SB 608 is a new Oklahoma State law relating to “nonparticipating tobacco manufacturers” that was enacted this year. The new law requires “nonparticipating tobacco manufacturers” to acquire a surety bond to be included in the State’s directory of tobacco manufacturers and cigarette varieties. The nonparticipating manufacturers do not partake in the Master Settlement Agreement and as a substitute place funds in escrow account. The manufacturers also may be required to attain a surety bond if they have been predicted to create amplification of risk for disobedience of the law. The surety bond must be $50,000, or the quantity the manufacturer is obliged to deposit due to its prior calendar year’s sales in Oklahoma, whichever is more. SB 608 became active on January 1st, 2010.
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.