A new West Virginia law has affected gaming facilities within the state. The new law is labeled SB 575 and modifies the surety bond requirement for gaming facilities. The present law requires a surety bond in the quantity of $5 million to guarantee the payment of all required payments; also guaranteeing that the licensee will maintain all books and records and manage gaming in cooperation with the law. SB 575 eliminates the condition on the surety bond for compliance in regards to the conduct of gaming procedures and bookkeeping practices. The new law also directs the State Lottery Commission to establish the quantity of the surety bond in the place of a $5 million surety bond. The surety bond must be sufficient to protect against the non payment of money owed to the State. SB 575 now identifies that a surety licensed to write insurance is required for the surety bond. The previous law did not make such specifications.
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.