In the state of Minnesota, sewage treatment contractors are impacted by a new law which is referred to as HB 1275. The new law requires sewage treatment contractors to acquire a $25,000 surety bond. The surety bond must cover both plumbing work and subsurface sewage treatment work. The present law requires a license bond in a minimum quantity of $10,000 for such contractors.
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Minnesota Sewage Treatment Contractor Bond
March 30, 2010 by Eric WeisbrotDiscuss: Comments (0)
Category: Commercial Bonds, Contractor License Bonds, Surety News
Tags: bond requirements, legislation, minnesota, MN, Sewage Treatment Contractor Bond, surety bond
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Kansas Home Inspector Bond
March 14, 2010 by Eric Weisbrot
HB 2260 is a new bill that was activated in the state of Kansas affecting home inspectors. HB 2260 provides new stipulations for the surety bond required under present law for home inspectors, which must be at least $10,000. The new bill states that the surety bond must be from a State authorized corporate surety, and the surety bond must present its effective date and expiration date. Additionally, the new bill states that the surety bond will be conditioned on the inspector’s truthful work procedures and compliance with the regulations of all contracts into which they enter. As a final point, the law provides that despite of the amount of claims made against the surety bond or the number of years it remains in force, the collective/aggregate liability of the surety will in no event surpass the amount of the surety bond. Discuss: Comments (0)
Category: Commercial Bonds, Contractor License Bonds, Surety News
Tags: bond requirements, home inspector bond, Kansas, KS, legislation, surety bond
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Connecticut Time-Share Developer Bond
February 13, 2010 by Eric Weisbrot
Time-share developers must abide by a new law in Connecticut state titled SB 897. The new law regulates time-shares, requiring developers to put in an escrow and or trust account all advance deposits received from a potential purchaser of a time-share. In the place of an escrow account, SB 897 authorizes the Commissioner of Consumer Protection to allow a surety bond, irrevocable letter of credit, or other assurance. Should the construction of the time-share be complete, the surety bond must be in an amount equivalent to or larger than the amount of funds that would otherwise be deposited. If the project is incomplete, the surety bond may be in the quantity explained earlier or in a quantity that secures the completion of all guaranteed accommodations along with all furniture, fixtures and any other promised modifications. SB 897 became active on January 1, 2010. Discuss: Comments (0)
Category: Commercial Bonds, Contractor License Bonds, Surety News
Tags: connecticut, ct, Time-Share Developer Bond
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Connecticut Timeshare Developer Bond
February 7, 2010 by Eric WeisbrotTimeshare developers in Connecticut must abide by a new law titled SB 897. The new law regulates timeshares in Connecticut, asking developers to put all advance deposits collected from a potential buyer of a timeshare in an escrow or trust account. In place of an escrow account, SB 897 permits the Commissioner of Consumer Protection to allow a surety bond, irrevocable letter of credit, or other assurance. If the construction is complete on the timeshare, the surety bond has to be in a quantity equivalent or greater than the quantity of funds that would otherwise be deposited. The surety bond may be for the amount previously stated or in an amount that secures the completion of all guaranteed accommodations including all furniture, fixtures and other promised enhancements if the project is not yet finished. SB 897 becomes active on January 1st, 2010. Discuss: Comments (0)
Category: Commercial Bonds, Contractor License Bonds, Surety News
Tags: bond requirements, connecticut, ct, legislation, surety bond, Time-Share Developer Bond
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Alabama Air Conditiner Contractors Bond Requirement Increased
January 11, 2010 by Eric Weisbrot
HB 184 is a new law concerning heating and air conditioner contractors was recently enacted in the state of Alabama. The new law amplifies the amount of the surety bond that the State Board of Heating and Air Conditioning Contractors are permitted to require from certified heating and air conditioning contractors; the bond amount can be from $10,000 to $15,000. HB 184 manages refrigeration contractors with this new bond requirement and it makes the bond requirement applicable to all “active” contractors. The new regulation became active on August 1, 2009. Discuss: Comments (0)
Category: Commercial Bonds, Contractor License Bonds, Surety News
Tags: Air Conditiner Contractors Bond, AL, alabama, bond requirements, Contractors Bond, legislation, surety bond
