Surety Bond News

Legislators in Illinois have enacted a new bill relating to treasurers within the state. The new bill is named HB 179 and allows the treasurer of the board of directors for library districts to acquire an insurance policy instead of the surety bond that’s currently required. The insurance policy provides protection against fraudulent doings of the district’s employees and officials and must be equivalent to at least 50% of the library district’s operating funds. HB 179 will become effective January 1, 2012.

Idaho legislation has changed concerning proprietary schools. The previous law required these schools to acquire a surety bond that could be no less than the total tuition and fees that the school collected from its students during the upcoming registration year. The new law is titled HB 204 and allows the State Board of Education to accept a bond in a lesser amount from newly registered schools for a period of 5 years or less; but only if the bond is accompanied by other financial instruments.

Trustees of the new Citrus County Hospital Board are impacted by a new bill in Florida. The bill is named HB 1043 and establishes the Citrus County Hospital Board in which all of the trustees of the Board must obtain bonds. Each trustee must acquire a $5,000 bond. The new law became active July 1, 2011.

Connecticut State legislators have enacted a new bill affecting the board of directors relating to a health care exchange. The new bill is named SB 921 and launches a health care exchange to apply the new federal health care law. The new legislation forms a board of directors for the exchange who must obtain a $50,000 surety bond to guarantee the faithful execution of their responsibilities. In this case, blanket bonds that cover all members of the board and its employees will satisfy the new bond requirement; these bonds must be issued by a state licensed surety company.

Anyone who wants to sell alcohol at special events no longer needs a surety bond in the state of Colorado. The new bill is named SB 66 and abolishes the bond requirement for special event permits to sell alcohol. The previous law allowed the state licensing authority to require the permit holder to obtain a bond to guarantee their compliance with the law. SB 66 became effective August 10, 2011.