On 06/02/2008, there was a new law enacted in the state of Oklahoma labeled HB 2566. HB 2566 approves county commissioner boards to put real property up for sale. The triumphant bids must be 25% more than the certified appraised worth of the real property in order to be considered. The new law states that the successful bidders must post an “irrevocable bond or letter of credit.” The bond must be submitted within 15 days of the sale and must be equivalent to the purchase price; if the surety bond is not submitted within the given time period it will result in a rejection of the bid.
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Oklahoma County Commissioner Property Sale Bond
November 5, 2009 by Eric WeisbrotCategory: Commercial Bonds, Surety NewsTags: bond requirements, Commissioner Property Sale Bond, legislation, OK, oklahoma, surety bond | Comments (0)
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Oklahoma Public Official Bond
October 30, 2009 by Eric WeisbrotThe state of Oklahoma enacted a law on May 12th, 2008 referred to as HB 3187. The new law regards public officials and creates the Oklahoma Oilseed Commission. HB 3187 requires all members that handle finances for the commission to individually provide a surety bond. The amount of the required bonds will be established by the Department of Central Services. The new Oklahoma state law became operational on November 1, 2008.Category: Commercial Bonds, Surety NewsTags: bond requirements, legislation, OK, oklahoma, public official bond, surety bond | Comments (0)
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Oklahoma Public Official Bond
October 18, 2009 by Eric WeisbrotThe state of Oklahoma enacted a new law regarding public officials. The new law, titled SB 1766, eradicated the office of “secretary-treasurer” from the Oklahoma Conservation board of directors. Under the previous law, the secretary-treasurer was required to obtain a surety bond. The Oklahoma Conservation board will continue to have a “treasurer” position, but the previous bond requirement is eliminated. SB 1766 became active upon the May 2nd, 2008 enactment.Category: Commercial Bonds, Surety NewsTags: OK, oklahoma, public official bond | Comments (0)
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Oklahoma Carbon Dioxide Storage Bond
October 16, 2009 by Eric WeisbrotThe state of Oklahoma set forth a new law referred to as SB 1765. The new law was enacted regarding the geologic storage of carbon dioxide. The carbon dioxide law states that the State Regulatory Agency must promulgate regulations that would institute requirements for “appropriate and sufficient financial sureties as may be necessary.” The rules set forth are for the function of regulating the operation, drilling, well plugging, desertion and confiscation of surface buildings and gear of the storage facility; this is done to keep the facility safe from pollution, infiltration, and the escape/migration of carbon dioxide. SB 1765 also states that upon the issuance of the Certificate of Completion of Injection Operations, any performance bonds that the operator had in place shall be cancelled. Category: Commercial Bonds, Performance Bonds, Surety NewsTags: Carbon Dioxide Bond, OK, oklahoma | Comments (0)
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Oklahoma Reclamation Bonds
October 14, 2009 by Eric WeisbrotThere is a new Oklahoma state law regarding reclamation bonds. Introduced on 02/04/2008, SB 1697 produces a new permit requirement for mining projects where the mining site is limited to two acres or less. SB 1697 requires a reclamation bond to be posted in the amount of $3,500 as a condition of acquiring the permit. The new law was active upon enactment.Category: Commercial Bonds, Surety NewsTags: OK, oklahoma, reclamation bonds | Comments (0)
