A new law has affected investment advisers and affiliates in the state of Arkansas. The new law, named HB 1877 alters the surety bond requirements for investment advisers and agents of a broker-dealer or of an investment adviser. The pervious law stated that investment advisers who manage client funds or who have flexible authority and control over any client’s account were required to acquire a surety bond in the quantity of $50,000. All agents were required to acquire a surety bond in the amount of $25,000, except if the Securities Commissioner stated otherwise. Under HB 1877, the Securities Commissioner will establish the quantity required for investment advisers and agents through regulations. The existing law provides the Securities Commissioner such authority for broker-dealer bonds. The new law also abolishes the use of cash deposits or securities in place of the bond.
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Arkansas Investment Advisor Bond
February 14, 2010 by Eric WeisbrotDiscuss: Comments (0)
Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: AR, Arkansas, bond requirements, Investment Advisor Bond, legislation, surety bond
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Connecticut Time-Share Developer Bond
February 13, 2010 by Eric Weisbrot
Time-share developers must abide by a new law in Connecticut state titled SB 897. The new law regulates time-shares, requiring developers to put in an escrow and or trust account all advance deposits received from a potential purchaser of a time-share. In the place of an escrow account, SB 897 authorizes the Commissioner of Consumer Protection to allow a surety bond, irrevocable letter of credit, or other assurance. Should the construction of the time-share be complete, the surety bond must be in an amount equivalent to or larger than the amount of funds that would otherwise be deposited. If the project is incomplete, the surety bond may be in the quantity explained earlier or in a quantity that secures the completion of all guaranteed accommodations along with all furniture, fixtures and any other promised modifications. SB 897 became active on January 1, 2010. Discuss: Comments (0)
Category: Commercial Bonds, Contractor License Bonds, Surety News
Tags: connecticut, ct, Time-Share Developer Bond
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Florida Emergency Medical Services Bond
February 12, 2010 by Eric Weisbrot
In the state of Florida, a new bill was written relating to emergency services. HB 1147, which is the new law, establishes the Spring Hill Fire Rescue and emergency Medical Services District. HB 1147 requires every fire commissioner of the District’s Board to acquire a $5,000 surety bond to guarantee the truthful performance of the responsibilities of their office and an accounting of all funds that the commissioner managed in performing their duties. The new law became active after enactment. Discuss: Comments (0)
Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: bond requirements, Emergency Medical Services Bond, FL, Florida, legislation, surety bond
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Colorado Reinvestment Finance Authorities Bond
February 10, 2010 by Eric Weisbrot
Colorado state enacted a new law relating to reinvestment finance authorities on June 2nd, 2009. The new law is named HB 1346 and allows for the utilization of the funds supplied to Colorado under the federal economic stimulus package, the American Recovery and Reinvestment Act. HB 1346 authorizes state agencies to group together and develop individual legal entities identified as recovery and reinvestment finance authorities for projects funded through the stimulus package. Individuals selected as the custodians of a finance authority’s funds have to obtain a surety bond in the amount that the authority’s board of directors will determine. Discuss: Comments (0)
Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: bond requirements, co, colorado, legislation, Reinvestment Finance Authorities Bond, surety bond
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Closing Due To Weather
February 9, 2010 by Michael WeisbrotOur office will be closed Wednesday, 2/10/2010 due to the snow storm hitting our area. We are projected to get up to 24″ in our area on top of what we got over the weekend. We plan to open for regular business hours on Thursday, weather permitting.
Discuss: Comments (1)
Category: Other
