Wyoming circuit court judges and magistrates no longer need to worry about surety bonds. A new law titled HB 123 was enacted and it abolishes the $5,000 surety bond requirement for circuit court judges and the $1,000 surety bond requirement for magistrates.
Legislators have enacted a new bill affecting treasurers in Wyoming. The new bill, which is named HB 15, boosts the surety bond amount required of the treasurer of the board of directors of a county weed and pest control district. HB 15 increases the required bond from $3,000 to $50,000 and became effective on July 1, 2011.
The environment and its wellbeing has been a hot topic for the past few years and it doesn’t seem to be losing popularity. The effects of this trend are obvious from battery powered cars to green buildings. Following the clean energy movement is a huge Wyoming wind turbine energy project which some are concerned won’t be completed properly; this is when the advantages of surety bonds become clear. (more…)
In the state of Wyoming, there were a couple changes when it comes to surety bonds in the last few months. The first change concerns circuit court judges and magistrates. A new law, named HB 123 repeals the original $5,000 surety bond required of circuit court judges and the $1,000 surety bond required of magistrates. Since these small bond amounts were only covering a maximum of $5,000, this change should not have a big impact. (more…)
Wyoming State presented a new law concerning vehicle title bond requirements. The new law is named SB 58 and requires a surety bond in relation to an application for a duplicate vehicle title to substitute the original title when it has been misplaced. The surety bond must be in a quantity equivalent to twice the value of the vehicle as established by the applicant, the surety or vehicle dealer. The surety bond must indemnify a previous owner, lien holder, subsequent purchaser, secured creditor or encumbrancer of the vehicle including other successors in interest against expenses, losses or damages; this includes realistic attorney fees caused by the issuance of the certificate of title or by a flaw in or undisclosed security interest upon the right, title and interest of the applicant in the vehicle.
SB 58 authorizes direct actions against the surety from individuals sustaining damages in connection with the issuance of the title to the vehicle. The surety bond has to be issued by a State authorized surety or by individual sureties that are qualified under the present law. The present legislation at Section 1-1-105 states that “Sureties shall be residents of this state, worth in the aggregate double the sum to be secured, beyond the amount of their debts, and have property liable to execution in this state equal to the sum to be secured. Every person acting as surety for another shall file with the court his affidavit showing that he meets the requirements set forth herein.”
A new law was presented concerning vehicle rental agencies within the State of Wyoming. The new law is named SB 57 and produces a penalty for rental vehicle agencies failing to present the required reports detailing all collected surcharge fees or if the agency was functioning without a valid rental vehicle agency certificate. These violations now oblige the agency to attain a surety bond in the quantity of $25,000, or 150% of the amount in which the rental agency is delinquent, whichever is more. The surety bond has to written by a State licensed surety company and must guarantee the payment of delinquent fees and the return of certificates. A surety bond may be required from agencies with certificates that have been canceled or for any infringements of the applicable legislation as a circumstance of licensure in subsequent applications.