Police officers within the state of Kentucky must abide by a new bill that was presented on February 11th, 2009. The new bill is named HB 411 and requires police officers to acquire a surety bond to secure the expenses of a court appeal from a conviction in the Kentucky State Police Department’s trial board for a breach of the law with reference to police officer conduct. HB 411 was enacted on March 24th, 2009.
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Kentucky Law Enforcement Bond
March 19, 2010 by Eric WeisbrotDiscuss: Comments (0)
Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: bond requirements, Law Enforcement Bond, legislation, maryland, MD, surety bond
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Maine Tax Refund Lenders
by Eric Weisbrot
A new piece of legislation was presented in the state of Maine relating to tax refund lenders. The new law, which is titled HB 944, asks tax refund anticipation lenders to register and acquire a $10,000 surety bond to secure the payment of damages, losses and penalties suffered from infringement of the law. The surety bond must remain in effect for five years following the lender ceasing operations in the State; these lenders supply loans that are protected through the expected income tax refund or tax credits that a individual will receive. Discuss: Comments (0)
Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: bond requirements, legislation, Maine, ME, surety bond, Tax Refund Lenders
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Louisiana Mortgage Broker Bond
March 18, 2010 by Eric Weisbrot
Louisiana State added new legislation regarding mortgage brokers. Referred to as HB 810, it substitutes the present regulatory system for mortgage professionals with a new system based on the federal requirements. The previous law required mortgage lenders and brokers to attain a $50,000 license bond. As presented, this bill would have required mortgage lenders, brokers and originators to acquire a surety bond with an amount that is calculated using the total amount of loans originated. The lenders surety bond amount would have varied from $100,000 to $500,000; for brokers and originators the surety bond quantity would have ranged from $25,000 to $150,000. When the bill was amended and enacted, the surety bond that must be attained with an application for a license as a mortgage lender, broker or loan originator must be $45,000 if the loan volume in the pervious year was $99,999,999 or less and $50,000 if the loan volume was $100 million or greater. The mortgage originators that are the workers of a mortgage lender or broker can use their employer’s surety bond to comply with the proposed requirements. In place of the surety bond, a licensee can deposit a quantity equivalent to the surety bond requirement in a federal insured depository establishment in Louisiana.
Discuss: Comments (0)
Category: Commercial Bonds, Mortgage Broker Bonds, Surety News
Tags: bond requirements, LA, legislation, Louisiana, mortgage broker bond, surety bond
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Maryland Drug Distributor Bond
by Eric Weisbrot
A new bill was introduced relating to wholesale drug distributors within the state of Maryland. The new bill was named HB 1195 and modifies the surety bond requirement for wholesale drug distributors, which under present law must acquire a surety bond or alternative equal security. The previous law required a surety bond in the quantity of at least $100,000 in association with attaining a permit. HB 1195 calculates the amount required by the distributor’s yearly gross receipts instead, so that if such receipts in the prior tax year were $10 million or greater, a $100,000 surety bond is required. A $50,000 surety bond is demanded if receipts are no more than $10 million. The SFAA cooperated on this bill with the AIA to resist the Maryland Insurance Administration’s preliminary suggestion, which would have revoked the surety bond requirement. The compromise was reached, which will boost the availability of the surety bond for smaller distributors and any distributors subject to bonding requirements in numerous states that is reaching their bonding capacity. HB 1195 became active upon enactment.
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Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: bond requirements, Drug Distributor Bond, legislation, maryland, MD, surety bond
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Kentucky County Sheriff Bond
by Eric WeisbrotOn February 4th, 2009, a new bill was introduced relating to county sheriffs in the state of Kentucky. HB 262 is the new bill and makes the surety bond required under present law obligatory for county sheriffs and identifies that the surety bond has to be a minimum of $10,000. The previous law stated that the surety bond was at the court’s discretion. The surety bond is also conditioned on the faithful practices and performance of the sheriff’s responsibilities of office. HB 262 was enacted on March 17th, 2009. Discuss: Comments (0)
Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: bond requirements, County Sheriff Bond, Kentucky, KY, legislation, surety bond
