The state of Virginia has set forth a new law intended for Indian tribes named HB 96/SB 359. The law requires Indian tribes to follow the same benefit and tax payment laws as non-profit and governmental organizations. Indian tribes that choose to finance employee benefits through payments into a fund in lieu of taxes are required to make a deposit of cash/securities or post a surety bond. The new law became active upon enactment.
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Virginia Employee Benefits Tax Bond
September 5, 2009 by Eric WeisbrotDiscuss: Comments (0)
Category: Commercial Bonds, Surety News
Tags: bond requirements, employee benefits, legislation, surety bond, tax bond, va, virginia
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Virginia Settlement Agent Bond Amount Amendment
September 4, 2009 by Eric WeisbrotVirginia enacted a new law referred to as SB 149. The new law raises the required license bond amount for settlement agents to no less than $200,000. The previous law required a bond of at least $100,000. SB 149 became effective upon enactment.Discuss: Comments (0)
Category: Commercial Bonds, Surety News
Tags: bond requirements, legislation, setlement agent, surety bond, va, virginia
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Virginia Cigarette Manufacturer Bond
September 2, 2009 by Eric WeisbrotOn 03/27/2008, the state of Virginia passed SB 545. The new law requires “newly qualified nonparticipating tobacco manufacturers” to post a bond to be listed on the Virginia Tobacco Directory. The “newly qualified nonparticipating manufacturers” are defined as those who have not been previously listed in the Virginia Tobacco Directory. The manufacturers that fall under the above mentioned category may be required to post a bond in accordance with the new law for the first five years of their listing, or longer if they have a higher risk for noncompliance. The manufacturers that are not partaking in the Master Settlement Agreement as provided under existing law have chosen to escrow funds according to the schedule provided in the law; these manufacturers are referred to as “nonparticipatingâ€?. The bond can also be required under the new law’s requirements if the Attorney General finds that nonparticipating manufacturers are a higher risk for not fulfilling financial responsibilities. When it comes to foreign nonparticipating manufacturers, the U.S. importer of the product has to post a bond; they must post a bond in the amount of $50,000. If the amount of escrow the manufacturer must deposit as a result of its prior calendar year’s sales in the state is larger than the $50,000 requirement, that amount must be posted. If the bond is required from the manufacturer, it must be payable to the Commonwealth and is conditioned on the dependable performance of the escrow requirements.Discuss: Comments (0)
Category: Commercial Bonds, Surety News
Tags: bond requirements, cigarette manufacturer, legislation, surety bond, va, virginia
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Virginia Publisher’s School Textbook Bond Requirement Abolished
August 31, 2009 by Eric WeisbrotOn 03/07/2008, the state of Virginia enacted HB 137/HB 354/SB 356. The new laws eliminated the mandatory surety bond that the Board of Education required regarding contracts with publishers of school textbooks. The bond could not be less than $1,000 and not above $20,000. The required bond was conditioned upon the publisher’s compliance of the terms & conditions of the contract and payment of any liquidated damages that are shown to be a direct result of contract violation. Discuss: Comments (0)
Category: Commercial Bonds, Surety News
Tags: bond requirements, legislation, publisher bond, school textbook bond, surety bond, va, virginia
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Virginia Cruel Pet Treatment Bond Amendment
August 29, 2009 by Eric WeisbrotVirginia state law revised the current bond amount required for owners that have had their animals confiscated because of cruel treatment or abandonment. The new law is named HB 999, which says that if the locality has not approved an ordinance, the court may order the owner of the animal to post a surety bond if the animal is held for more than 30 days. The bond must be equivalent to the value of boarding the animal for a period of time that many not surpass nine months. The new law provides that the bond will not be renounced if the owner is found to be not guilty of violating the law. Discuss: Comments (0)
Category: Commercial Bonds, Surety News
Tags: bond requirements, cruel animal treatment, legislation, pet, pet abandonment, surety bond, va, virginia
