A new bill in the State of Massachusetts was enacted relating to the Sandwich Economic Initiative Corporation. The new bill is named SB 2073 and produces the Sandwich Economic Initiative Corporation and requires the treasurer of its board of directors to be bonded to guarantee the reliable execution of their responsibilities. The board will establish the quantity required. SB 2073 was enacted on April 2nd, 2010.
HB 4178 is a new bill that was enacted in Massachusetts relating to mortgage loan originators. The new bill requires mortgage loan originators to be covered under a surety bond in a quantity calculated by the loans originated. The licensees that are a member of staff or exclusive agent of an individual subject to the existing bond stipulations for mortgage brokers or lenders have the option to use the employer’s bond to satisfy this requirement as long as the bond supplies coverage to the originator while it is calculated by the employer’s loan originations. The present law does not have a surety bond requirement for mortgage brokers. All mortgage lenders must acquire a surety bond in a quantity no less than $100,000 under current policy. The surety bond amount will be determined by the lender’s aggregate loans. The surety bond is restricted to $500,000. HB 4178 allows the Commissioner of Banks to promulgate policy to apply the surety bond requirement.
A new law was enacted concerning guaranteed energy savings contracts in the state of Massachusetts. The new law, SB 2768, demands a performance bond for all guaranteed energy savings contracts. The performance bond quantity must be 100% of the contract value from a surety company licensed in the commonwealth and also must be listed on Circular 570 of the U.S. Treasury Department. Such energy savings contracts entail the procurement of energy management services in order to accomplish energy savings at public facilities and establishments.
The state of Massachusetts enacted a new law concerning public officials and regional education. The new law, titled SB 53, institutes a regional education training and skills center in the city of Taunton. SB 53 demands the treasurer of the Board of Directors for the new education center to acquire a surety bond to assure his or her faithful performance in an amount that the Department of Revenue would determine and require. The Board of Directors has the ability to fix the amount of the surety bond as long as it abides by the amount that the department requires. SB 53 was enacted on December 22nd, 2008.
SB 2786, a new Massachusetts state law, establishes the Walpole Economic Development and Industrial Corporation for the Town of Walpole. The Walpole Economic Development and Industrial Corporation was set up for the board of directors. SB 2786 requires the individuals of the board to post a surety bond from a surety company licensed in the commonwealth. The surety bond must be in the amount of $50,000 and is conditioned on the dependable performance of the duties of the office. All surety bonds have to be approved by the town counsel and filed in the office of the state secretary. SB 2786 also requires the treasurer of the board to post a surety bond in a quantity that the corporation’s board will settle on. The surety company issuing the bond must be licensed in the commonwealth.
In Massachusetts, a new law was introduced on 09/26/2007 regarding public officials in the state. The new law, SB 2344, establishes the Whitin Reservoir Watershed District within the Town of Douglas. SB 2344 requires the District’s treasurer to post a surety bond in the amount determined by the District’s Management Committee. The Commissioner of Revenue must authorize the form. Failure to place or renew the surety bond within ten days following the election or appointment to office disqualifies the treasurer from taking office or end up in his or her removal from office.