Mississippi legislators have enacted a new bill that concerns proprietary schools within the state. The new bill is named SB 2771 and modifies the surety bond requirements for proprietary schools which previously called for a $50,000 bond. SB 2771 now allows the Commission on Proprietary School and College Registration to establish the size of the bond. The new bill also terminated the amount of the bond for a proprietary school agents. Previous legislation required a $10,000 bond for a permit to become an agent of the school, and blanket bonds were also acceptable to cover all of the school’s agents. SB 2771 now only states that the agent’s bond must be acceptable to the Commission on Proprietary School and College Registration.
Members of the Mississippi State Board of Cosmetology must obtain larger bonds as a result of new legislation. The bill, which is labeled SB 2766, boosts the minimum surety bond amount required of the members from $5,000 to $10,000. The new bill became effective July 1, 2011.
SB 2652 is new legislation that was enacted in the State of Mississippi regarding sellers of checks. The new law alters the quantity of the surety bond required for sellers of checks and re-labels them as money transmitters. The previous legislation required a surety bond or alternative security in a minimum quantity of $25,000 and a supplementary $15,000 for every extra business location, but was capped at $250,000. SB 2652 now requires a surety bond in a quantity which is the greater of $25,000 or the amount equivalent to the volume of outstanding money transactions in Mississippi State. The new legislation also boosts the cap on the surety bond quantity to $500,000. The Commissioner of Banking and Consumer Finance has the ability to require a surety bond in surplus of $500,000. The bill would have initially amplified the maximum quantity to $1 million. The SFAA counseled the bill sponsor on the availability restrictions that a $1 million surety bond could generate; the cap on the bond was decreased in reaction to this.
Money transmitters must abide by a new law that was presented in Mississippi State. The new law is named SB 2652 and alters the quantity of the surety bond required for sellers of checks and it also reclassifies them as money transmitters. The previous law required a surety bond or other security at a minimum of $25,000 and an added $15,000 for every additional company location, which was capped at $250,000. The new legislation requires a surety bond of $25,000 or a quantity equivalent to the amount of outstanding money transmissions in Mississippi. SB 2652 amplifies the cap on the surety bond to $1 million. Additionally, depending on the financial state of the licensee, the Commissioner of Banking and Consumer Finance has the option to require a surety bond in surplus of $1 million.
A new law was introduced affecting municipalities in the state of Mississippi. The new law which is referred to as SB 3268 allows municipalities in Mississippi with a population of 150,000 plus to charge a special 1% sales and use tax. SB 3268 law directs any municipality enforcing the tax to institute a commission for the tax. The members of the commission are obliged to attain a surety bond in the amount of $25,000. The surety bond is conditioned on the faithful execution of the responsibilities of office. SB 3268 was enacted on March 11th, 2009.
Mississippi State enacted a new bill relating to update for public official and employee surety bonds. The new law is named SB 3050 and requires various public official and public employee surety bonds to be in a quantity no less than $50,000, which is a boost in most of the present bond amounts. The surety bond amounts that have been affected by amplification are as follows: justice court judges now need a $10,000 surety bond; members of a convention bureau board-$5,000; members of a board of commissioners for water, sewer, garbage disposal, and fire protection districts-$10,000; constables-$25,000; county surveyors-$10,000; all municipal officers and employees managing any city funds, no smaller than $10,000; all city council officers and employees handling any municipal funds- no less than $10,000; all city officers and employees- no less than $10,000; deputy city clerks- no less than $10,000; deputy assessors- now established by the county assessor; purchasing, receiving and inventory control clerks- $10,000; school principals-$25,999; deputy sheriffs and deputy police officers-$25,000; county patrol officers-$10,000; county drainage commissioners-$10,000; swampland district commissioners-$5,000; recreational district commissioners-$10,000; port & harbor commissioners-$5,000; county engineers-$10,000; and county road accountants-$10,000.
The present law asks deputy clerks of the circuit court to acquire a surety bond in a quantity equivalent to 3% of the total figure of all the State and county taxes in the assessment rolls and the levies that are collectible in the county for the preceding year to the term of office. The surety bond is capped at $100,000 under present law. Under the new law, it can not be less than $50,000. The present law also demands municipal aldermen or councilmen to attain a surety bond in a quantity equivalent to 5% of the sum of municipal taxes in the assessment rolls and the levies that are collectible in the city for the previous year to the term of office. The surety bond is capped at $100,000 according to the present law, and under SB 3050, it cannot be any less than $50,000. The new law, SB 3050, only provides a minor change for school board members who were asked to acquire a surety bond in the amount of $50,000 under the previous law. The surety bond must be in a quantity no less than this sum under the new law. Blanket surety bonds are also authorized under existing law.