Surety Bond News

The world of surety seems to be doing just fine amidst the down economy. There are still a lot of construction jobs available and many bonds to be written; but could the healthy appearance of the surety industry be somewhat of an illusion? (more…)

Legislatures in Texas have enacted a new law directly affecting the surety bond industry. When one looks at the changes included in the bill, it’s hard to see what it actually accomplishes; it raises the question of whether the legislators writing laws affecting the world of surety have adequate knowledge of the industry.
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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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Surety bonds are important to thousands of American businesses ranging from health clubs to auto dealers; for many, a surety bond is required of them in order to operate their business legally. Unfortunately for Florida auto dealers , surety companies may pull out of the state all together due to attorney’s exploiting state law to feed their own monetary appetite.
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Conservatism and minimizing government are ideas that go hand in hand. Florida republicans are selling their bill HB 5005 as a good way to turn back the clock on a system that is strangling the private sector. Unfortunately, they are using a sledge hammer to crack a nut. Much of the bill repeals consumer protection legislation that coincides with conservative ideology.

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