity must be calculated by the volume of residential mortgage loan activity and will be established using regulation. The surety’s aggregate liability is restricted to the amount of the surety bond and must be issued by a state authorized surety. If a consumer is harmed by a breach of the law by a licensee or one of its employees, the surety bond must be forfeited to the State for the benefit of any individual damaged in a quantity that will fulfill the defiance or the surety bond in its entirety if the violation surpasses the quantity of the surety bond. The surety bond must stay active until released in writing by the State or it will terminate two years after the surrender, revocation or expiration of the license. All of these requirements are taken from the present legislation concerning mortgage broker bonds.
Mortgage loan originators must abide by a new law in the State of Wisconsin. The new law is named SB 62 and is an omnibus spending bill that includes numerous measures, including the State’s integration of the new federal requirements for mortgage loan originators pursuant to the federal S.A.F.E. Mortgage Licensing Act. The bill altered the present surety bond requirements for mortgage brokers and bankers. The previous law had a dual bonding requirement for mortgage brokers and bankers calculated by the existence of a bona fide office in the State. Mortgage bankers sustaining an office in the State had to acquire a surety bond in the quantity of $25,000, and a surety bond in the quantity of $300,000 was required if no office was sustained. The previous law for mortgage brokers required a surety bond in the amount of $10,000 if the broker sustained a bona fide office in the State, and $120,000 if no office was sustained. SB 62 requires a surety bond in the amount of $120,000 for all mortgage brokers and $300,000 for all mortgage bankers whether a bona fide office is sustained in the State or not.
The new legislation also sets licensing and regulatory standards for mortgage loan originators, which comprises a surety bond requirement. The bond requirement is shaped after legislation that the Conference of State Banking Supervisors created. SB 62 requires all mortgage loan originators to be covered by a surety bond in a quantity calculated by the volume of loan originations. The amount required will be established through regulations. Should the originator be an employee or agent of a individual subject to existing bond requirements, then that surety bond can be utilized to satisfy the loan originator’s bond requirement.
SB 62 also produced a new bond requirement for certified service providers. The new law requires these individuals to register and acquire a surety bond. The providers are those who contract with a seller to execute all of the seller’s sales and use tax functions connected to retail sales, including collection and remission of all the taxes. The surety bond will guarantee the payment of sales and use taxes, including any interest. The Department of Revenue will establish the quantity of the surety bond required and authorized its form. The new law allows the Secretary of Revenue to relinquish the surety bond stipulation if there was a determination that the surety bond was not needed to protect the State.
Vermont State introduced a new bill concerning milk handlers. The new bill is named SB 89 and it modified the quantity of the surety bond or letter of credit required under present law for milk handlers. The previous law stated that the surety bond had to be in a quantity equivalent to 50% of the maximum amount due for all milk producers in the State who sell milk to the handler for a 41-day phase during the prior 12 months. SB 89 now states that this quantity pertains to milk handlers managing milk from all species other than cattle. For milk originating from cattle, the surety bond must be for 100% of the amounts as calculated under present legislation. The surety bond also protects milk cooperatives including Vermont producers, who gain from the surety bond’s protection under present law. The new law also creates new exemptions from the surety bond requirement for handlers that pay milk cooperatives in advance or at the time of delivery for the milk; also for handlers that pay milk coopertives before or at the time of delivery for the milk and also for handlers who purchase less than 150,000 pounds of milk monthly from a milk cooperative.