Surety Bond News

Tobacco manufacturers in Arkansas are affected by a new law that was recently enacted. The new law, which is named HB 1950, requires tobacco manufacturers who aren’t part of the Master Settlement Agreement for escrowing funds into the settlement account to obtain a surety bond in order to be included in the State’s directory of manufacturers. The new required bond must be $50,000 or the amount required to be deposited in escrow, whichever is larger.

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.

Arkansas precious metal buyers no longer need to worry about a surety bond requirement. A new law labeled HB 1841 abolishes the bond requirement for buyers of precious metals which required a $100,000 surety bond in order to obtain a license. However the bond was only needed if the buyer didn’t have a long term business location within the state.

Arkansas tobacco manufacturers have a new bond requirement to abide by thanks to a new bill named HB 1950. The new bill requires all tobacco manufacturers that aren’t participating in the Master Settlement Agreement to obtain a surety bond in the quantity of $50,000 or the amount the manufacturer was required to deposit in escrow as a result of its two prior calendar quarters’ sales in the State, whichever amount is more. This surety bond is also needed in order to be registered with the state Tobacco Registry.

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.