Virginia legislators have enacted a new bill concerning the liability of surety companies when it comes to auto dealer bonds and attorney fees. The law is labeled HB 171 and changes the existing law and states that the surety on a bond is responsible for any claims and attorney fees accumulated on a bond. The read more »
Surety law in Virginia has been modified thanks to a new bill. The new bill is named HB 1852 and changed the surety bond amounts required of the Adjutant General and their fiscal clerks. The previous law required a $10,000 bond of the Adjutant General and also required a $3,000 bond from their clerks. The read more »
Anyone dealing with motor vehicle dealers in Virginia is going to be affected by this new legislation. The new law is named HB 1838 and caps the amount that can be reimbursed in a claim against a motor vehicle dealer’s bond; it’s now capped at $20,000. The previous law capped the amount to be recovered read more »
The state of Virginia has updated the bond requirements for tobacco manufacturers. The new bill is titled SB 1268 and changes the bond requirement by having tobacco manufacturers calculate the bond amount by the highest amount of sales in a year. The old law calculated the bond amount using the previous year.
Virginia State legislators seem to be rather lax when it comes to public funds within their state. They recently proposed a new law that will heavily affect both the construction industry and taxpayer’s alike. The potential new law, which is named HB 1951 Public Procurement Act, boosts the minimum contract amount required for bid, performance, read more »
Motor vehicle title lenders in Virginia State are affected by a new bill which is referred to as SB 606. The new bill requires motor vehicle title lenders to acquire a surety bond in a quantity of $50,000 for each location, but cannot surpass $500,000. The surety bond is conditioned on the licensee executing all read more »