Exchange facilitators must abide by a new bill presented in the state of Maine. The new bill, which is referred to as HB 144 regulates exchange facilitators; they are those that facilitate like-kind property exchanges abiding by the federal tax code. HB 144 requires these individuals to be licensed, and to acquire one of the following: a fidelity bond or surety bonds in a quantity no less than $250,000 from a State licensed insurer. Some alternative options to the bonds are to put up cash, securities, or an irrevocable letter of credit for an equivalent amount.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog. He has held a range of different roles within the surety industry, from agent assistant to bond issuer, which gives him a unique insider perspective on surety related topics.