HB 562, introduced on 05/19/2008, is a new law involving university treasurers. The new Ohio state law authorizes the treasurer of the Board of Trustees for multiple universities to be insured in lieu of acquiring a surety bond. HB 562 requires the attained bond to be an amount no less than the anticipated amount of funds that may be in a treasurer’s control at any time. At the end of the day, the Board of Trustees decides the amount required for the bond. When it comes to insurance policies, the new law requires the policy to be in the same amount of the bond, but it will also allow for a decrease of the required amount by the quantity of the deductible. The universities included are Bowling Green State, Central State, Cleveland State, Wright State, Youngstown State, and the universities of Akron, Cincinnati, and Toledo. The Governor’s line item veto emerged, have an affect on HB 562.
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.