Arizona State legislators recently made modifications to the state’s court bond requirements; specifically concerning appeal bonds. The new bill is named SB 1212 and modifies the cap on an appeal bond that’s required to stay the execution of a judgment in civil actions. The previous legislation required a surety bond equivalent to the full quantity read more »
The State of Arizona enacted new legislation relating to real property appraisal management companies. The new law, which is referred to as SB 1351, requires real property appraisal management companies to become registered and acquire a $20,000 surety bond. When SB 1351 was originally introduced, the surety bond quantity was $50,000.
On 02/04/2009, a new law was introduced pertaining to Arizonian mortgage brokers. HB 2486 now has commercial mortgage brokers abiding by existing law which regulates residential mortgage brokers. HB 2486 requires licensure as well as a surety bond, which is conditioned on fulfillment of the law. The quantity of the surety bond is calculated by read more »
Arizona state has written a new bill relating to new mortgage originator requirements. The new bill, HB 2143, requires mortgage originators to be employed by a mortgage banker, mortgage broker or consumer lender and must also be covered by a surety bond obtained by their employer. The originators are subject to licensure following present law. read more »
SB1289, enacted on April 28, 2008 and made effective October 10, 2008, created flood protection districts and a Board of Directors for each district to construct flood protection facilities. The new law states that performance and payment bonds are required for any construction, and clarifies the process for claims against the performance and payment bonds. read more »