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SURETY BOND BLOG

Monthly Archives: January 2012

31
Jan
2012

Texas Debt Management Service Provider Bond

Texas debt management service providers must follow new surety legislation. The new law is titled SB 141 and requires debt management service providers to obtain a surety bond in a quantity equivalent to the average daily balance of the trust account holding funds for Texas consumers over a six-month period before the bond is issued. read more »




30
Jan
2012

South Dakota Grain Warehouseman Bond Update

South Dakota enacted a new bill concerning grain warehouseman. The new bill is named HB 1016 and declares that claims can only be made against a grain warehouseman or grain buyer’s bond if the individual informs the Public Utilities Commission, which must specify that it’s not taking an action against the surety bond.




27
Jan
2012

Surety World Still Urging Improvements To Government Bond Programs

In many cases small businesses and federal construction jobs mix like water and oil; they avoid each other. The government seems to gravitate to larger contractors as they have relative ease getting bonded in standard surety markets. The small contractors avoid the government funded SBA (Small Business Administration) Bond Guarantee Program, which is in place read more »




25
Jan
2012

Rhode Island Surplus Line Broker Bond

Surplus line brokers are affected by revised surety law in Rhode Island. The new law is named SB 758/HB 5953 and modifies the surety bond requirements for surplus line brokers so that it pertains only to resident surplus line brokers.




24
Jan
2012

Oregon Motor Carrier Bond Update

The State of Oregon enacted a new bill affecting motor carriers. The new law is titled SB 259 and states that provisions in motor carrier transportation contracts requiring party or their surety or insurer to indemnify or hold harmless the other party against accountability for death, injury, or damaged property caused by negligence are invalid.




23
Jan
2012

Oklahoma Workers Compensation Bond

New surety legislation provides an option for employers in Oklahoma State. The new law is named SB 878 and allows employers to act as self-insurers. Employers that choose to self-insure must obtain a surety bond. The Workers’ Compensation Court would establish the amount of the bond but must be at least equal to the average read more »