A new law was presented concerning vehicle rental agencies within the State of Wyoming. The new law is named SB 57 and produces a penalty for rental vehicle agencies failing to present the required reports detailing all collected surcharge fees or if the agency was functioning without a valid rental vehicle agency certificate. These violations now oblige the agency to attain a surety bond in the quantity of $25,000, or 150% of the amount in which the rental agency is delinquent, whichever is more. The surety bond has to written by a State licensed surety company and must guarantee the payment of delinquent fees and the return of certificates. A surety bond may be required from agencies with certificates that have been canceled or for any infringements of the applicable legislation as a circumstance of licensure in subsequent applications.
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.