In the state of New Hampshire a new law was put in place. The new law, HB 1351, states that off-highway recreational vehicle (OHRV) and snowmobile registration agents have the option of posting a surety bond when certain breaches of the agreement between the agent and the Fish and Game Department have been perpetrated. The surety bond can be obtained in lieu of the agreement being terminated when the infringement is related to the handling of state funds. The surety bond has to be issued by a state licensed surety and must guarantee the payment of all state funds collected accordingly of agent registrations issued for the state; a surety bond option already exists under current law for license agents who issue licenses, tags, stamps, permits for hunting/fishing.
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New Hampshire Recreational Vehicle & Snowmobile Registration Agents Bond
November 7, 2009 by Eric WeisbrotCategory: Auto Dealer Bonds, Commercial Bonds, Surety NewsTags: bond requirements, legislation, New Hampshire, NH, OHRV, Recreational Vehicle Dealer Bond, Snowmobile Registration Agents Bond, surety bond | Comments (0)
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North Carolina Unemployment Insurance Fund Contributions Bond
November 6, 2009 by Eric Weisbrot
On 08/03/2008, a new law referred to as SB 741, was enacted in North Carolina. SB 741 was put in place concerning Unemployment Insurance Fund Contributions. The new regulation requires cash, a surety bond, or an irrevocable letter of credit provided by non-profit organizations that elect to become liable for payments in lieu of contributions into the State’s Unemployment Insurance Fund. Under the existing law, organizations making such an election must do so for at least a period of four calendar years. Any surety bonds acquired have to be from a company licensed in the state and must remain in effect for no less than two years; the bond has to be renewed, subject to the approval of the Employment Security Commission. The surety bonds purpose is to secure the payments the association makes. Category: Commercial Bonds, Surety NewsTags: bond requirements, legislation, NC, North Carolina, surety bond, Unemployment Insurance Fund Contributions Bond | Comments (0)
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Oklahoma County Commissioner Property Sale Bond
November 5, 2009 by Eric Weisbrot
On 06/02/2008, there was a new law enacted in the state of Oklahoma labeled HB 2566. HB 2566 approves county commissioner boards to put real property up for sale. The triumphant bids must be 25% more than the certified appraised worth of the real property in order to be considered. The new law states that the successful bidders must post an “irrevocable bond or letter of credit.” The bond must be submitted within 15 days of the sale and must be equivalent to the purchase price; if the surety bond is not submitted within the given time period it will result in a rejection of the bid. Category: Commercial Bonds, Surety NewsTags: bond requirements, Commissioner Property Sale Bond, legislation, OK, oklahoma, surety bond | Comments (0)
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New Hampshire Charitable Game Operators Bond
by Eric WeisbrotOn 01/02/2008, a new law was introduced to the state of New Hampshire titled HB 1302. HB 1302 was put in place concerning all charitable game operators; it raised the amount of the license surety bond required from charitable gaming operators from $20,000 to $300,000. HB 1302 was enacted on 06/27/2008. Category: Commercial Bonds, Surety NewsTags: bond requirements, Charitable Game Operators Bond, legislation, New Hampshire, NH, surety bond | Comments (0)
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Ohio Credit Union Bond
November 3, 2009 by Eric Weisbrot
In the state of Ohio, a new law referred to as SB 247, amends existing law in relation to claims against a credit union. SB 247 states that if any depositor, individual, member, or group of persons makes a claim to any share/share account, deposit, security, property held in safekeeping, safe deposit box, obligation, or other possessions in the credit union’s ownership without the authority to exercise any right or control with respect to the property, the credit union is not obligated to recognize the claim unless there is a court order or a posted surety bond. The surety bond form and amount will be determined by the credit union; it functions to indemnify the credit union against any liabilities or loss the credit union might acquire because of its acknowledgment of the claim or because of its denial, due to the claim, to respect or recognize any entitlement to the property. Category: Commercial Bonds, Surety NewsTags: bond requirements, credit union bond, legislation, OH, Ohio, surety bond | Comments (0)
