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Plumbers and household installers within the State of Minnesota must abide by a new bill that was recently enacted. The new bill is titled SB 2510 and modifies numerous surety bond requirements relating to plumbers and household installers. SB 2510 terminates the previous exclusion of the surety bond requirements for plumbers working under master plumbers. Now plumbers must acquire a minimum $25,000 surety bond under the present legislation. The new bill also states that the present surety bond required for manufactured home installers, residential roofers and sign installation contractors now calls for a “biennial” surety bond. The present legislation requires a $15,000 surety bond for residential roofers and a $2,500 bond for manufactured home installers.
Comments (2)
Category: Commercial Bonds, Contractor License Bonds, Surety News
Tags: bond requirements, legislation, Minnesota
My husband and I are in the process of buying an established heating company are bonds tranferable? What if our credit is not good will we still be able to get bonded in the state of Washington?
Yes and no…
Many bonding companies will renew license bonds without underwriting them again every year. If your bonding company falls into this category then you might be ok.
If they choose to underwrite it again, they will likely find out about you being the new owners and either increase the rate or cancel it.
Also, if I were the previous owners, I would request that a new bond be in place, as they had to personally indemnify for the bond.