Surety Bond News

Legislators in Arkansas have enacted a new law concerning money transmitters. The new bill is named SB 785 and boosts the maximum surety bond required of money service and money transmission service businesses from $250,000 to $300,000. The present legislation requires a $50,000 surety bond in order to obtain a license plus $10,000 for every location within the State.

Alabama real estate appraisal management companies have new legislation to abide by. The new law is titled SB 320 and requires real estate appraisal management companies to obtain a $25,000 surety bond to guarantee the company’s compliance with state law. SB 320 states that the surety’s aggregate liability can’t surpass the sum of the bond. This new law will become effective on October 1, 2011.

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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Washington State fundraisers have a new surety bond requirement to follow. The new law is titled HB 1485 and requires commercial fundraisers for charitable organizations to obtain a bond if they handle the charitable organizations funds; the bond will guarantee the faithful handling of the funds. The surety bond amount is yet to be determined.

Trustees in West Virginia have a new surety bond requirement that they must abide by. The new law is named HB 2551 and implements the Uniform Trust Code. HB 2551 states that a trustee is required to obtain a bond to guarantee the performance of their responsibilities if the court requires it, or if the terms of the trust required it. The new law allows the court to establish the size of the bond or if a bond is needed at all. The court also can adjust or cancel a bond as they see fit.