Surety Bond News

Guardians in the State of Texas must abide by a new law referred to as HB 3080. The new law causes a guardian or temporary guardian and the surety on the bond to be responsible for any surplus compensation that the guardian or temporary guardian received if the court condensed or terminated their compensation pursuant to the new law’s stipulations that allows the court to do so under specific circumstances.

There is new law named HB 7985/SB 2743 in the state of Rhode Island which affects guardians. The new alterations to the existing law permit waiver of surety on the guardian’s bond despite the worth of the ward’s estate. Before the new modifications, the law required a bond for estates that were worth at least $10,000 or more. The SFAA and AIA worked together to overcome the bill, but they were unsuccessful; it was put through the Senate after 11 hours of the session. HB 7985/SB 2743 became law regardless of the governor who did not sign the bill.

The state of Texas has enacted a new law under the name HB 3080 which makes a temporary guardian or guardian and the surety on the bond liable for any excess compensation that they received. This happens when the court reduces or eliminates his/her compensation pursuant to the new law’s provisions that allows the court to do so under certain conditions.