Missouri State has put forth new legislation this summer concerning grain dealers. The new law is named SB 356/HB 458 and it changes the surety bond required of grain dealers. The previous legislation required at least a $20,000 bond and could not surpass $300,000. Due to a the biggest grain dealer fraud scheme in Missouri history, the new law boosts the minimum bond amount to $50,000 and the maximum bond amount to $600,000. SB 356/HB 458 also requires dealers to sustain assets equivalent to 100% of its liabilities. Should a dealer have a negative working capital, the new legislation allows dealers to obtain a bigger bond to compensate for the deficiency.
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.