The surety bond industry is a quirky one. Should you already have bonds or foresee needing bonding in the future, it’s important to have good communication with your surety company. Poor communication can bring about avoidable lawsuits just like it did for a couple of condominium complexes in New York City.
New York legislators have implemented a new bill concerning combative sports. The new bill, which is titled SB 2811, requires individuals conducting combative sports matches to acquire a surety bond to guarantee that they follow state regulations. The specific bond amount is not yet established.
New York legislators have re-adopted regulations to implement AB 6924 (2009). The New York Banking Department now requires mortgage loan originators to obtain a surety bond. Should the originator be an employee or exclusive agent of an originating entity subject to the present surety bond requirements, then the employer’s bond could be utilized to meet read more »
Legislators in New York have implemented requirements concerning mortgage loan servicers working within the state. The New York Banking Department has re-adopted rules for mortgage loan servicers to apply a new law enacted under the bill SB 8143 (2008). The bill requires mortgage loan services to obtain a $250,000 surety bond from a surety company read more »
While surety bonds are set up to provide a form of insurance to all parties involved in contracts and large construction projects, they are not completely fail-proof under certain circumstances. A recent federal court case addressed the issue of surety bond culpability and provided a valuable lesson for anyone working with bonds.
A new bill was enacted in New York State concerning construction projects for the State University of New York (SUNY). The new bill is named SB 2808 and is a budget bill that boosts the bonding threshold for the University construction contracts from $50,000 to $250,000; this change affects performance and payment bonds. The increase read more »