Whether an entrepreneur is opening a new car dealership or a contractor is building a bridge, surety bonds exist to guarantee business will be done properly. When it comes to federal construction projects, some deceptive contractors will try to sneak their way through surety regulations that are in place to protect the public; and that’s how “The Security in Bonding Act of 2011″ came about. (more…)
The state of Georgia has enacted a new law affecting the Georgia Department of Transportation. The new law, which is named HB 137, terminates the $500,000 surety bond previously required of the Director of Planning for the Georgia Department of Transportation. The previous legislation set the bond requirement in order to guarantee that the responsibilities would be met by the Director of Planning.
A new bill was recently enacted concerning the Connecticut Airport Authority. The new bill is titled SB 1003 and requires the members of the Board of Directors for the Connecticut Airport Authority to acquire a $50,000 surety bond to guarantee that they fulfill their responsibilities; a $100,000 bond is required of the Executive Director of the Authority. A blanket bond is acceptable to satisfy the bond requirements for the board members as well as the Executive Director of the Authority. SB 1003 became active on July 1, 2011.
New surety bond legislation was recently enacted in Colorado State. The new law is named HB 1206 and requires surety companies to provide written notification to the Attorney General upon cancelation of the bond required of debt management service providers; the bond required is currently $50,000.
Surety bonds exist to guarantee that rules will be followed. More specifically, public official bonds exist to guarantee that officials such as treasurers, judges, tax collectors, sheriffs, etc. will perform their responsibilities according to both local and state laws. Citizens in Whitley County, KY should be thankful that their former Sheriff was required to obtain a public official bond being there are thousands of county dollars missing. (more…)