HB 1008, enacted on 02/12/2008, changes the bond requirement to simplify it for abstracters of title concerning registration in the state of South Dakota. Under the old law, the bond amount requirement was calculated by the population of the county. The updated law requires that if the county population is under 15,000, the required bond amount is $25,000; should a county’s population be over 15,000, the required bond amount is raised to $50,000. HB 1008 became active on July 1, 2008.
Eric is the Webmaster of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.