The state of Arkansas enacted a new law concerning vendors within the state. Titled HB 1002/SB26, the new law asks vendors to acquire a performance bond, letter of credit or securities for contracts with the Arkansas Lottery Commission; the commission will establish the required surety bond amount. All lottery retailers also have to place a surety bond or alternative security in a quantity that cannot surpass the average ticket revenue throughout two billing periods. Any staff handling the Lottery Commission’s funds or lottery revenue must obtain a surety bond in an amount that the Commission will establish. HB 1002/SB26 became active on July 1, 2009.
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Arkansas Lottery Vendor Performance Bond
January 22, 2010 by Eric WeisbrotDiscuss: Comments (1)
Category: Commercial Bonds, Misc. Commerical Bonds, Performance Bonds, Surety News
Tags: AR, Arkansas, bond requirements, legislation, Lottery Vendor Bond, performance bond, surety bond
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Alabama Boxing Promoters License Bond
January 15, 2010 by Eric Weisbrot
The state of Alabama enacted a new law on 05/21/2009 concerning the Boxing Commission. The new law, which is labeled SB 98, produces the Alabama Boxing Commission. SB 98 now requires promoters to be licensed and must acquire a performance bond in an amount and under the conditions that the commission will establish. Also, any individual boxing promoter is required to post a permit for every match and the Boxing Commission can ask for a performance bond with any permit as well as the license bond. Discuss: Comments (1)
Category: Commercial Bonds, Performance Bonds, Surety News
Tags: AL, alabama, bond requirements, Boxing Promoters Bond, iowa, legislation, license bond, surety bond
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U.S. Treasury Dept. Takes Surety Bond Companies Off Acceptable Carrier List
January 7, 2010 by Eric WeisbrotThe United States Department of the Treasury printed modifications to the 2009 edition of Circular 570. The Department of the Treasury canceled the certificates of authority as a satisfactory surety on Federal bonds for various companies including Excelsior Insurance Company, Peerless Indemnity Insurance Company, Consolidated Insurance Company, Indiana Insurance Company, The Netherlands Insurance Company and The Midwestern Indemnity Company. The cancellations were effectual on October 8th, 2009. The surety bonds that have already been issued and in effect from these companies will be able to expire and continuous surety bonds will not be renewed.
Discuss: Comments (0)
Category: Commercial Bonds, Contract Bonds, Performance Bonds, Surety News
Tags: Circular 570, Consolidated Insurance Company, Excelsior Insurance Company, Indiana Insurance Company, Peerless Indemnity Insurance Company, Surety Bond Companies, The Midwestern Indemnity Company, The Netherlands Insurance Company, Treasury Department
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Florida Data Center System Performance Bonds
January 4, 2010 by Eric Weisbrot
In Florida, a new bill was introduced relating to the states Data Center System. The new law which is named SB 1892 adjusts the State’s Data Center System and states that the data center is to enter into service agreements with its clientele. For main data centers that a state agency does not manage, the agreements may ask to provide a surety or a performance bond. SB 1892 was enacted on 06/10/2008.Discuss: Comments (0)
Category: Commercial Bonds, Contract Bonds, Performance Bonds, Surety News
Tags: Data Center System, FL, Florida, Performance Bonds
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Florida Health Choices Performance Bonds
December 29, 2009 by Eric WeisbrotIntroduced on March 6th, 2008, SB 2534 is a new law regarding a health insurance program in the state of Florida. SB 2534 creates the Florida Health Choices, Inc. for a statewide reasonably priced health insurance program. The new law also allows Florida Health Choices, Inc. to ask for performance bonds for its vendor contracts. SB 2534 was enacted and effective on 05/21/2008. Discuss: Comments (1)
Category: Commercial Bonds, Contract Bonds, Performance Bonds, Surety News
Tags: bond requirements, FL, Florida, Florida Health Choices, legislation, Performance Bonds, surety bond
