Surety Bond News

The State of New Jersey has enacted a new law concerning off-track wagering facilities. The new law is named SB 3185 and requires a $1MM surety bond of off-track wagering facilities who become licensed on or after the effective date of this law. The bond guarantees the licensees compliance with laws and regulations. SB 3185 is effective going back to December 31, 2011.

The State of Texas has added another surety bond requirement affecting foreclosure consultants. The new law is labeled SB 767 and applies the same bond requirements to foreclosure consultants that are in effect for credit services organizations; this means they must obtain a $10,000 surety bond.

Illinois legislatures have enacted a new bill concerning check sellers, money transmitters, small loan companies, etc. The bill is titled SB 87/HB 159 and boosts the surety bond required for community currency exchanges from $10,000 to $50,000. This affects establishments providing services for cashing checks, money orders, etc. The Director of Financial Institutions is authorized to require a larger bond, but it can’t surpass the exchange’s outstanding liabilities. SB 87/HB 159 also boosts the required amount of the blanket bond covering agents in a statewide agency from $2 million to $10 million.

Racetrack operators must obtain a surety bond thanks to a new law. The new law is named HB 2271 and requires racetrack operators to acquire a bond in an amount that will be established by the Racing Commission. The bond will guarantee compliance with state law.

A new surety requirement was put in to place concerning temporary work camps in North Dakota. The new law is named SB 2361 and requires a surety bond for temporary work camp housing, and more specifically the installation and deconstruction of said work camps. The owner of the work camp must provide a surety bond to the city/county where the work camp is being setup. The city/county will determine the appropriate bond amount.