Surety Bond News

Trustees in West Virginia have a new surety bond requirement that they must abide by. The new law is named HB 2551 and implements the Uniform Trust Code. HB 2551 states that a trustee is required to obtain a bond to guarantee the performance of their responsibilities if the court requires it, or if the terms of the trust required it. The new law allows the court to establish the size of the bond or if a bond is needed at all. The court also can adjust or cancel a bond as they see fit.

Legislators have enacted a new bill affecting treasurers in Wyoming. The new bill, which is named HB 15, boosts the surety bond amount required of the treasurer of the board of directors of a county weed and pest control district. HB 15 increases the required bond from $3,000 to $50,000 and became effective on July 1, 2011.

Arkansas precious metal buyers no longer need to worry about a surety bond requirement. A new law labeled HB 1841 abolishes the bond requirement for buyers of precious metals which required a $100,000 surety bond in order to obtain a license. However the bond was only needed if the buyer didn’t have a long term business location within the state.

There is a new surety bond option for Arizona contractors. A new law titled SB 1284 offers the use of arbitration for construction contractors settling disputes when the amount of disputed repairs are less than $5,000. SB 1284 states that the contractor has the option of obtaining a surety bond equal to the claim. Should a contractor go with the bond, it will prevent the suspension of their license.

Alabama notaries now must obtain a larger bond than in the past. The new bill, which is named SB 54, redrafted the legislation for notary publics. The previous law required a $10,000 surety bond. SB 54 requires notaries to obtain a $25,000 bond. The new bill will be effective January 1, 2012.