New surety legislation was recently enacted in Nebraska. The new legislation is named LB 410 and concerns real estate appraisal management companies; they are now required to acquire a $25,000 surety bond in order to obtain a license. The surety bond must be from a state licensed bonding company. The bond must also stay in place one year after the company closes down.
Legislators in Nebraska have enacted a new law affecting conservators. The new law, which is named LB 157, changes the surety bond requirement for conservators. LB 157 states that a bond is only needed for estates worth more than $10,000. The new law will become effective January 1, 2012.
Nebraska legislators have recently enacted a new surety bond requirement concerning real estate appraisal management companies. The new law is named LB 410 and requires all real estate appraisal management companies to acquire a $25,000 surety bond in order to operate within the state legally. Should a claim go out on the bond because the principal didn’t follow state regulations, the surety company is only liable up to the total bond amount; in this case $25,000. The surety bond must stay active for one year after the company with the bond closes up shop.
Nebraska State enacted a change to an existing surety bond requirement, this time relating to court bonds. The requirement is titled LB 157 and it revises the original surety bond amount required of conservators. The previous law allowed the court to require a bond from a conservator while also giving the court the ability to establish the bond amount. This revision to the old law only requires a bond for estates priced over $10,000 within the state; the court still has the power to decide whether a bond is necessary and has the option to tweak the bond amount for “good cause shown”.
Nebraska state legislatures have recently been working on legislation concerning real estate appraisal companies and surety bond requirements. A new law was enacted, named LB 410, which requires real estate appraisal management companies to acquire a $25,000 surety bond to operate within the state legally; and this bond must be from a state authorized surety company. The surety company’s liability is equivalent to the bond amount itself, in this case $25,000. Should a claim go out on the bond, the surety company is responsible for up to $25,000 of reimbursement for faulty services performed by the principal who obtained the bond. As a result of the claim, the surety company will then go back to the principal for reimbursement. The company who obtains the real estate appraisal bond must keep the bond active one year after the business closes its doors.
LB 722 is a new bill that was presented concerning all state employees within the State of Nebraska. The new bill alters the present surety bond requirements for all state employees. The previous law required all staff not specifically required to acquire a surety bond to be covered under a blanket surety bond or insurance policy in a quantity that could not surpass $1 million. The new bill terminated the specified amount and conferred authority on the State’s risk manager to establish the amount required. LB 722 became active three months following the adjournment of the session in which it is enacted.