In the state of Ohio, a new law referred to as SB 247, amends existing law in relation to claims against a credit union. SB 247 states that if any depositor, individual, member, or group of persons makes a claim to any share/share account, deposit, security, property held in safekeeping, safe deposit box, obligation, or other possessions in the credit union’s ownership without the authority to exercise any right or control with respect to the property, the credit union is not obligated to recognize the claim unless there is a court order or a posted surety bond. The surety bond form and amount will be determined by the credit union; it functions to indemnify the credit union against any liabilities or loss the credit union might acquire because of its acknowledgment of the claim or because of its denial, due to the claim, to respect or recognize any entitlement to the property.
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Ohio Credit Union Bond
November 3, 2009 by Eric WeisbrotCategory: Commercial Bonds, Surety NewsTags: bond requirements, credit union bond, legislation, OH, Ohio, surety bond | Comments (0)
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Pennsylvania Debt Management Service Bond
November 2, 2009 by Eric Weisbrot
HB 2294, enacted 10/09/2008, adds a new requirement for debt management services to abide by. The new law calls for debt management service companies to be licensed, to acquire a $50,000 bond, and to have proof of liability/fidelity insurance. The bond acquired must be from a surety approved by the Department of Banking and must be licensed in the Commonwealth. The bond will run to the Commonwealth for the aid of consumers who suffered damages from the debt management providers/their agent’s defiance of the new law or the regulations implementing it. The function of the fidelity policy is to cover against any theft, fraud or dishonesty of the provider’s employees, directors or principals. Category: Commercial Bonds, Surety NewsTags: bond requirements, Debt Management Service Bond, legislation, PA, pennsylvania, surety bond | Comments (0)
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North Carolina Mortgage Servicers Bond
by Eric Weisbrot
HB 2463, enacted on 08/17/2008, is a new North Carolina state law. HB 2463 manages mortgage servicers and requires them to follow the same licensing, bond and qualification provisions as mortgage lenders. The existing law requires a surety bond of $150,000. Alternatives to the bond are cash or securities in the same amount; as well as is a financial statement representing a net worth of $250,000. Existing law already authorizes and gives precedence to direct customer claims. HB 2463 became active on January 1, 2009.Category: Commercial Bonds, Mortgage Banker Bonds, Mortgage Broker Bonds, Surety NewsTags: bond requirements, legislation, mortgage servicers, mortgage servicers bond, NC, North Carolina, surety bond | Comments (0)
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Ohio Universities’ Treasurer Bond
November 1, 2009 by Agent BondHB 562, introduced on 05/19/2008, is a new law involving university treasurers. The new Ohio state law authorizes the treasurer of the Board of Trustees for multiple universities to be insured in lieu of acquiring a surety bond. HB 562 requires the attained bond to be an amount no less than the anticipated amount of funds that may be in a treasurer’s control at any time. At the end of the day, the Board of Trustees decides the amount required for the bond. When it comes to insurance policies, the new law requires the policy to be in the same amount of the bond, but it will also allow for a decrease of the required amount by the quantity of the deductible. The universities included are Bowling Green State, Central State, Cleveland State, Wright State, Youngstown State, and the universities of Akron, Cincinnati, and Toledo. The Governor’s line item veto emerged, have an affect on HB 562. Category: UncategorizedTags: bond requirements, legislation, OH, Ohio, surety bond, Universities' Treasurer Bond | Comments (0)
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JW_Surety_Bonds Twitter Weekly Updates for 2009-11-01
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