Surety Bond News

Kentucky grain dealers/warehouseman are affected by a revised bill that was recently enacted. The bill is titled HB 221 and modifies the bond requirements for grain warehousemen and grain dealers. The previous legislation required a surety bond of at least twenty-five cents per bushel of the total maximum bushel capacity of the warehouse or $10,000, whichever is more. HB 221 boosts the alternate minimum bond quantity from $10,000 to $25,000 and caps the maximum amount of the bond at $1 million.

Surety bonds exist to guarantee that rules will be followed. More specifically, public official bonds exist to guarantee that officials such as treasurers, judges, tax collectors, sheriffs, etc. will perform their responsibilities according to both local and state laws. Citizens in Whitley County, KY should be thankful that their former Sheriff was required to obtain a public official bond being there are thousands of county dollars missing. (more…)

Public officials must abide by a new surety bond requirement in Kentucky. A new bill named HB 26 establishes regional wastewater districts and requires the commissioner, secretary, treasurer, and general manager of a commission to obtain surety bonds. The size of the bond will be calculated by the amount of funds that the officials handle; the bond guarantees the faithful execution of their responsibilities.

There are new contractor license bond requirements to follow in Kentucky State. A new bill named HB 247 requires radon mitigation and measurement professionals to acquire a $10,000 surety bond in order to be legally registered with the state. The surety bond must be issued by a corporate surety company who is licensed within the state. The surety company’s liability is equal to the total amount of the bond; like most commercial bonds the new law authorizes cancellation of the surety bond by the surety with advance written notification.

Real estate appraisal management companies have a new surety bond requirement to meet in the state of Kentucky in order to stay legal. The new law is called HB 288 and requires real estate appraisal management companies to acquire a surety bond in order to guarantee the responsibilities and duties expected of them. The bond amount required will vary based on regulations and the real estate appraisal company itself, but the bond can’t surpass $500,000. As always, the liability of the surety who provides the bond can’t surpass the bond amount itself. This bond requirement benefits anyone who will be doing business with real estate appraisal management companies because they will be covered by a maximum $500,000 surety bond.