A new surety requirement was put in to place concerning temporary work camps in North Dakota. The new law is named SB 2361 and requires a surety bond for temporary work camp housing, and more specifically the installation and deconstruction of said work camps. The owner of the work camp must provide a surety bond to the city/county where the work camp is being setup. The city/county will determine the appropriate bond amount.
The State of North Dakota has enacted a new bill which changes the surety bond requirement for money brokers. The new bill, which is named SB 2124, modifies the bond requirement for money brokers by making the present $25,000 required bond the minimum that’s acceptable. The bond exists to guarantee money brokers within the state will follow laws and regulations.
North Dakota collection agencies have new requirements to meet in order to stay legal with the state. A new bill, which is named HB 1080, adds a net worth requirement of at least $25,000 for collection agencies. This is on top of the $20,000 surety bond already required of collection agencies.
North Dakota debt management service providers must follow new surety law. The new law is named HB 1038 and requires debt management service providers to obtain a $50,000 surety bond in order to be licensed with the state. The new law allows the Commissioner of the Department of Financial Institutions to require a greater bond if need be.
The laws for North Dakota potato dealers have evolved. A new bill titled HB 1027/HB 1399 makes financial security mandatory in order to obtain a potato dealer license. Under previous legislation, dealers were required to be licensed and the State Seed Commissioner had the option to require a form of financial security, which a surety bond would satisfy.
There has been an update to the bond requirement for notaries in North Dakota State. The new bill, which is named HB 1136 keeps the required surety bond amount at $7,500; but the bill now offers the option of other forms of security in place of the bond as long as it’s issued by a state licensed business. The surety bond is there to guarantee the responsible and honest execution of the notary’s duties under state laws. HB 1136 also notes that the surety company is liable if the notary doesn’t uphold the state laws which is a standard of the surety industry.