A new Arkansas bill that was recently enacted will require a surety bond of time-share interest transfer services providers.
Details on the New Requirement
The new bill, titled AR H 1834 amends the Arkansas Time Share Act by requiring a time-share interest transfer services provider to provide the Arkansas Real Estate Commission with, among other things, a bond in an amount determined by the commission, but can't be larger than $25,000. The bond will be required to obtain a license.
This amended language and subsequent bond requirement does not apply to to a broker that maintained a place of business inside the state before the enactment of this legislation.
How to Apply for a Surety Bond
If you need to obtain this surety bond, you'll need to contact a bond provider who is licensed to to business in Arkansas. JW Surety Bonds is licensed nationwide, so please apply for a free quote online, or feel free to reach out to us if you'd like assistance with obtaining this bond.