New Hampshire legislators have made some changes to the surety law concerning gaming operators operating games of chance. The new law is named HB 348 and boosts the maximum required surety bond for operating games of chance to $500,000 and adds a minimum bond of $25,000. The previous law required a maximum bond of $300,000. HB 348 states that the bond amount will be calculated by each licensee’s usual outstanding obligations of charity payments and state taxes which the old law did not do.
Auto dealer bonds now protect the broader public in New Hampshire thanks to new legislation. The new law is named SB 156 and adds extra protection to the bond that’s required of retail vehicle dealers, auto wholesale dealers, and utility dealers. Originally the required bond only protected individuals who purchased a vehicle from the dealer and experienced any losses as a result of the dealer’s actions. SB 156 states that the bond now protects a town, city, or the State if it encounters a loss as a result of a dealer failing to collect fees for motor vehicle registration, permit registration, registration transfer, and title applications.
Updated surety law offers a new option for manufactured home installers in New Hampshire. The new bill is titled SB 116 and allows an employer to obtain a surety bond that is required of manufactured home installers as opposed to an individual installer having to obtain the bond.
Postsecondary schools in New Hampshire are affected by a new law that was enacted this past June. The new law is named HB 2 and requires a private postsecondary career school to obtain a surety bond to guarantee the fulfillment of their obligations relating to contracts for tuition and other fees between the school and the students. The bond will be calculated by 10% of the gross tuition it received, but can be no less than $10,000. Should a school not fulfill its obligations, HB 2 states that the bond will be canceled and its proceeds will be dispersed by the Commissioner of the Department of Education.
Life settlement providers must abide by a new law in the State of New Hampshire. The new law is labeled HB 660 and enacts the model act for both life settlement providers and brokers of the National Association of Insurance Commissioners (NAIC). Under the new law, providers and brokers are required to attain a $250,000 surety bond. Surety bonds are amongst the financial instruments authorized to satisfy this requirement.
SB 56 is a new study measure in the State of New Hampshire concerning the Commission to Study Issues Relative to Groundwater Withdrawals. SB 56 directs the Commission to Study Issues Relative to Groundwater Withdrawals to examine the amount of financial accountability that would be essential for hefty withdrawals of groundwater. The Commission must consider possible harm to the environment and adjacent wells, including unreasonable reductions in well capacity or contaminant migration from off-site sources. The bill initially stated that a financial instrument would have been required, including “bonding or insurance, in at least the quantity of $1 million.” The financial instruments would have been necessary to cover any environmental destruction, including groundwater corruption and unwarranted reductions in well capacity. The bill was transformed into a study measure in the Senate.