Virginia has enacted a new law named SB 505 for public officials. The new law modifies the town charter for Bowling Green. The new modification authorizes the town council to accept a surety bond from an elected or appointed officer; the council will approve and establish the bond amount. The bond is conditioned on the dependable performance of the office that the bond was posted for. SB 505 became effective immediately after enactment under emergency declarations.
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Bowling Green Virginia Public Official Bond
August 21, 2009 by Eric WeisbrotCategory: Commercial Bonds, Surety NewsTags: bond requirements, legislation, surety bond, va, virginia | Comments (0)
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Colorado Leasing Company Unemployment Tax Bond
August 20, 2009 by Lisa Grimsley
Effective August 5, 2008, Colorado’s SB 114 amended its law to require employee leasing companies to provide evidence of security of its unemployment tax withholding. This may be done with a surety bond, cash, or a letter of credit. The amount of the surety bond should equal half of the average annual amount of tax that was levied the previous year. For new companies, the company’s own estimate of 50% of the estimated projected taxable payroll for the current year multiplied by the standard tax rate will calculate the amount of the bond. If the company does not wish to provide a bond, cash, or a letter of credit, they may instead provide independently audited CPA prepared financial statements or evidence that a bonded and independent qualified assurance organization has accredited the company.Category: Commercial Bonds, Surety NewsTags: bond requirements, co, colorado, employee leasing company, legislation, surety bond, tax bond, unemployment tax bond | Comments (0)
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West Virginia Viatical Settlement Broker Bond
August 19, 2009 by Eric Weisbrot
SB 704 is a new law enacted in West Virginia which regulates viatical settlement providers and brokers. The law requires licensure and proof of financial accountability through a surety bond, cash, or cash equivalents. The bond must be $250,000 and from a surety company licensed in the state. The Commissioner of Insurance has the authority to waive the financial requirement if the applicant shows proof that an instrument has been filed within the applicant’s home state. The bond acquired would have to be in favor of the State; it would also have to sanction the Insurance Commissioner to make recovery for any individual in this state suffering damages that resulted from failure to act, faulty performance, conviction of fraud or conviction of deceitful methods of the viatical settlement provider or agent. The National Association of Insurance Commissioners model legislation is the reason for the up rise of this new law.Category: Commercial Bonds, Surety NewsTags: bond requirements, legislation, surety bond, viatical settlement, viatical settlement broker, viatical settlement provider, west vriginia, wv | Comments (0)
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Wisconsin Petroleum Gas Provider Bond
August 18, 2009 by Eric Weisbrot
The state of Wisconsin enacted a law named SB 273. The new law requires all retail providers of liquefied petroleum gas to be licensed; including the preservation of proof of financial accountability in the amount of $1 million per incidence with an annual aggregate of $2 million. The funds generated by the requirement will be used for reimbursing third parties for any property loss/damage or bodily injury directly related to the release of petroleum gas. When it comes to retailers who fill gas tanks for the state DOT or engine/recreational vehicle fuel tanks, the limits shift to $500,000 per incidence with an annual aggregate of $1 million. Forms of satisfactory proof of financial accountability include an irrevocable letter of credit, a surety bond, or a commercial general liability insurance policy. If a surety bond is acquired, it must be written by any surety company that is listed on the U.S. Department of the Treasury’s Circular 570. The retailer must give 60 days notice to the Department of Commerce before failing to renew or terminating the bond, letter of credit or insurance policy. Category: Commercial Bonds, Surety NewsTags: bond requirements, legislation, petroleum gas provider, surety bond, wi, wisconsin | Comments (0)
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California Contractor’s License Bond Amendment
August 17, 2009 by Lisa Grimsley
The SB 1432, which became effective on January 1, 2009, amended California’s law for claims toward home improvement contractors. The new law states that a homeowner may make a claim against the contractor’s bond only if the damages happened when the homeowner did not intend on selling the home. The law also makes a change to the time limit of making the claim, based on the contractor’s licensing period.Category: Commercial Bonds, Contractor License Bonds, Surety NewsTags: bond requirements, ca, california, contractor, Contractor License Bonds, contractors, legislation, surety bond | Comments (0)
