Surety Bond News

Green energy is here to stay and the state of Illinois is taking advantage of it via wind farms. Once the wind farms have served their point, they must be decommissioned or removed for the environment’s sake; surety bonds are one way to assure that it happens. (more…)

The interest in green energy still seems to be at its peak. A large wind farm is in the works to be built in Illinois but once the wind farm has served its purpose, time and money must be used to remove it for the environments sake; a surety bond will ensure that this happens.
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Legislators in Illinois have enacted a new bill relating to treasurers within the state. The new bill is named HB 179 and allows the treasurer of the board of directors for library districts to acquire an insurance policy instead of the surety bond that’s currently required. The insurance policy provides protection against fraudulent doings of the district’s employees and officials and must be equivalent to at least 50% of the library district’s operating funds. HB 179 will become effective January 1, 2012.

HB 4781 is a new bill that was enacted within the State of Illinois which concerns debt settlement providers. The new bill requires debt settlement providers to acquire a $100,000 surety bond. The original draft of the bill would have required a minimum $1 million surety bond, but it was modified in the House. The Director of the Division of Financial Institutions has the option to require a more substantial surety bond quantity calculated by the disbursements that the provider executed in the prior year. The surety bond must be issued by a State licensed insurance company able to perform the business of fidelity and surety insurance.

The State of Illinois implemented a new bill regarding public adjusters within the state. The new bill, which is titled SB 660 conforms the present legislation to the new NAIC model legislation concerning public adjusters. SB 660 boosts the present surety bond required for such licensees from $5,000 to a minimum quantity of $20,000. The new bill also authorizes an irrevocable letter of credit to be utilized, which the previous law did not. The surety bond must be in favor of the State and the Director of Insurance is certified to make recovery on behalf of any individual suffering damages from flawed procedures, failure to act, conviction of fraud/unjust practices in their official capacity.