Surety Bond News

Introduced on January 17th, 2009 was a new law concerning the Greenway District in the state of Colorado. Named SB 141, the new law produces the Fountain Creek Watershed, Flood Control, and Greenway District. SB 141 requires the appointed custodians of the Greenway District’s funds to acquire a surety bond in a quantity that the District’s board will determine and authorize.

On January 26th, 2009, a law was introduced relating to home food service plans salespeople in Colorado State. The new law, which is named SB 117, requires sellers of home food service plans to be licensed and to acquire a surety bond from a state licensed surety company. The surety bond is conditioned on compliance and fulfillment of the proposed bill and must be in an amount that can not surpass $50,000. The Commissioner of Agriculture will establish the quantity required. SB 117 authorizes direct actions on the surety bond.

On January 26th, 2009, a new bill was introduced relating to commodity agent licensing. The new bill which is named SB 114 retracts the law and requirements for commodity agent licensing in their entirety, including a surety bond requirement. SB 114 preserves the requirements for commodity handlers who are still obliged to acquire the license bond required under present law. The new bill was enacted on 04/16/2009.

In Colorado state, a new bill was added relating to title certificates for manufactured homes. Named SB 40, the new bill provides for restricted waivers of the surety bond required in association with acquiring the certificate of title for a manufactured home. The present law states that a surety bond must be obtained when the client applying for the certificate is deficient in proof of ownership for the home. SB 40 provides for a waiver of the surety bond prerequisite when the home is at least 25 years old, the applicant displays evidence that no property taxes are outstanding, the applicant has the residence examined for its identification and all other obligatory documents for the application are submitted.

Colorado state enacted a new law relating to reinvestment finance authorities on June 2nd, 2009. The new law is named HB 1346 and allows for the utilization of the funds supplied to Colorado under the federal economic stimulus package, the American Recovery and Reinvestment Act. HB 1346 authorizes state agencies to group together and develop individual legal entities identified as recovery and reinvestment finance authorities for projects funded through the stimulus package. Individuals selected as the custodians of a finance authority’s funds have to obtain a surety bond in the amount that the authority’s board of directors will determine.