Date Enacted: June 6, 2014
Date Effective:June 6, 2014
Are you a private investigator in Colorado? If so, there’s a law you need to know about. Colorado SB 133 generates a requirement for you to post or be covered by a license bond.
Does this bill leave you with questions about getting your Colorado private investigator license bond? In this article, we’ll cover the most important details of this law and how to get bonded.
In the past, Colorado had a voluntary licensure program for private investigators but due to concerns for the public, the Colorado legislature felt it necessary to create mandatory provisions for private investigators.
Prevailing issues leading to the act were: investigators lacking the proper knowledge, behaving in an unethical manner, or operating despite having a criminal history. The legislature felt that stronger requirements were necessary to protect consumers because by nature, the work these investigators do brings them in contact with sensitive and personal information and consumers were not always being served in the best manner possible.
This strong desire to protect the public at large led to the Private Investigators Licensure Act, which requires private investigators in Colorado to be licensed and bonded.
The stipulation to become licensed comes with a further requirement to post a license bond. The amount of the bond to be carried is determined by the Director of the Division of Professions and Occupations.
If the licensee fails to carry the appropriate commercial bond, they will be subject to disciplinary action. The disciplinary actions could include any of the following: a letter of admonition being issued; being placed on probation; or, having the license to act as a private investigator denied, suspended, or revoked. If the license is revoked or acquiesced to avoid disciplinary action, the licensee will not be eligible to reapply for a license for two years from the date of revocation or acquiescence.
This licensure law will not apply to bail bond agents or cash bonding agents authorized to write bail bonds. This law will also not apply to persons acting in accordance with a contract or in response to a request made by a cash bonding agent who is authorized to write bail bonds or a bail bond agent.
Since licensing was voluntary until recently, you may not know much about getting bonded. The process is simple and easy. First, obtain your private investigator’s license through the procedures mandated by the state. Then, apply for a license bond. This application can often be completed quickly and easily online.
Once the application process is complete, send the the application and bond to the Department of Regulatory Agencies.
Want to know more about Colorado’s Private Investigators Licensure Act? Read the full bill here.
The Private Investigators Licensure Act replaces a voluntary licensing process. What are your thoughts on the changes made by the law?
Date Enacted: June 3, 2014
Date Effective:October 1, 2014
The financial world has gone through many changes over the years, and still continues to evolve with the world economy growing and technological innovations taking the front seat. Connecticut’s HB 5353 updates many of the rules surrounding mortgage servicing with this in mind.
In particular, the act affects mortgage servicers applying for licensure. Under the amendment, mortgage servicers applying for a license must obtain both a license bond and a fidelity bond. As a mortgage servicer, learn how to get your Connecticut mortgage license and fidelity bonds as soon as possible.
Connecticut acknowledges that there are several types of mortgage servicers with varying ways of doing business. Connecticut’s License and Fidelity Bond Requirement Act defines a mortgage servicer as an institution that holds residential mortgages, collects payments (principal and interest) and documents these payments. The revised act goes on to say that a servicer also carries out any administrative duties that may be necessary as well. The act makes clear that organizations which pay borrowers under reverse mortgage or home equity conversions mortgage contracts also satisfy the definition of a mortgage servicer.
There are quite a few institutions that fall under this wide definition of a mortgage servicer, and not every entity may need to obtain a license to continue to perform this service. The revised conditions exempt certain entities that fit the definition of a mortgage servicer.
The license amendment may not apply to all servicers, but the mortgage servicer license bond and fidelity bond requirements do.
According to the changes made by the Connecticut Mortgage Servicer License and Fidelity Bond Requirement Act, mortgage servicers who are applying for a license in the state as well as exempt parties must post a mortgage surety bond of $100,000 per location. The bond is conditioned upon faithful performance of all written agreements and responsibilities, honest and accurate accounting of all funds acquired by the mortgager or mortgage while serving in the capacity of mortgage servicer as well as carrying on business in full accordance with the law.
According to HB 5353, servicers and exempt persons must also post a fidelity bond and errors and omissions insurance. The principal amounts for each will be based on the mortgage servicer’s volume of servicing activity. HB 5353 sets the minimum amount at $300,000. The deductible amount of the requisite fidelity bond and errors and omissions insurance should not be more than $100,000 or 5% of the principal amount.
Check out the full Connecticut Mortgage Servicer License and Fidelity Bond Requirement Act for more details.
How do you feel about these mortgage surety bond and fidelity bond changes? Do these amendments better protect the public?
JW Surety Bonds will be closing at noon on Thursday, July 2nd and remain closed through Friday, July 3rd to observe Independence Day. We will reopen Monday, July 6th at 9:00 a.m. EST.
Have a happy and safe 4th of July weekend!]]>
Date Enacted: September 28, 2014
Date Effective: January 1, 2015
California’s SB 1087 moves to prevent harassment of workers by placing additional conditions on the farm labor contractor license bond pertaining to what claims can be made against it. The bond will now also be conditioned upon: (a) the compliance of state laws regarding harassment, (b) federal laws pertaining to the Civil Rights Act of 1964, and (c) payment of damages required for non-compliance with these laws.
If you are a farm labor contractor, you may need to know how to get or renew your farm labor contractor license bond. Read more about this change and other revisions below.
California’s existing farm contractor bond law required financial securities based on the contractor’s payroll. The enacted changes still use this as a benchmark, but revise what the bonds are conditioned upon.
The bonds are conditioned upon following employment law pertinent to farm contracting and on payment for lack of compliance with those applicable laws. The new amendment means that farm contractors must now abide by state laws on harassment, federal laws regarding the Civil Rights Act of 1964, and payment of reparations for failure to comply with these laws.
The surety bond amounts are determined by a farm contractor’s payroll. Contractors with payrolls valued at more than two million dollars will be required to carry a bond of $75,000. Payrolls ranging from $500,000 to two million dollars mean you need to carry a bond of $50,000. Lastly, a contractor bond of $25,000 will be needed for payrolls of less than $500,000.
In addition to the changes to bond conditions, the rules for acquiring a license were also amended in a few ways, including the following:
Any contractor who has been the subject of a final judgement in the amount of the total bond amount or greater than the total bond amount in a year will be required to deposit an additional bond within 60 days.
Check out the full revised Farm Labor Contractors Bill for more details.
Have thoughts on these revisions or on farm labor contractor license bonds? Share them with us below.]]>
Date Enacted: September 20, 2014
Date Effective: January 1, 2015
California’s bill SB 477 addresses exploitation of non-American workers. The law will require foreign labor contractors who recruit foreign laborers to California-based positions to register with the Labor Commission. It’s already necessary for many contractors to get bonded and insured, and a new bond will now be required of any contractor dealing with foreign labor and foreign labor recruitment.
Read more about this and other updates to the law below.
The California bill requires all foreign labor contractors to register by July 1st, 2016 and obtain a bond, whose amount is based on the annual gross income receipts . The contracting bond required for receipts valued at greater than two million dollars is in the amount of $150,000. For receipts of $500,000 to two million dollars, the bill mandates a bond of $100,000. Lastly, for receipts of up to $500,000, a bond of $50,000 is dictated by the rule.
When a contractor has had a final judgement in one year equal to that of the bond required, the contractor has 60 days to deposit an additional bond to fulfil the obligation set forth by the state of California. The bond may be used to pay for legal violations as well as for interest on wages and damages or monetary assistance to foreign workers affected by violations.
SB 477 prohibits discrimination, intimidation, restraint, coercion and discharge of a foreign worker or the family of a foreign worker in retaliation for exercising the rights given by the bills. The penalty for violation of these rights can be any amount up to $25,000, but no less than $1,000. Additionally, the foreign worker who has been exploited may bring action against the labor contractor.
The law stipulates that foreign labor recruiters can’t charge foreign laborers any fees for visas, processing, placement, transportation or otherwise. The labor recruiter may choose to pay these fees, but cannot pass these fees on to the worker. The only fees that may be charged are ones that are customarily paid by any United States citizen employed in the United States.
Check out the full California Foreign Labor Recruitment Bill for more details.
What are your thoughts on the new foreign labor law in California? Share them with us below.
Date Enacted: April 23, 2014
Date Effective: April 23, 2014
Wisconsin AB 262 is a revision to a past bill regarding motor vehicle dealer bonds. The amendment increases the expected auto dealer bond as well as the bonding amount for Department of Transportation (DOT) title and registration processing contractors. Bonding amounts for subcontractors of DOT contractors are also affected.
If you fall into any of these categories, there are some changes to the bonding laws you must abide by. Keep reading for vital information on how the bill’s revisions may affect you.
AB 262 amends the bond coverage for motor vehicle dealers by increasing the motor vehicle dealer bond amount from $25,000 to $50,000. This law also affects used car dealer bonds, so if you own a used car dealership this change applies to you as well.
The good news is that if you sell motorcycles only, your motor vehicle bond needs to be just $5,000.
Letters of credit in the same amounts as bonds will also be accepted, and need to be in the name of the DOT.
The changes to this bill also affect Department of Transportation (DOT) title and processing service contractors. The DOT is allowed to contract with whomever they see fit to perform these services. The program these contractors work under is called the automated processing partnership system (APPS) program.
The contracted individuals are still held to the existing requisite bond of $10,000 for applications to process registration renewal transactions and $25,000 for applicants for processing of titles and original registration transactions.
The updated bill modifies existing rules by indicating that if the applicant is also a subcontractor of the DOT’s motor vehicle emission inspection and maintenance program (I/M program), and the I/M contractor has more than 100 subcontractors applying as agents, then the I/M contractor can provide the letter of credit or surety bond for these applicants. The bond or credit amount for each of these subcontractors is $2,000.
Changes of address may now be filed by any electronic means the department allows, in addition to the formerly accepted phone and mail notifications. As before, a person must notify the department within 30 days of a change in their principal business address.
Past rules required vehicles weighing 8,000 pounds or more to stop at open weigh stations and when requested, allow the truck and its haul to be weighed, inspected and/or measured. Changes to the existing law revise the weight to 10,000 pounds.
Wisconsin’s AB 262 affected the above noted changes, but also created many administrative amendments. These amendments address items such as wording regarding fees and specifications of administrative codes.
Check out the full revised Wisconsin Auto Dealer Bond Act for more details.
What are your thoughts about the revisions? Share them with us below.]]>