Surety Bond News

Some distilleries operating out of Minnesota must abide by new surety bond requirements that were recently put in place. The new law is titled HB 1326 and requires micro-distilleries of premium distilled spirits to acquire a $2,000 surety bond if they are manufacturers/wholesalers of less than 20,000 gallons of 95% alcohol per year. Manufacturers/wholesalers of less than 40,000 gallons of 95% alcohol per year must obtain a $3,000 bond.

Maryland State has added a new law relating to debt settlement service providers. The new law is named SB 741/HB 1022 and requires debt settlement service providers to obtain a surety bond if they have a client deposit funds in an account for the payment of debt settlement fees. The surety bond required must be $50,000 and must be issued by a state authorized surety company. The new law will be effective October 1, 2011.

Legislatures in Texas have enacted a new law directly affecting the surety bond industry. When one looks at the changes included in the bill, it’s hard to see what it actually accomplishes; it raises the question of whether the legislators writing laws affecting the world of surety have adequate knowledge of the industry.
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Public officials must abide by a new surety bond requirement in Kentucky. A new bill named HB 26 establishes regional wastewater districts and requires the commissioner, secretary, treasurer, and general manager of a commission to obtain surety bonds. The size of the bond will be calculated by the amount of funds that the officials handle; the bond guarantees the faithful execution of their responsibilities.

There is a new law in Indiana State that puts forth a new surety bond requirement. The new law is titled SB 549 and establishes the Indiana Public Retirement System for the handling of state retirement funds, pensions, and disability or benefit funds. The Director of the Indiana Public Retirement System must obtain a surety bond in a quantity that the System's board of directors will determine. The bond will guarantee the safe handling of the funds.