Enacted on 02/28/2008, a new law referred to as HB 199 was put in place in the state of New Mexico. HB 199 cancels the existing contractors’ license bond requirement under which the bond amounts are minor and based on the size of projects completed; the law also substitutes it with a $10,000 bond from a state licensed surety. Payments from the surety bond can solely be used to cure code breaches of a licensee. Any claims made opposing the bond must be within two years after the final inspection or within two years of issue of a certificate of occupancy, whichever is sooner. The entire aggregate liability of the surety can not surpass the face amount of the surety bond; there is also a 30 day cancellation condition. The final language of the new law is considerably enhanced from the original bill draft. Multiple groups worked on the new bill including SFAA, AIA and CNA Surety.
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New Mexico Contractor License Bond
November 9, 2009 by Eric WeisbrotCategory: Commercial Bonds, Contractor License Bonds, Surety NewsTags: bond requirements, Contractor License Bonds, contractors, legislation, South Dakota, surety bond | Comments (0)
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New York Tax Assessment Surety Bond
November 8, 2009 by Eric Weisbrot
There are multiple new laws that were enacted in the state of New York. The laws require a surety bond in connection with review procedures for tax assessments made by local authorities. Any individual who argues the tax or inquires about a refund is required to deposit a quantity equivalent to the tax and any penalties due, including a surety bond from a state-licensed surety company to cover the costs of the proceeding. The petitioner has the ability to post a bond equal to the amount of the taxes, including interest and penalties. Anybody disputing a denied reimbursement claim is subject to the same bond requirements stated above. The new laws for 2008 include AB 8831, which is for local real estate transfer taxes (Town of Northeast); and SB 7050 which is concerning local hotel and motel taxes (Clinton County). Category: Commercial Bonds, Surety NewsTags: bond requirements, legislation, new york, NY, surety bond, Tax Assessment Bond | Comments (0)
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New Hampshire Recreational Vehicle & Snowmobile Registration Agents Bond
November 7, 2009 by Eric Weisbrot
In the state of New Hampshire a new law was put in place. The new law, HB 1351, states that off-highway recreational vehicle (OHRV) and snowmobile registration agents have the option of posting a surety bond when certain breaches of the agreement between the agent and the Fish and Game Department have been perpetrated. The surety bond can be obtained in lieu of the agreement being terminated when the infringement is related to the handling of state funds. The surety bond has to be issued by a state licensed surety and must guarantee the payment of all state funds collected accordingly of agent registrations issued for the state; a surety bond option already exists under current law for license agents who issue licenses, tags, stamps, permits for hunting/fishing. Category: Auto Dealer Bonds, Commercial Bonds, Surety NewsTags: bond requirements, legislation, New Hampshire, NH, OHRV, Recreational Vehicle Dealer Bond, Snowmobile Registration Agents Bond, surety bond | Comments (0)
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North Carolina Unemployment Insurance Fund Contributions Bond
November 6, 2009 by Eric Weisbrot
On 08/03/2008, a new law referred to as SB 741, was enacted in North Carolina. SB 741 was put in place concerning Unemployment Insurance Fund Contributions. The new regulation requires cash, a surety bond, or an irrevocable letter of credit provided by non-profit organizations that elect to become liable for payments in lieu of contributions into the State’s Unemployment Insurance Fund. Under the existing law, organizations making such an election must do so for at least a period of four calendar years. Any surety bonds acquired have to be from a company licensed in the state and must remain in effect for no less than two years; the bond has to be renewed, subject to the approval of the Employment Security Commission. The surety bonds purpose is to secure the payments the association makes. Category: Commercial Bonds, Surety NewsTags: bond requirements, legislation, NC, North Carolina, surety bond, Unemployment Insurance Fund Contributions Bond | Comments (0)
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Oklahoma County Commissioner Property Sale Bond
November 5, 2009 by Eric Weisbrot
On 06/02/2008, there was a new law enacted in the state of Oklahoma labeled HB 2566. HB 2566 approves county commissioner boards to put real property up for sale. The triumphant bids must be 25% more than the certified appraised worth of the real property in order to be considered. The new law states that the successful bidders must post an “irrevocable bond or letter of credit.” The bond must be submitted within 15 days of the sale and must be equivalent to the purchase price; if the surety bond is not submitted within the given time period it will result in a rejection of the bid. Category: Commercial Bonds, Surety NewsTags: bond requirements, Commissioner Property Sale Bond, legislation, OK, oklahoma, surety bond | Comments (0)
