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.
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North Carolina Unemployment Insurance Fund Contributions Bond
November 6, 2009 by Eric WeisbrotCategory: Commercial Bonds, Surety NewsTags: bond requirements, legislation, NC, North Carolina, surety bond, Unemployment Insurance Fund Contributions Bond | Comments (0)
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North Carolina Water & Sewer Systems Bond
November 4, 2009 by Eric WeisbrotIn North Carolina, there is a new law enacted named HB 2499. The new law eradicated a bond requirement in connection with a potential water emergency during a drought. HB 2499 called for the diversion of water reserves during the emergency to the affected region in need. The individual controlling the water/sewage systems and the water lines became liable for any damages resulting from the placement of the temporary water lines. That individual had to post a surety bond that was conditioned on payment to any persons enduring any damages. Category: Commercial Bonds, Other, Surety NewsTags: NC, North Carolina, sewage systems, water systems | Comments (0)
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North Carolina Mortgage Servicers Bond
November 2, 2009 by Eric WeisbrotHB 2463, enacted on 08/17/2008, is a new North Carolina state law. HB 2463 manages mortgage servicers and requires them to follow the same licensing, bond and qualification provisions as mortgage lenders. The existing law requires a surety bond of $150,000. Alternatives to the bond are cash or securities in the same amount; as well as is a financial statement representing a net worth of $250,000. Existing law already authorizes and gives precedence to direct customer claims. HB 2463 became active on January 1, 2009.Category: Commercial Bonds, Mortgage Banker Bonds, Mortgage Broker Bonds, Surety NewsTags: bond requirements, legislation, mortgage servicers, mortgage servicers bond, NC, North Carolina, surety bond | Comments (0)
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North Carolina Medicaid Supplier Performance Bond
October 31, 2009 by Eric WeisbrotOn 05/26/2008, a new law was introduced referred to as HB 2436. The new North Carolina law permits the North Carolina Department of Health and Human Services to have discretion when requiring Medicaid-enrolled suppliers to provide a performance bond, letter of credit, or an alternative financial instrument in an amount no more than $100,000. Previous law required the bond as a stipulation of receiving Medicaid payments. HB 2436 states that the health department may require a surety bond when the provider has failed to display financial viability, if it is concluded that “significant potential” for deception and fraud existed, or if the department determines that it is best for the Medicaid program. Category: Commercial Bonds, Performance Bonds, Surety NewsTags: Medicaid Supplier Bond, NC, North Carolina, performance bond | Comments (0)
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North Carolina Irrigation Contractor License Bond
October 29, 2009 by Eric WeisbrotOn 08/04/2008, a new law was enacted in North Carolina. The new law, named HB 2353, manages irrigation contractors by way of the new North Carolina Irrigation Contractors’ Licensing Board. HB 2353 now requires a license bond in the amount of $10,000. Surety bonds or letters of credit are also acceptable, and any bonds acquired must be issued by a surety company licensed in the state. The bond is conditioned on compliance and is open to direct actions from individuals claiming injuries or loss resulting from a violation of the new law. HB 2353 became operational on October 1, 2008.Category: Commercial Bonds, Surety NewsTags: bond requirements, Irrigation Contractor License Bond, legislation, NC, North Carolina, surety bond | Comments (0)
