Surety Bond Blog » SD http://www.jwsuretybonds.com/blog General to specific surety bond information, as well as current events within the industry. Wed, 08 Feb 2012 13:32:48 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 South Dakota Grain Warehouseman Bond Update http://www.jwsuretybonds.com/blog/south-dakota-grain-warehouseman-bond-update http://www.jwsuretybonds.com/blog/south-dakota-grain-warehouseman-bond-update#comments Mon, 30 Jan 2012 15:54:45 +0000 Eric Weisbrot http://www.jwsuretybonds.com/blog/?p=3614
South Dakota enacted a new bill concerning grain warehouseman. The new bill is named HB 1016 and declares that claims can only be made against a grain warehouseman or grain buyer’s bond if the individual informs the Public Utilities Commission, which must specify that it’s not taking an action against the surety bond.

]]> http://www.jwsuretybonds.com/blog/south-dakota-grain-warehouseman-bond-update/feed 0 South Dakota Treasurer Bond http://www.jwsuretybonds.com/blog/south-dakota-treasurer-bond http://www.jwsuretybonds.com/blog/south-dakota-treasurer-bond#comments Wed, 07 Dec 2011 18:51:17 +0000 Eric Weisbrot http://www.jwsuretybonds.com/blog/?p=3391
Treasurers of water use districts are affected by new legislation in South Dakota. The new law is titled SB 119 and modifies the bond amount required of treasurers of water use districts. Previous legislation required a surety bond in an appropriate amount to cover all funds that the treasurer manages. SB 119 allows the district’s directors to establish the bond amount required.

]]> http://www.jwsuretybonds.com/blog/south-dakota-treasurer-bond/feed 0 South Dakota Grain Purchaser Bond http://www.jwsuretybonds.com/blog/south-dakota-grain-purchaser-bond http://www.jwsuretybonds.com/blog/south-dakota-grain-purchaser-bond#comments Wed, 19 May 2010 14:04:25 +0000 Eric Weisbrot http://www.jwsuretybonds.com/blog/?p=1949 South DakotaSouth Dakota State implemented a new law affecting grain buyers within said state. The new law is titled SB 55 and boosts the quantity of the surety bond required in relation to licensure as a grain buyer. Under the present law, there are two license classifications, Class A and Class B. A surety bond is required for both and is calculated by a rolling average of the dollar amount of grain that the buyer purchased in South Dakota throughout the last three calendar years. The surety bond is applicable to all grain purchases for all of the buyer’s business sites.

Under SB 55, the quantities and thresholds for a Class A License now are like so:

New Dollar Thresholds Increased Bond Amount

<$2,000,000 No Change

$2,000,001 – $10,000,000 $100,000

$10,000,001 – $25,000,000 $200,000

$25,000,001 – $60,000,000 $350,000

$60,000,001 – $100,000,000 $500,000

For a Class B License, the new law amplified the amount of the surety bond required for purchasers making buys between $2,000,001 and $10,000,000 from a $75,000 surety bond under the previous law to a bond in the quantity of $100,000 under SB 55.

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