Surety Bond News

The interest in green energy still seems to be at its peak. A large wind farm is in the works to be built in Illinois but once the wind farm has served its purpose, time and money must be used to remove it for the environments sake; a surety bond will ensure that this happens.
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Members of the Mississippi State Board of Cosmetology must obtain larger bonds as a result of new legislation. The bill, which is labeled SB 2766, boosts the minimum surety bond amount required of the members from $5,000 to $10,000. The new bill became effective July 1, 2011.

Some distilleries operating out of Minnesota must abide by new surety bond requirements that were recently put in place. The new law is titled HB 1326 and requires micro-distilleries of premium distilled spirits to acquire a $2,000 surety bond if they are manufacturers/wholesalers of less than 20,000 gallons of 95% alcohol per year. Manufacturers/wholesalers of less than 40,000 gallons of 95% alcohol per year must obtain a $3,000 bond.

Maryland State has added a new law relating to debt settlement service providers. The new law is named SB 741/HB 1022 and requires debt settlement service providers to obtain a surety bond if they have a client deposit funds in an account for the payment of debt settlement fees. The surety bond required must be $50,000 and must be issued by a state authorized surety company. The new law will be effective October 1, 2011.

Legislatures in Texas have enacted a new law directly affecting the surety bond industry. When one looks at the changes included in the bill, it’s hard to see what it actually accomplishes; it raises the question of whether the legislators writing laws affecting the world of surety have adequate knowledge of the industry.
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