In the state of Arkansas, a new law was enacted relating to financial assurance. The new law, which is titled HB 1424, demands financial assurance for the shutting down and restoration of sites in the state where fluids produced or used throughout examination or production phases of oil or gas processes are stocked or disposed of using land application. Various financial instruments other than surety bonds will also be permitted for such intentions. HB 1424 became active upon enactment.
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Arkansas Financial Assurance Bond
January 30, 2010 by Eric WeisbrotDiscuss: Comments (0)
Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: AR, Arkansas, bond requirements, Financial Assurance Bond, legislation, surety bond
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Connecticut Debt Adjusters Bond Requirement Update
January 29, 2010 by Eric Weisbrot
On 01/30/2009, debt adjusters were impacted by a new bill in Connecticut. Labeled HB 6327, the new law modified the bonding requirements for licensed debt adjusters. With the previous law, the surety bond quantity required was the greater of $40,000 or double the amount of the highest total payments from Connecticut debtors in a single month. HB 6327 requires the surety bond amount to be the greater of $40,000 or double the quantity of the average daily balance in the previous twelve months. If the debt adjuster obtained the business of another debt adjuster, HB 6327 states that the surety bond amount is based on the prior adjuster’s activity in the last year or $1 million; whichever is less. Should a principal not be able to attain a bond in the amount called for, the debt adjuster must post the maximum surety bond amount possible (minimum of $40,000) and post the remainder in cash or cash equivalents. Under present law, if the debt adjuster cannot obtain the required surety bond, the adjuster can choose an alternative, and if allowed, the adjuster can complement the surety bond with other bonds or insurance. Discuss: Comments (0)
Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: bond requirements, connecticut, ct, Debt Adjusters Bond, legislation, surety bond
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Colorado Power Sports Wholesaler Bond
January 28, 2010 by Eric Weisbrot
On 01/07/2009 the state of Colorado introduced a new bill pertaining to power sports wholesalers. Named HB 1026, the new bill requires power sports vehicle wholesalers to abide by the existing law for power sports vehicle dealers. HB 1026 requires a license surety bond, a savings account, deposit or a certificate of deposit in the quantity of $50,000. The new bill was enacted on May 20th, 2009. Discuss: Comments (1)
Category: Auto Dealer Bonds, Commercial Bonds, Surety News
Tags: bond requirements, co, colorado, legislation, Power Sports Wholesalers Bond, surety bond
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Arkansas Pest Exterminators Bond Requirement Update
January 27, 2010 by Eric WeisbrotArkansas pest exterminators must follow a new bond requirement as of July 1st, 2009. The new law, which is labeled HB 1359, amplifies the license bond amount for exterminators of termites and structural pests from $50,000 to $100,000. HB 1359 did not affect the quantity of the surety bond for exterminators of residence pests and rodents which left it at $50,000. Discuss: Comments (0)
Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: AR, Arkansas, bond requirements, legislation, Pest Exterminators Bond, Requirement Update, surety bond
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Alabama Mortgage Broker Bond
January 26, 2010 by Eric Weisbrot
Mortgage brokers must abide by a new law in the state of Alabama which was introduced on February 3rd, 2009. The new law, named SB 232, allows the State Banking Department to demand mortgage brokers to obtain a surety bond as a replacement for meeting the existing net worth requirements. The State Banking Department will establish the amount of the surety bond. The previous law did not ask for bonding of mortgage brokers. SB 232 was enacted May 21, 2009. Discuss: Comments (0)
Category: Commercial Bonds, Mortgage Broker Bonds, Surety News
Tags: AL, alabama, bond requirements, legislation, mortgage broker bond, surety bond
