New legislation enacted in the state of Indiana affects public officials. HB 1514 increases the amount of the bond required for various local public officials. HB 1514 elevates the minimum surety bond amount required from $15,000 to $30,000 for each $1 million of receipts of the officer’s office throughout the most recent complete fiscal year prior to the purchase of the surety bond; this affects the following city officials: city controllers, city clerk-treasurers, Barrett Law fund custodians, county treasurers, county sheriffs, circuit court clerks, township trustees, and conservatory district financial clerks. HB 1514 preserves the present cap of $300,000 on the surety bond quantity.
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Indiana Public Official Bond
March 10, 2010 by Eric WeisbrotDiscuss: Comments (0)
Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: bond requirements, IN, Indiana, legislation, public official bond, surety bond
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Georgia Public Official “Non-recourse” County Manager Bond
January 12, 2010 by Eric Weisbrot
A new law was enacted concerning a new public official in Jefferson County, Georgia. The new law, which is titled HB 358, implements a county manager for Jefferson County. The county manager must acquire a “non-recourse bond” from a solvent surety licensed that is able to do business in the Jefferson County in an amount no less than $50,000, conditioned on the truthful performance of the individuals’ responsibilities. The surety bond protects against dishonesty, malfeasance, misappropriations or unlawful corruptionDiscuss: Comments (0)
Category: Commercial Bonds, Surety News
Tags: "Non-recourse" Bond, bond requirements, County Manager Bond, GA, Georgia, legislation, public official bond, surety bond
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Georgia County Manager’s Bond
December 20, 2009 by Eric WeisbrotHB 1182, a new law introduced on 02/13/2008, has implemented a county manager in the state of Georgia. HB 1182 produced a county manager for Toombs County who is now required to obtain a surety bond from a licensed surety company able to do business in Toombs County. The surety bond will be an amount determined by the Toombs County Board of Commissioners; although it can not be less than $100,000. The surety bond is for the truthful performance of the manager’s responsibilities and would secure against dishonesty, malfeasance, misappropriation, or unlawful expenditure. Discuss: Comments (1)
Category: Commercial Bonds, Surety News
Tags: bond requirements, County Manager's Bond, GA, Georgia, legislation, Public, public official bond, surety bond
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Kentucky Public Official Bond
December 11, 2009 by Eric Weisbrot
On 04/07/2008, a new law was enacted relating to public officials in the state of Kentucky. The new law, HB 83, indicates that under existing law the required surety bond from the treasurer of the Public Service Commission must be a bond with surety. The previous law included no such specification. HB 83 became active on July 15, 2008, 90 days following adjournment.Discuss: Comments (1)
Category: Commercial Bonds, Surety News
Tags: bond requirements, Kentucky, KY, legislation, public official bond, surety bond
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Louisiana Public Official Bond Update
December 9, 2009 by Eric Weisbrot
A new law regarding public officials was enacted in the state of Louisiana. Named HB 1067, the new law allows an affidavit from the obligee of record to replace a promissory note for identification with a mortgage or act creating a vendor’s privilege on fixed property if the note was misplaced or damaged. HB 1067 states that both the clerk of the court, ex-officio recorder of mortgages and the surety on his or her bond do not have any accountability for any damages that any individual or entity suffered as a result of terminating the inscription of a mortgage or vendor’s privilege pursuant to such an affidavit. The legislation is indistinguishable to legislation that the past Governor Blanco prohibited in 2007.Discuss: Comments (1)
Category: Commercial Bonds, Surety News
Tags: bond requirements, LA, legislation, Louisiana, public official bond, surety bond
