In the state of Maine a new law was introduced concerning telephone utilities within the state. The new law which is named HB 1632, as presented did not affect surety bonds. As enacted, the new law requires telephone utilities to have at least $250,000 in fixed assets and to acquire a surety bond in the same amount to guarantee that the utility will be able to meet its financial responsibilities. HB 1632 will not be relevant to telephone utilities that are already approved to provide service on the effective date of the new law.
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.