Surety Bond News

Promoters of action sports such as boxing have a new law to abide by in the state of Idaho. The new law, named HB 32, authorizes other types of security to be obtained in place of the surety bond that is currently required for promoters of boxing, kickboxing, wrestling and mixed martial arts matches. The new law became active on July 8th, 2009.

On 02/01/2008, the state of Idaho introduced a new law named HB 450 concerning loan originators. The new law eradicates the surety bond requirement in existing law for the loan originators. The law demanded a surety bond in the quantity of $10,000, which had to be issued by a state licensed surety. HB 450 will be active and affecting mortgage brokers on June 2, 2008.

Vehicle dealers are now required to follow a new law concerning license bond requirements in the state of Idaho. The new law, HB 365, subjects dealers of “motor-driven cycles” to the already existing license bond requirements other types of dealers in the state must abide by. The surety bond amount must be $20,000. HB 365 was enacted on March 19th, 2008.

Truck camper dealers must follow a new law in the state of Idaho labeled HB 440. The new law subjects dealers who only sell truck campers to the existing law, which demands a license bond in the amount of $10,000. The bond can be in the form of a surety bond from a state licensed surety company. In the place of a corporate surety bond, a deposit or a certificate of deposit will be accepted as well. HB 440 was enacted on March 14th, 2008.

The state of Idaho implemented a new law regarding collection agency bond requirements. The new law, HB 451, modifies the permit and bonding requirements for collection agencies and debt/credit counselors. The prior law demanded a permit for agencies and counselors and a surety bond per every permit. HB 451 requires only one surety bond and has to be acquired as an alternative to two bonds as under previous law. The amount of the required bond was not altered. HB 451 was enacted on April 1st, 2008.