Surety Bond News

Pennsylvania law makers have come up with new legislation affecting owner’s of oil and gas wells. The new law is titled HB 1950 and revamps the surety bond requirements for oil and gas wells. The previous law required a $2,500 bond per well or a $25,000 blanket bond that covers all wells that a permit holder manages within Pennsylvania. HB 1950 states that the bond amounts are calculated by the depth of the well and the amount of wells that the operator manages. The new legislation still allows the operator to obtain individual bonds for each well or a blanket bond to cover all of the operator’s wells. The bond amounts will range from $4K to as high as $500K.

Real estate appraisal management companies need a surety bond in order to operate legally in Pennsylvania thanks to a new bill. Titled HB 398, the bill requires real estate appraisal management companies to obtain a $20,000 surety bond. The State Board of Certified Real Estate Appraisers is allowed to require a varying bond amount if needed.

Athlete agents operating in Texas now must obtain a bond due to new legislation. The new law is titled HB 1123 and requires a $50,000 surety bond of athlete agents entering into an agent contract with an athlete. The bond guarantees compliance with the law and payment of any losses awarded to institutes of higher education/athlete as a result of an athlete agent supplying illegal valuables to an athlete.

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.