SB 148 is a new bill that was introduced in the state of Montana concerning itinerant vendors. The new bill modifies the bonding requirements for itinerant vendors that accepts deposits on orders that will be delivered at a later time. The present law calls for a $250 surety bond. SB 148 requires a surety bond in a quantity equivalent to 125% of the sum value of the vendor’s projected sales. The new bill terminates a provision which authorized freeholders dwelling in the county where the vendor does business to provide the surety bond. Alternative security is accepted such as letters of credit or other acceptable security in place of the surety bond or cash. SB 148 also altered the surety bond requirements for transient retail merchants that apply to become permanent merchants. The present surety bond amount required is $1,000. The new bill cancelled the capability of freeholders residing in the county to provide surety bonds, and SB 148 now authorizes letters of credit or other acceptable security.
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.