- "WAJ hires new electrical contractor": "WAJ negotiated a takeover agreement with Hanover Insurance, the projectÂ’.. http://bit.ly/mi9hL #
- "SureTec Financial to Buy Back HCC's Interest in Company": "SureTec expects to receive regulatory approval and c.. http://bit.ly/Yhkpg #
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JW_Surety_Bonds Twitter Weekly Updates for 2009-09-06
September 6, 2009 by Michael WeisbrotCategory: OtherTags: tweets, twitter | Comments (0)
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Virginia Employee Benefits Tax Bond
September 5, 2009 by Eric Weisbrot
The state of Virginia has set forth a new law intended for Indian tribes named HB 96/SB 359. The law requires Indian tribes to follow the same benefit and tax payment laws as non-profit and governmental organizations. Indian tribes that choose to finance employee benefits through payments into a fund in lieu of taxes are required to make a deposit of cash/securities or post a surety bond. The new law became active upon enactment.Category: Commercial Bonds, Surety NewsTags: bond requirements, employee benefits, legislation, surety bond, tax bond, va, virginia | Comments (0)
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Virginia Settlement Agent Bond Amount Amendment
September 4, 2009 by Eric WeisbrotVirginia enacted a new law referred to as SB 149. The new law raises the required license bond amount for settlement agents to no less than $200,000. The previous law required a bond of at least $100,000. SB 149 became effective upon enactment.Category: Commercial Bonds, Surety NewsTags: bond requirements, legislation, setlement agent, surety bond, va, virginia | Comments (0)
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Utah Professional Employer Organization (PEO) Bond
September 3, 2009 by Eric Weisbrot
There is a new requirement for Professional Employer Organizations in the state of Utah referred to as HB 159. The new law requires the Professional Employer Organizations (PEOs) to sustain a minimum working capital of $100,000 or post a bond in an amount no less than $100,000. The surety bond would guarantee the payment of any wage, tax, benefit, or other entitlement due to a covered employee not receiving payment from the PEO when it was due. HB 159 states that a “covered employee is not, only as the result of being a covered employee of a professional employer organization, an employee of the professional employer organization for purposes of general liability insurance, fidelity bond, surety bond, employer’s liability not covered by workers’ compensation, or liquor liability insurance carried by the professional employer organization unless the covered employee is included by specific reference in the professional employer agreement and applicable prearranged employment contract, insurance contract, or bond.” The new requirements have already been introduced and enacted in other states with the new provisions based on model legislation.Category: Commercial Bonds, Surety News, Wage & Welfare BondsTags: bond requirements, legislation, peo bond, professional employer organization bond, surety bond, ut, utah | Comments (0)
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Virginia Cigarette Manufacturer Bond
September 2, 2009 by Eric WeisbrotOn 03/27/2008, the state of Virginia passed SB 545. The new law requires “newly qualified nonparticipating tobacco manufacturers” to post a bond to be listed on the Virginia Tobacco Directory. The “newly qualified nonparticipating manufacturers” are defined as those who have not been previously listed in the Virginia Tobacco Directory. The manufacturers that fall under the above mentioned category may be required to post a bond in accordance with the new law for the first five years of their listing, or longer if they have a higher risk for noncompliance. The manufacturers that are not partaking in the Master Settlement Agreement as provided under existing law have chosen to escrow funds according to the schedule provided in the law; these manufacturers are referred to as “nonparticipatingâ€?. The bond can also be required under the new law’s requirements if the Attorney General finds that nonparticipating manufacturers are a higher risk for not fulfilling financial responsibilities. When it comes to foreign nonparticipating manufacturers, the U.S. importer of the product has to post a bond; they must post a bond in the amount of $50,000. If the amount of escrow the manufacturer must deposit as a result of its prior calendar year’s sales in the state is larger than the $50,000 requirement, that amount must be posted. If the bond is required from the manufacturer, it must be payable to the Commonwealth and is conditioned on the dependable performance of the escrow requirements.Category: Commercial Bonds, Surety NewsTags: bond requirements, cigarette manufacturer, legislation, surety bond, va, virginia | Comments (0)
