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.”