A new law was introduced concerning auto dealers within the State of Vermont. The new law, which is named SB 282, amplifies the quantity of the surety bond required of auto dealers. The present legislation requires a surety bond, a letter of credit or certificate of deposit in a quantity stretching from $5,000 to $15,000; this is calculated by the amount of units sold in the prior year. SB 282 boosts the minimum required bond quantity to $20,000 and the maximum bond amount to $35,000.
The State of Vermont presented new legislation concerning loan servicers. The new law, which is named SB 287, requires loan servicers to acquire a $100,000 surety bond conditioned on the cooperation with the related laws and policies including the payment of all funds due to any individuals and the State. The Commissioner of Banking, Insurance, Securities, and Health Care Administration can modify the quantity of the surety bond. The surety’s aggregate liability is restricted to the surety bond amount.
A new bill was enacted in the State of Vermont relating to mortgage loan servicers. The new law is titled SB 287 and requires mortgage loan servicers to be licensed and to acquire a $100,000 surety bond conditioned on the cooperation with the applicable laws and policies; including the payment of all funds due to any individual and the State. The Commissioner of Banking, Insurance, Securities, and Health Care Administration has the ability to alter the amount of the surety bond. The surety’s aggregate liability is restricted to the surety bond quantity.
The State of Vermont presented new legislation relating to the executor of an estate. The new law is labeled HB 461 and states that the judge of probate would establish the amount required for the surety bond that could be acquired regarding an application for the appointment of an administrator or executor of an estate. The present law requires a surety bond at a minimum of $300, and it is conditioned on the payment of funeral costs. A receipt for the payment of such expenses may be presented in place of the surety bond. The new bill has passed the House and has now moved on to the senate.
Vermont State introduced a new bill concerning milk handlers. The new bill is named SB 89 and it modified the quantity of the surety bond or letter of credit required under present law for milk handlers. The previous law stated that the surety bond had to be in a quantity equivalent to 50% of the maximum amount due for all milk producers in the State who sell milk to the handler for a 41-day phase during the prior 12 months. SB 89 now states that this quantity pertains to milk handlers managing milk from all species other than cattle. For milk originating from cattle, the surety bond must be for 100% of the amounts as calculated under present legislation. The surety bond also protects milk cooperatives including Vermont producers, who gain from the surety bond’s protection under present law. The new law also creates new exemptions from the surety bond requirement for handlers that pay milk cooperatives in advance or at the time of delivery for the milk; also for handlers that pay milk coopertives before or at the time of delivery for the milk and also for handlers who purchase less than 150,000 pounds of milk monthly from a milk cooperative.
SB 86 is a new bill that was enacted in Vermont State concerning trustees. The new bill states that a trustee is required to acquire a surety bond to guarantee the performance of their responsibilities only if the probate court requires it, or if the language of the trust required it and the court has not dispensed with the obligation. The previous law required that a trustee attain a surety bond, but stated that a corporate surety was not required if the will demonstrated that no surety bond or surety was essential. SB 86 allows the probate court to establish the amount of the surety bond, its liabilities, and whether sureties are obligatory. The probate court may adjust or cancel a bond at any moment. Additionally, the liability of the trustee or of any sureties included on the surety bond for acts or omissions of the trustee is not discharged or impacted by the trustee’s resignation.