Commodity dealers in the state of Montana must follow new surety bond requirements. The new bill is titled SB 74 and requires supplementary bonds in order to get a commodities dealer’s license. The additional bond amount is $2,000 for each $1,000 that the dealer’s equity is less than $50,000 or $2,000 for each $1,000 that the dealer’s current liabilities surpass their assets. SB 74 became effective July 1, 2011.
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.