LB 853, a new Nebraska state law, was enacted concerning the proof of financial responsibility from viatical settlement providers. LB 853 requires viatical settlement providers and brokers to supply evidence of financial accountability, which could be in the form of a bond. The surety bond must be $250,000 and be issued by a state authorized insurance company. The surety bonds obtained must be in the favor of the state and authorize the Director of Insurance to make recoveries on behalf of any individual in the state who suffered damages as a result of a flawed act, conviction of fraud, or conviction of unfair procedures performed by a viatical settlement provider or broker. Alternative forms of such evidence that will be acknowledged include any combination of proof of financial responsibility, certificates of deposit, or cash. LB 853 is based on recent model legislation from the National Association of Insurance Commissioners.
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Nebraska Viatical Settlement Brokers/Providers Bond
November 13, 2009 by Eric WeisbrotCategory: Commercial Bonds, Surety NewsTags: bond requirements, legislation, surety bond | Comments (0)
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Nebraska Contract Tax Bond
November 12, 2009 by Eric WeisbrotA new Nebraska state law was enacted that expands the coverage of contractors within the state. The new law, LB 1001, modifies the current tax bond requirement for contractors to inflate its coverage. Currently, the surety bond is required before the start of any work on a contract and is conditioned to guarantee the payment of all taxes when due, as well as contributions due under the Employment Security Law that accumulate in connection with the contract. LB 1001 broadens this guarantee to protect any withholding required under the Nebraska Revenue Act of 1967. Existing law demands that the required surety bond be no less than $5,000. The new law also states that failure to reach the conditions of the existing law or releasing withholdings to a subcontractor without authorization from the Department of Revenue makes the contractor legally responsible for the full amount of the required bond that the subcontractor acquired. The contractor may decrease their liability to the point that they can prove that the subcontractor has paid the mandatory taxes and contributions to the state and its political subdivisions. Category: Commercial Bonds, Surety NewsTags: bond requirements, contractors, legislation, NE, Nebraska, surety bond, tax bond | Comments (0)
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New Hampshire Boxing, Wrestling, Martial Arts, & Kickboxing Promotors Bond
November 11, 2009 by Eric Weisbrot
On 06/26/2008, a new law titled SB 309 was enacted in New Hampshire. SB 309 is concerning the regulation of boxing, wrestling, mixed martial arts and kickboxing matches. The promoters of mixed martial arts and kickboxing events now must abide by the same bond requirements of boxing and wrestling promoters and post the same surety bond. The current law gives permission to the Boxing and Wrestling Commission to set the amount of the surety bond they require match promoters to post. SB 309 became active after it was enacted.Category: Commercial Bonds, Surety NewsTags: bond requirements, Boxing, Kickboxing, legislation, Martial Arts, New Hampshire, NH, Promotors Bond, surety bond, Wrestling | Comments (0)
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New Jersey Recreational Vehicle Dealer Bond
November 10, 2009 by Eric Weisbrot
In the state of New Jersey, a new law was enacted regarding vehicle sales. The new law, titled SB 521, decreases the required surety bond amount to perform an off-site sale of recreational vehicles (RVs) from $500,000 to $10,000. SB 521 did not alter the bond amount required for an off-site motor vehicle sale, but it would have trimmed down the bond amount to $10,000 for such a sale. The new law states that if the surety bond is cancelled before the conclusion of the off-site sale for both motor vehicles and RVs, the dealer must acquire and file a substitute surety bond without delay with the Chief Administrator of the Motor Vehicle Commission. SB 521 became active upon enactment. Category: Auto Dealer Bonds, Commercial Bonds, Surety NewsTags: bond requirements, legislation, new jersey, NJ, Recreational Vehicle Dealer Bond, surety bond | Comments (0)
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New Hampshire Motor Fuel Distributors Bond
November 9, 2009 by Eric WeisbrotOn 06/06/2008, a new law was enacted referred to as HB 1641 in the state of New Hampshire. HB 1641 was put in place concerning motor fuel distributors; it escalates the amount of the required surety bond for all motor fuel distributors from double the amount of the distributor’s monthly road toll liability to triple that amount. Existing law states that the surety bond cannot be less than $10,000, which HB 1641 does not alter. The new bill became active on the 1st of July, 2008.Category: Commercial Bonds, Surety NewsTags: bond requirements, legislation, Motor Fuel Distributors Bond, New Hampshire, NH, surety bond | Comments (0)
