A couple of surety bond requirements were eliminated in Texas due to a new law. The new law is named HB 3167/SB 1168 and removes the law requiring bonds in the amount of $10,000 and $5,000 for talent agencies and personnel services respectively.
Virginia legislators have enacted a new bill concerning the liability of surety companies when it comes to auto dealer bonds and attorney fees. The law is labeled HB 171 and changes the existing law and states that the surety on a bond is responsible for any claims and attorney fees accumulated on a bond. The inclusion of attorney fee’s can be a very unfair practice and the attorney fee abuse in Florida is a great example of why.
Credit service organizations must follow special surety rules in Texas thanks to a new law. The new law is titled HB 2594 and requires credit service organizations who participate in deferred presentment transactions or motor vehicle title loans to acquire a surety bond. The required bond must be in the lesser amount of $10,000 for the first licensed location and $10,000 for any additional license, or $2.5 million. Credit service organizations who obtain this bond no longer need to obtain the bond required of all credit service organizations.
The state of South Dakota has enacted a new bill which removes a surety bond requirement. The bill is named HB 1016 and removes the bond requirement needed for the commercial use of a state logo. Originally, a surety bond was required in order to commercially use a state logo.
Texas has added new surety legislation concerning advertising signs. The new law is named SB 1420 and requires a $2,500 surety bond in order to obtain licensure for installation of off-premise advertising signs. The bonds will be in place to guarantee compliance with state law.
Pennsylvania law makers have come up with new legislation affecting owner’s of oil and gas wells. The new law is titled HB 1950 and revamps the surety bond requirements for oil and gas wells. The previous law required a $2,500 bond per well or a $25,000 blanket bond that covers all wells that a permit holder manages within Pennsylvania. HB 1950 states that the bond amounts are calculated by the depth of the well and the amount of wells that the operator manages. The new legislation still allows the operator to obtain individual bonds for each well or a blanket bond to cover all of the operator’s wells. The bond amounts will range from $4K to as high as $500K.