Surety Bond News

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 of yearly claims in the previous three years.

Green energy is here to stay and the state of Illinois is taking advantage of it via wind farms. Once the wind farms have served their point, they must be decommissioned or removed for the environment’s sake; surety bonds are one way to assure that it happens. (more…)

North Dakota debt management service providers must follow new surety law. The new law is named HB 1038 and requires debt management service providers to obtain a $50,000 surety bond in order to be licensed with the state. The new law allows the Commissioner of the Department of Financial Institutions to require a greater bond if need be.

Updated surety law offers a new option for manufactured home installers in New Hampshire. The new bill is titled SB 116 and allows an employer to obtain a surety bond that is required of manufactured home installers as opposed to an individual installer having to obtain the bond.

Certain Nevada tobacco manufacturers are subject to new surety legislation. The new law is named SB 79 and requires certain nonparticipating tobacco manufacturers to acquire a surety bond in order to be included in the State’s directory of tobacco manufacturers and cigarette brands. The bond will be required if the manufacturer’s cigarettes have been sold out of state in the four previous calendar quarters; if the manufacturer purposely failed to make a deposit of its required escrow funds in the prior five calendar years; or if the manufacturer had been terminated from any state’s directory in the past five calendar years. The surety bond must be $25,000.