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SURETY BOND BLOG

Monthly Archives: October 2010

28
Oct
2010

Hawaii Makes Fraud Easier In The Mortgage Industry

Hawaii has created a “recovery fund” in lieu of their mortgage broker bond requirement, which is repealed at the end of 2010. The change helps fraudulent loan originators and penalizes those who play by the rules. In addition, it makes it more difficult and costly for the public to collect payment on a claim. Bad read more »




11
Oct
2010

Vermont Auto Dealer Bond

A new law was introduced concerning auto dealers within the State of Vermont. The new law, which is named SB 282, amplifies the quantity of the surety bond required of auto dealers. The present legislation requires a surety bond, a letter of credit or certificate of deposit in a quantity stretching from $5,000 to $15,000; read more »




08
Oct
2010

Utah Pawn Broker Bond

HB 366 is a new bill that was presented in Utah State concerning pawn brokers. The new bill requires pawn brokers that sell, trade, or pawn motor vehicles as a function of their usual business practices to become licensed as a used motor vehicle dealer. HB 366 requires used motor vehicle dealers to acquire a read more »




07
Oct
2010

Connecticut Auto Dealer Bond

New and used car dealers in the State of Connecticut must follow new legislation that was recently enacted. The new law, which is referred to as SB 414 boosts the surety bond that is required of both new and used car dealers from $20,000 to $50,000. The present legislation authorizes the Commissioner of Motor Vehicles read more »




04
Oct
2010

Minnesota Contractor License Bond

Plumbers and household installers within the State of Minnesota must abide by a new bill that was recently enacted. The new bill is titled SB 2510 and modifies numerous surety bond requirements relating to plumbers and household installers. SB 2510 terminates the previous exclusion of the surety bond requirements for plumbers working under master plumbers. read more »




01
Oct
2010

Washington Money Transmitter Bond

Money transmitters in the State of Washington must follow a new law that was recently enacted. The new law is labeled SB 6371 and modifies the quantity of the required surety bond for money transmitters. The previous legislation required a surety bond of at least $10,000 but could not surpass $50,000, including $10,000 for each read more »