Surety Bond News

Legislators in Arkansas have enacted a new law concerning money transmitters. The new bill is named SB 785 and boosts the maximum surety bond required of money service and money transmission service businesses from $250,000 to $300,000. The present legislation requires a $50,000 surety bond in order to obtain a license plus $10,000 for every location within the State.

Alabama real estate appraisal management companies have new legislation to abide by. The new law is titled SB 320 and requires real estate appraisal management companies to obtain a $25,000 surety bond to guarantee the company’s compliance with state law. SB 320 states that the surety’s aggregate liability can’t surpass the sum of the bond. This new law will become effective on October 1, 2011.

The surety bond industry has been stubborn when it comes to any kind of change. For the most part, things have been done the same way for years while ignoring technological advances. As of recent, companies have begun to embrace the digital age and have been harnessing it to improve and evolve the industry.
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JW Surety Bonds will be closing at 12:00 PM EST on 09/02/2011 and will remain closed all of 09/05/2011 for Labor Day. We will reopen on 09/06/2011 at 8:30 AM EST.

Hope you have a great Labor Day!

Washington State fundraisers have a new surety bond requirement to follow. The new law is titled HB 1485 and requires commercial fundraisers for charitable organizations to obtain a bond if they handle the charitable organizations funds; the bond will guarantee the faithful handling of the funds. The surety bond amount is yet to be determined.