Surety Bond News

North Dakota collection agencies have new requirements to meet in order to stay legal with the state. A new bill, which is named HB 1080, adds a net worth requirement of at least $25,000 for collection agencies. This is on top of the $20,000 surety bond already required of collection agencies.

Auto dealer bonds now protect the broader public in New Hampshire thanks to new legislation. The new law is named SB 156 and adds extra protection to the bond that’s required of retail vehicle dealers, auto wholesale dealers, and utility dealers. Originally the required bond only protected individuals who purchased a vehicle from the dealer and experienced any losses as a result of the dealer’s actions. SB 156 states that the bond now protects a town, city, or the State if it encounters a loss as a result of a dealer failing to collect fees for motor vehicle registration, permit registration, registration transfer, and title applications.

The state of Nevada has enacted a new law relating to automobile wreckers. The new law is titled AB 204 and states that an automobile wrecker can utilize the new law’s streamlined method for processing a motor vehicle for parts/scrap if they acquire a $50,000 surety bond; the bond must be from a state licensed surety company. The bond specified in this bill is in addition to other possible bonds already required of the wrecker. The bond also can cover multiple business locations but only if the wrecker holds ownership of at least 51% in each location.

Montana mining operators are affected by new legislation. The new law, which is named, HB 533, authorizes the Board of Land Commissioners to decide whether or not a surety bond will be required of mining operators to guarantee the payment of royalties to the Board. The previous law always required the surety bond.

The state of Kentucky has enacted a bill concerning radon measurement professionals. The new law is titled HB 247 and requires radon mitigation/measurement professionals to obtain a $10,000 surety bond issued by a corporate surety able to do business in the Commonwealth. The bond guarantees that the radon professionals will abide by the regulations set by the Commonwealth.