1. Arizona Mechanics & Materialmen Liens Bond

    August 28, 2009 by Tracy Konopka

    ArizonaHB 2474 was enacted by the state of Arizona on April 28, 2008 and became effective October 10, 2008. It was created to amend the current mechanic’s lien discharge and discharge bond laws. It is required that bonds for lien releases be in the amount of 150% of the claim under the existing law, and the bonds can be posted by any original contractor, subcontractor or construction lender. This enactment clarified the law so that upon the recording and service of the surety bond discharging the lien, funds withheld with regard to any issued stop notice on the construction project shall be released. The enactment also grants the person filing a stop notice with a lien the permission to post a surety bond (bonded stop notice). The amount of the claim required for a stop-notice bond has been increased from 125% to 150% under the new law.

    Additionally, if the construction lender or any original contractor or subcontractor disputes a stop notice or bonded stop notice, the party can post a bond in the amount of 150% of the claim. This has been increased from 125% by this new law. It also states that a bond provided for the lien release may also be used as the bond for the release of stop notice on a project, as well as for the release of any funds withheld in regards to the stop notice.

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  2. Virginia Dog Fighting Bond Amended

    August 27, 2009 by Eric Weisbrot

    VirginiaThe state of Virginia has made additions to the existing anti-dog fighting laws HB 656/SB 592; the laws and are being modified so that they are applicable to all animals. The new law explains that if an animal is seized because of its use in fighting matches, the court will have the animal forfeited to the locality. The animal’s owner has the right to contest the forfeiture, but they must post a surety bond with the locality to cover the cost of caring for the animal for a period of nine months. If the animal is kept for multiple nine-month periods an additional bond will be required for each successive period; this will continue until the court reaches a final determination on the criminal charges.

    One has to wonder whether Virginia’s decision to expand the law has anything to do with the attention NFL quarterback Michael Vick has brought to dog fighting within the state. Perhaps some good can come of the awful situation created by the fallen football star.

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  3. West Virginia Public Funds Depository Bond

    August 26, 2009 by Eric Weisbrot

    West VirginiaThere is a new depository bond law in the state of West Virginia called HB 4692. The law provides an alternative to the depository bond requirements for public funds belonging to the state. Existing law requires a $10,000 bond to be posted by eligible depositories. The new law allows such banking establishments to position deposits in certificates of deposit. The certificates of deposit requirements are outlined by the new law; this will make banking establishments qualified to use them in lieu of bonds.

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  4. Colorado Lost Vehicle Title Bond

    August 25, 2009 by Lisa Grimsley

    ColoradoIf a repair shop intends to sell an abandoned vehicle with a missing title, Colorado’s amendment SB 144 states that they would need to provide a surety bond of twice the amount of the retail fair market value of the vehicle. This law became effective January 1, 2009.

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  5. West Virginia Mortgage Lender License Bond Amendment

    August 24, 2009 by Eric Weisbrot

    West VirginiaOn 03/27/2008, the state of West Virginia enacted SB 292. The new law authorizes the Commissioner of Banking to make a claim for an unpaid civil administrative penalty or an unpaid assessment invoice against a mortgage lender’s license bond. The law in place allows claims against the bond directly from consumers. The new law became active on June 7, 2008.

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