Trustees in West Virginia have a new surety bond requirement that they must abide by. The new law is named HB 2551 and implements the Uniform Trust Code. HB 2551 states that a trustee is required to obtain a bond to guarantee the performance of their responsibilities if the court requires it, or if the terms of the trust required it. The new law allows the court to establish the size of the bond or if a bond is needed at all. The court also can adjust or cancel a bond as they see fit.
Mortgage lenders and brokers must follow new requirements that were set in West Virginia State. The new law is named HB 4285 and authorizes any individual that is not subject to the present legislation’s licensing requirements for mortgage lenders/brokers and who also employ mortgage loan originators to register with the Nationwide Mortgage Licensing System and Registry; they must also acquire a surety bond in the suitable quantity for its mortgage loan originators. HB 4285 authorizes the Commissioner of Banking to decrease or relinquish the surety bond requirements for mortgage loan originators employed by nonprofit business’s, including community housing development organizations, or any municipal, state or federal agency supplying loans to individuals with incomes under the HUD established median income for a specified region.
A new West Virginia law has affected gaming facilities within the state. The new law is labeled SB 575 and modifies the surety bond requirement for gaming facilities. The present law requires a surety bond in the quantity of $5 million to guarantee the payment of all required payments; also guaranteeing that the licensee will maintain all books and records and manage gaming in cooperation with the law. SB 575 eliminates the condition on the surety bond for compliance in regards to the conduct of gaming procedures and bookkeeping practices. The new law also directs the State Lottery Commission to establish the quantity of the surety bond in the place of a $5 million surety bond. The surety bond must be sufficient to protect against the non payment of money owed to the State. SB 575 now identifies that a surety licensed to write insurance is required for the surety bond. The previous law did not make such specifications.
West Virginia has a new enactment for medical discount providers referred to as HB 4404. The law requires a surety bond equal to or more than $35,000 to be posted by discount medical establishments. The bond attained by the discount medical organizations must be in favor of the Insurance Commissioner for the advantage of individuals that may be damaged by the organization’s breach of the new law; it is mandatory that the insurance company who wrote the bond is licensed in the state.
There is a new depository bond law in the state of West Virginia called HB 4692. The law provides an alternative to the depository bond requirements for public funds belonging to the state. Existing law requires a $10,000 bond to be posted by eligible depositories. The new law allows such banking establishments to position deposits in certificates of deposit. The certificates of deposit requirements are outlined by the new law; this will make banking establishments qualified to use them in lieu of bonds.
On 03/27/2008, the state of West Virginia enacted SB 292. The new law authorizes the Commissioner of Banking to make a claim for an unpaid civil administrative penalty or an unpaid assessment invoice against a mortgage lender’s license bond. The law in place allows claims against the bond directly from consumers. The new law became active on June 7, 2008.