Surety Bond News

The SFAA has proposed a bill concerning offshore aquaculture. Aquaculture is the farming of oceanic organisms such as fish, seaweed, shellfish, etc. (more…)

When choosing a company to do business with, it’s difficult to tell whether or not it’s a credible one; even after doing research and looking in to an organizations history, it’ still possible to get scathed by dishonest individuals. This is what happened to numerous Missouri farmers in the most detrimental grain fraud scheme in the state’s history.
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Indiana public officials are affected by a new bill which alters the surety bond required of them. The bill is named HB 1025 and states that the surety bond required of public officials is no longer an annual bond. The SFAA realized that if the bond was annual it could make it cumulative throughout a public official’s term which would stack the amount bond every year, increasing the surety’s liability. Since the surety is financially backing the bond they are on the line should a public official not fulfill their responsibilities; and with a cumulative bond, the bond would increase every year but there would be no additional premium needed to be paid by the official. The Insurance Institute of Indiana agreed with the SFAA, ran with the bill and pushed it through the legislature.

Legislators in the State of Georgia have implemented a new surety bond bill concerning driver training schools. The new bill, which is titled HB 269, raises the current surety bond required of driver training schools from $2,500 to $10,000 in order for them to stay legal with the state. The higher bond amount provides four times the protection for anyone using services or doing business with driver training schools should a school not follow the rules set by the state.

A new bond requirement has been added to Maryland state legislation. The new law, which is named SB 741/HB 1022, requires debt settlement service providers within the state to acquire a $50,000 surety bond in order to register with the state. The surety bond must be written by a state authorized surety company and debt settlement service providers must have one in order to operate legally.