Surety Bond News

The world of surety seems to be doing just fine amidst the down economy. There are still a lot of construction jobs available and many bonds to be written; but could the healthy appearance of the surety industry be somewhat of an illusion? (more…)

Legislatures in Texas have enacted a new law directly affecting the surety bond industry. When one looks at the changes included in the bill, it’s hard to see what it actually accomplishes; it raises the question of whether the legislators writing laws affecting the world of surety have adequate knowledge of the industry.
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Legislators in Arkansas have enacted a new law concerning money transmitters. The new bill is named SB 785 and boosts the maximum surety bond required of money service and money transmission service businesses from $250,000 to $300,000. The present legislation requires a $50,000 surety bond in order to obtain a license plus $10,000 for every location within the State.

The surety bond industry has been stubborn when it comes to any kind of change. For the most part, things have been done the same way for years while ignoring technological advances. As of recent, companies have begun to embrace the digital age and have been harnessing it to improve and evolve the industry.
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Both money service and money transmitter companies are affected by a new bill that was enacted in the state of Arkansas. The new bill is called SB 785 and boosts the maximum surety bond amount required of money transmitters from $250,000 to $300,000. The old bill called for a surety bond of $50,000 with an additional $10,000 per business location within Arkansas.