Surety Bond News

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.

The State of Texas has been in a surety bond requirement making frenzy as of recent. One of the new laws they enacted is titled HB 422 and allows the Department of Transportation to issue permits to motor carriers transporting oversize/overweight loads; but in order for a motor carrier to obtain one of these permits, they must obtain a surety bond in an amount that the DOT will determine appropriate. The bond guarantees that the motor carrier will pay any damages to the DOT that may be sustained to state highways during transport.

The State of North Dakota has enacted a new bill which changes the surety bond requirement for money brokers. The new bill, which is named SB 2124, modifies the bond requirement for money brokers by making the present $25,000 required bond the minimum that’s acceptable. The bond exists to guarantee money brokers within the state will follow laws and regulations.