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HB 184 – Heating and Air Conditioning Contractors. Expands the authority of the State Board of Heating and Air Conditioning Contractors to include certification of refrigeration systems; provides that the Board may require a performance bond in the amount of $15,000 per year for all active certified contractors. (5-7-09: Delivered to the Governor)
HB 428 – Real Estate Schools. Provides for the licensing and regulation of real estate schools; requires schools to furnish a $20,000 surety bond which shall provide that the obligor therein shall pay up to $20,000 in the aggregate sum of all judgments which shall be recovered against the school for damages arising from the collection of tuition or fees, or both, from students but failing to provide the complete instruction for which such tuition or fees were collected. (5-14-09: Enrolled; delivered to the Governor) COMPANION: SB 159
SB 98 – Boxing Promoters. Regulates professional boxing matches, competitions and exhibitions; requires promoters to be licensed and to post a performance bond in an amount and under any conditions required by the boxing commission. (5-14-09: Enrolled; forwarded to the Governor)
SB 111 – Public Officials. Revises the law related to the performance bonds of county officials and employees by increasing the amount of the bonds, authorizing the county commission to require performance bonds for persons appointed to public boards and authorizing the boards to require performance bonds for employees. (5-15-09: Enrolled; delivered to the Governor)
SB 151 – Manufactured Homes. Removes manufactured homes from the titling provisions of the Alabama Uniform Certificate of Title and Anti-Theft Act and establishes a new chapter for titling manufactured homes, to be known as the Alabama Manufactured Home Title Law. Provides that as a condition of issuing a certificate of title or certificate of cancellation, an applicant is required to file a bond in an amount equal to $50,000 for homes les than 10 model years old and $25,000 for all homes 10 years old or older. (5-15-09: Enrolled; delivered to the Governor)
SB 201 – Tax Preparers. Provides for the registration and regulation of individual tax preparers; allows registered tax preparers to facilitate refund anticipation loans or checks; provides for registration exemptions. There is no bond requirement in this bill. (5-14-09: Carried over)
SB 232 – Mortgage Brokers. Relates to the Mortgage Brokers Licensing Act, limits those excluded from the licensure requirement, requires certain applicants to have experience in the mortgage industry, allows for surety bonds and background checks, and allows the licensee’s principal place of business to be outside of the State of Alabama. (5-14-09: Enrolled; delivered to the Governor)
SB 234 – Credit Transactions. Relates to consumer credit transactions; requires a license for each business location; allows the State Banking Commission to require applicants to obtain a surety bond (in lieu of the $25,000 net asset requirement), apply to the Nationwide Mortgage Licensing System and Registry and submit to background checks. The amount of the surety bond will be determined by the Department and be in favor of the State of Alabama for the use, benefit and indemnity of any person who suffers damage or loss as a result of the company’s breach of contract or of any obligation arising therefrom or any violation of the law. (5-14-09: Enrolled; delivered to the Governor)
SB 249 – Mortgage Loan Originators. Establishes the Alabama Secure and Fair Enforcement of Mortgage Licensing Act of 2009 or S.A.F.E. Mortgage Licensing Act of 2009. Authorizes the supervisor of the Bureau of Loans of the State Banking Department to promulgate rules pertaining to the examination and licensing of mortgage loan originators; exempts certain persons from licensure requirements; among other things, requires applicants to provide background information, complete educational requirements, pass a written test, and be licensed and registered through the Nationwide Mortgage Licensing System and Registry; allows the supervisor to require licensees to be covered by a surety bond in an amount that reflects the dollar amount of loans originated as determined by the supervisor. (5-14-09: Enrolled; delivered to the Governor)
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| HB 108 – Trustees. Relates to real property foreclosures, sale of property on execution and deeds of trust; provides that before performing the duties of a trustee, a person shall obtain a surety bond in the amount of $250,000 to protect the trustors and beneficiaries of trust deeds against fraud or defalcation by the trustee. (4-17-09: In Senate; referred to Judiciary)
HB 145 – Mortgage Loan Originator Surety Fund. Relates to the regulation of residential real property mortgage lending, including the licensing of mortgage lenders, mortgage brokers, and mortgage loan originators; establishes the Mortgage Loan Originator Surety Fund to pay claims against mortgage originator licensees. (3-13-09: In Senate; read first time, referred to Labor and Commerce) |
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HB 2143 – Loan Originators. Provides that beginning July 1, 2010, an applicant for a loan originator’s license shall have satisfactorily completed a course of study, including at least 33 hours of education, for loan originators during the two year period immediately preceding the time of application, obtained a unique identifier through the Nationwide Mortgage Licensing System and Registry, deposited a surety bond and paid $100 for deposit in the Mortgage Recovery Fund. (5-28-09: Committee of the Whole, Do Pass Amended)
SB 1067 – Managing General Agents. Provides that the bond shall remain in force until released by the director or until cancelled by the surety; the surety may cancel the bond on 30 days’ advance written notice. (1-12-09: In Senate; first read)
SB 1320 – Interstate Fuel Users. Provides that the director may require an interstate user or applicant to post a surety or cash bond if one or more of the following apply: (1) the user fails to file tax reports or remit taxes in a timely manner; (2) the director determines that the interests of the state or member jurisdictions are in jeopardy; (3) the applicant is not based in a jurisdiction that is a member of IFTA; (4) the applicant does not have a good standing status from another member jurisdiction as a result of a previous license; or (5) the applicant does not have history as a motor carrier in the state or any other member jurisdiction. The bond shall be in an amount prescribed by the director but not more than $100,000. (2-2-09: In Senate; first read)
SB 1404 – Mortgage Brokers. Provides that a person who brokers only commercial mortgage loans shall obtain either a mortgage broker license or a commercial mortgage broker license, and a person who brokers residential mortgage loans shall obtain a mortgage broker license. (2-3-09: In Senate; first read) |
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Enacted legislation is effective 90 days after sine die adjournment (4/9/09) unless otherwise indicated.
HB 1359 – NEW LAW (Act 367; Eff. 7-1-09): Pest Control Operators. Increases the amount of the surety bond required for applicants for a termite and other household pests license from $50,000 to $100,000. The bond is $50,000 for a household pests and rodent control license or any combination of licenses that includes household pests and rodent control.
HB 1463 – NEW LAW (Act 409): Nonmunicipal Domestic Sewage Treatment Works and Facilities. Modifies the financial assurance requirements; adds language allowing for the reduction or waiver of the financial assurance required.
HB 1494 – Inspection Station. Provides that before issuing a permit for an official inspection station, the director may require the applicant to file a bond conditioned upon the applicant making compensation for any damage to a motor vehicle, trailer, semitrailer and pole trailer during an inspection or adjustment due to negligence. (4-7-09: In House; withdrawn by author)
HB 1694 – NEW LAW (Act 628; Eff. 1-1-10): Appraisers. Relates to the Arkansas Appraisal Management Company Registration Act; requires applicants for registration as an appraiser post and maintain a $20,000 surety bond.
HB 1785 – NEW LAW (Act 781): Combative Sports Promoters. Amends certain provisions concerning the authority of the State Athletic Commission; provides that as a condition to the issuance of a license, the applicant shall file a cashier’s check, a letter of credit, or a corporate surety bond in an amount to be established by the Commission in its rules, but not less than $1,000, conditioned upon the licensee’s payment of all taxes and other charges due the state. Current law provides for a $1,000 bond.
HB 1877 – NEW LAW (Act 534): Securities Brokers-Dealers and Investment Advisors. Provides that the Securities Commissioner shall require registered broker-dealers, investment advisors, and an agent for the issuer to maintain a bond in such form and amount as the Commissioner may prescribe by rule; eliminates alternate security.
HB 1880 – NEW LAW (Act 535): Securities. Allows the Securities Commissioner to set bond requirements for the Commissioner’s licensees; allows for alternate security instead of posting a bond.
HB 1881 – NEW LAW (Act 731): Mortgage Brokers. Amends the Fair Mortgage Lending Act; removes alternate security language; provides that each mortgage broker, mortgage banker, and mortgage servicer shall post a surety bond in the amount prescribed by rule or order of the Commissioner, based upon loan activity during the previous year and not less than $100,000. The bond shall be for the benefit of any claimants against the licensee and loan officers employed by the licensee to secure the faithful performance of the obligations of the licensee and loan officers employed by the licensee.
SB 39 – NEW LAW (Act 4): Cosmetology. Abolishes the State Board of Cosmetology, transfers responsibilities to the State Board of Health, and eliminates the bond requirements for the director and inspectors; creates the Cosmetology Technical Advisory Committee.
SB 300 – NEW LAW (Act 380): Official Coal Weighers. Repeals the law concerning the State Police weighing vehicles hauling coal ($1,000 bond requirement).
SB 302 – NEW LAW (Act 193): Contractors, Progress Payments. Provides that in the case of a construction contract entered into between a public agency and a contractor who is required to furnish a performance bond, the contractor shall be entitled to payment of 95% (was 90%) of the earned progress payments when due, with the public agency retaining 5% (was 10%) to assure faithful performance of the contract.
SB 450 – NEW LAW (Act 486): Money Transmitters. Amends the Uniform Money Services Act; eliminates alternate security language; leaves the bond requirement unchanged.
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AB 34 – Finance Lenders. Provides that a licensee shall maintain a surety bond in a minimum amount of $25,000. The commissioner shall by regulation require a higher bond amount for a licensee employing one or more mortgage loan originators, based upon the dollar amount of residential mortgage loans originated by that licensee and any mortgage loan originators employed by the licensee. Every mortgage loan originator employed by the licensee shall be covered by the surety bond, unless another bond or recovery fund is in place that covers the activities of a mortgage loan originator employed by the licensee. (6-2-09: Read second time, to third reading; read third time, passed, and to Senate)
AB 350 – Debt Settlement Service Providers. Enacts the Debt Settlement Services Act; provides for the licensing and regulation of persons who provide, offer to provide or agree to provide debt settlement services directly or through others; requires applicants to provide evidence of a surety bond or minimum coverage of insurance in an amount specified by the commissioner. (6-2-09: Read second time, to third reading; read third time, passed and to Senate)
AB 396 – Retainage. This bill would revise, recast and consolidate various provisions governing the timely payment of progress payments, retention proceeds and final payments under a contract for a public or private work of improvement with respect to contracts entered into on or after January 1, 2010; would require that retention proceeds not exceed an unspecified percentage of the payment, as specified, for all contracts entered into on or after January 1, 2010, between a public entity, as defined, and an original contractor, between an original contractor and a subcontractor, and between all subcontractors thereunder. (5-28-09: In Committee; set, second hearing; held under submission)
AB 407 – Continuing Care/Retirement Communities. Imposes various requirements on a provider with respect to the closure of a continuing care retirement community facility; requires a provider to fund a reserve, set up a trust fund or secure a performance bond in an amount equal to or greater than the estimated costs of relocating residents to ensure the fulfillment of obligations for all costs associated with the relocation. (5-21-09: In Senate; referred to Committees on Human Services and Judiciary)
AB 524 – Acting Schools. Existing law regulates contracts for dance studios and other services, which includes maintaining a surety bond. This bill would add acting schools to these provisions. (6-2-09: Read third time, passed, and to Senate)
AB 1229 – Public Contracts. This bill would require the Contractors State License Board, in collaboration with affected agencies and interested parties, to develop guidelines for qualifying bidders, and prepare the standardized questionnaire that shall be used by public entities for purposes of laws regulating local public works projects, and would require the Contractors State License Board, in developing or revising the standardized questionnaire, to consult with affected public agencies, cities and counties, the construction industry, the surety industry, and other interested parties. (4-21-09: In Committee; first hearing set; hearing canceled at author’s request)
AB 1319 – Talent Service. Provides that prior to advertising or engaging in business, a talent service shall file with the Labor Commissioner a bond in the amount of $50,000 (or a deposit in lieu of the bond) conditioned upon compliance. The bond shall be in favor of, and payable to, the people of the state of California, and shall be for the benefit of any person injured by any unlawful act, omission, or failure to provide the services of the talent service. (6-2-09: In Senate; read first time; to Committee on Rules for assignment)
AB 1433 – Continuing Care/Retirement Communities. Imposes various requirements on a provider with respect to the closure of a continuing care retirement community facility; requires a provider to fund a reserve, set up a trust fund or secure a performance bond in an amount equal to or greater than the estimated costs of relocating residents and the costs associated with the relocation options. (4-2-09: Referred to Committee on Human Services)
SB 36 – Residential Mortgage Lenders/Servicers. Requires a residential mortgage lender or servicer licensee to maintain a surety bond in the amount of $50,000; the bond may increased by order of the commissioner to $100,000. (6-1-09: Read third time, passed; to Assembly; read first time; held at Desk)
SB 95 – Motor Vehicle Dealers. Enacts the Car Buyers Protection Act of 2009; increases the amount of a dealer’s bond from $50,000 to $100,000 and requires dealers of trailers designed and used exclusively to transport vessels to procure and file a $50,000 bond. (6-2-09: Read third time, refused passage; motion to reconsider made and granted)
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| HB 1026 – NEW LAW (signed by the Governor on 5-20-09): Vehicle Wholesalers. Adds definition for “wholesaler”; requires wholesalers to provide evidence of the same financial security required of powersports vehicle dealers, etc.
HB 1085 – NEW LAW (signed by the Governor on 5-21-09): Mortgage Loan Originators. Requires mortgage loan originators to be licensed and registered with the Nationwide Mortgage Licensing System and Registry; provides that on and after January 1, 2010, a mortgage loan originator shall apply for license renewal every year (currently every three years); applicants are required to post a surety bond in the amount of $25,000 or such other amount as may be prescribed by the director by rule.
HB 1254 – NEW LAW (signed by the Governor on 4-16-09): Exchange Facilitators. Requires exchange facilitators to maintain a surety bond, with the Attorney General named as the obligee for the benefit of the taxpayer, in an amount of at least $1,000,000, and an errors and omissions insurance policy in an amount of at least $250,000.
SB 107 – NEW LAW (signed by the Governor on 4-20-09): Certificates of Title. Extends to 24 months the time that a notarized bill of sale exempts a motor vehicle that is at least 25 years old from having to have a bonded title when the vehicle does not have an existing title.
SB 117 – NEW LAW (signed by the Governor on 4-16-09): Home Food Service Plan Sellers. Provides that before any license is issued to the seller of a home food service plan, or before the reinstatement of any license suspended or revoked for violations resulting in financial loss suffered by any buyer, the applicant shall deliver to the commissioner a surety bond in an amount determined by the commissioner, not to exceed $50,000.
SB 248 – NEW LAW (signed by the Governor on 5-18-09): Public Works Contracts. Provides that except for a public works contract having a total value of $500,000,000 or more, a bond or other acceptable surety, including but not limited to a letter of credit, may be issued in a penal sum not less than one-half of the maximum amount payable under the terms of the contract in any calendar year in which the contract is performed. The contracting board, office, body or person shall ensure that the contract requires that a bond or other acceptable surety, including but not limited to a letter of credit, be filed and current for the duration of the contract.
SB 258 – NEW LAW (signed by the Governor on 5-14-09): Employee Leasing Companies. Provides that each employee leasing company shall execute and file a surety bond or deposit with the division money or a letter of credit equivalent to 50% of the average annual amount of unemployment tax assessed within the previous calendar year for all covered employees regardless of the election made pursuant to subparagraph (VII) of paragraph (B) of this subsection (2).
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HB 6297 – Construction Contract Bidding - Prequalification. Makes certain conforming and technical changes concerning the prequalification program administered by the Department of Administration; provides that every contract for the construction, reconstruction, alteration, remodeling, repair or demolition of any public building or any other public work by a municipality that is paid for, in whole or in part, with state funds and that is estimated to cost more than $500,000, except a public highway or bridge project or any other construction project administered by the Department of Transportation, shall be awarded to a bidder that is prequalified pursuant to Section 4a-100, as amended by this act, after the municipality has invited such bids by notice posted on the state contracting portal. (5-11-09: File Number 945; Senate Calendar Number 633; favorable report, tabled for the Calendar, Senate) COMPANION: SB 1035
HB 6327 – NEW LAW (signed by the Governor on 5-8-09; PA 09-23): Debt Adjusters. Amends the bonding requirements for licensed debt adjusters; provides that except as provided in this subdivision, for every applicant the principal amount of the bond shall be the greater of (A) $40,000, or (B)(i) twice the amount of the average daily balance of the payments received by the applicant... during the preceding 12 months ending July 31st of each year, or (ii), in the case of an applicant that has acquired the business of a predecessor debt adjuster, the lesser of the amount of the predecessor’s debt adjustment activity during such period or $1,000,000.
HB 6529 – Third-Party Administrators. Requires that a third-party administrator licensed or applying for a license that administers or will administer governmental or church self-insured plans in this state or any other state shall maintain a surety bond, for use by the Commissioner and the insurance regulatory authority of any additional state in which the third-party administrator is authorized to conduct business, to cover individuals and persons who have remitted premiums or insurance charges or other moneys to the third-party administrator in the course of the third-party administrator's business, in the greater of the following amounts: (1) $100,000; or (2) 10% of the aggregate total amount of self-funded coverage under governmental plans or church plans. (6-2-09: Senate Calendar Number 731; favorable report, tabled for the Calendar, Senate; transmitted pursuant to Joint Rules; House passed as amended by House Amendment Schedule A,B; House adopted House Amendment Schedule B 8868; House adopted House Amendment Schedule A 8682)
HB 6644 – Annual Report Filing. Requires annual reports to be filed by electronic transmission between January 1st and May 1st. (5-22-09: Senate Calendar Number 690; favorable report, tabled for the Calendar, Senate)
SB 785 – Contractor - Progress Payments. Concerns construction change orders; limits the amount of unapproved change order work imposed on contractors and subcontractors; adds a provision that when the cumulative sum of the total pending construction change orders or other pending change directives exceeds 5% of the original total contract or subcontract cost, the contractor or any subcontractor who has performed work under such pending construction change orders or other pending change directives is relieved of any express or implied duty to perform any future changes to the work under the terms of the contract or subcontract. Each payment made in accordance with the provisions of subsection (a) of this section shall include a statement showing the status of all pending construction change orders, other pending change directives and approved changes to the original contract or subcontract. Such statement shall identify the pending construction change orders and other pending change directives and shall include the date such change orders and directives were initiated, the costs associated with their performance and a description of the work completed. (6-18-09: Transmitted to the Secretary of State)
SB 948 – Mortgage Lenders, etc. Implements the provisions of the federal S.A.F.E. Mortgage Licensing Act of 2008; provides for a surety bond in the minimum amount of $100,000 and maximum of $500,000 (based on aggregate annual dollar amount of loans closed). (6-23-09: Transmitted to the Secretary of State)
SB 950 – Mortgage Lenders, etc./Money Transmitters/Debt Adjusters. Amends cancellation section; provides that after receipt of notice of cancellation from the surety, the Commissioner shall give written notice to the licensee of the date such bond cancellation shall take effect. The Commissioner shall automatically suspend the license on such date, unless the licensee submits a letter of reinstatement of the bond from the surety company or a new bond, or the licensee has ceased business and surrendered the license. (6-23-09: Transmitted to the Secretary of State)
SB 1035 – Construction Contract Bidding - Prequalification. Makes certain conforming and technical changes concerning the prequalification program administered by the Department of Administration; provides that every contract for the construction, reconstruction, alteration, remodeling, repair or demolition of any public building or any other public work by a municipality that is paid for, in whole or in part, with state funds and that is estimated to cost more than $500,000, except a public highway or bridge project or any other construction project administered by the Department of Transportation, shall be awarded to a bidder that is prequalified pursuant to Section 4a-100, as amended by this act, after the municipality has invited such bids by notice posted on the state contracting portal. (4-30-09: LCO File Number 846; favorable report, tabled for the Calendar, Senate; new file by Committee on Labor and Public Employees; reported out of LCO) COMPANION: HB 6297
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SB 35 – Effective Date of Filing. Provides that any special filing with respect to a surety or guaranty bond required by law or by court or executive order or by order, rule or regulation of a public body, not covered by a previous filing, shall become effective when filed and shall be deemed to meet the requirements of this chapter until such time as the Commissioner rejects the filing. (6-18-09: Passed by the House)
SB 73 – Mortgage Loan Originators. Provides that each mortgage loan originator shall be covered by a surety bond; in the event that the originator is an employee or exclusive agent of a licensee, the surety bond of the licensee can be used in lieu of the originator’s surety bond requirement. The penal sum of the bond shall be maintained in an amount that reflects the dollar amount of loans originated as determined by the commissioner. (6-18-09: Passed by the House) |
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HB 611 – NEW LAW (approved by the Governor on 6-18-09; Eff. 10-1-09): Public Construction Projects. Revises exceptions to requirement that certain public projects be competitively awarded; requires local government to support decision to perform project with its own employees and make factual finding that project cost will be same or less than lowest bid; provides additional exceptions for projects related to public-use airports, certain ports, and certain public transit systems, etc.
SB 2064 – NEW LAW (approved by the Governor on 6-18-09; Eff. 10-1-09): Construction Defects. Revises requirements and procedures for notice and opportunity to repair certain defects; specifies there are no construction lien rights under certain provisions of law for certain testing; provides exception; provides requirements for parties to exchange specified materials in actions claiming construction defects; provides penalties; revises requirements for application to claims for legal relief.
SB 2658 – NEW LAW (approved by the Governor on 6-16-09; Eff. 7-1-09): Home Health Agencies/Home Medical Equipment Providers/Health Care Clinics. Requires these entities to be licensed and file a surety bond of at least $500,000 to ensure conformity with all legal requirements for operation.
SB 2666 – NEW LAW (approved by the Governor on 6-24-09; Eff. 7-1-09): State Construction Management Contracting. Provides that a construction management entity may be required to offer a guaranteed maximum price and a guaranteed completion date under specified circumstances and secure a surety bond, etc. |
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HB 312 – NEW LAW (signed by the Governor on 4-29-09; Act 66; Eff. 7-1-09): Mortgage Brokers, Lenders and Loan Originators. Provides that each licensed or registered mortgage broker shall provide a bond in the principal sum of $50,000 or such greater sum as the department may require as set forth by regulation based on an amount that reflects the dollar amount of loans originated. Provides that mortgage lenders shall file a bond in the amount of $150,000 or such greater sum as the department may require as set forth by regulation based on an amount that reflects the dollar amount of loans originated. Requires each mortgage loan originator to be covered by a surety bond; in the event that the mortgage loan originator is an employee of a licensed or registered mortgage broker or lender or under an exclusive written independent contractor agreement, the bond of such licensed or registered mortgage broker or lender may be used in lieu of the mortgage loan originator’s surety bond requirement.
HB 353 – Liquor Retail Consumption Dealers. Eliminates the $2,500 license bond requirement. DID NOT PASS
HB 545 – Process Servers. Provides that any person seeking certification as a process server shall obtain a commercial surety bond or policy of commercial insurance (amount not specified) conditioned to protect members of the public and persons employing the certified process server against any damage arising from any actionable misconduct, error or omission on the part of the applicant. DID NOT PASS
HB 604 – Malt Beverage Brewers. Provides that the commissioner may authorize any licensee which is a brewer of malt beverages to sell the malt beverages it manufactures at retail in a tasting room on the premises of the licensee for consumption on the premises and in closed packages for consumption off the premises, and to sell the malt beverages it manufactures at retail for consumption on the premises of a tasting room and in closed packages for consumption off the premises of a tasting room at one additional location in this state. A surety bond shall be required as a condition upon issuance of a license in such amount approved by the commissioner, not to exceed $5,000 for brewers ($500 for retailers). DID NOT PASS
SB 53 – Special Officers. Relates to secondary metals recyclers and general provisions for public utilities and public transportation; provides for the Governor to appoint certain special officers for the purposes of investigating thefts of public utility property; requires appointed special officers to post a $1,000 bond conditioned upon faithful performance of duties. DID NOT PASS
SB 123 – Pharmacy Benefit Managers. Provides that every applicant shall file and maintain in force a bond in the amount of $100,000, the terms of which shall be established by rules and regulations. VETOED
SB 131 – Trustees. Relates to wills, trusts and estates; provides that a trustee is not required to give bond unless the trust instrument requires it or a bond is found by the court to be necessary to protect the interests of the beneficiaries or creditors of the trust. DID NOT PASS
SB 149 – Athlete Agents. Terminates the Georgia Athlete Agent Regulatory Commission and shifts the responsibilities for regulating athlete agents to the Secretary of State; still requires athlete agents to file a $10,000 bond. DID NOT PASS
SB 184 – Payment Bonds. Relates to rights of certain parties claiming protection under a payment bond or security deposit and notice of commencement of work. DID NOT PASS
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HB 1470 – Threshold. Provides that procurements of less than $100,000 for goods or services, or $250,000 for construction shall be made in accordance with procedures. Procurements of greater than $50,000 for construction shall require security by a performance bond in an amount equal to 100% of the price specified in the contract, or shall otherwise be secured by a performance bond in a manner satisfactory to the purchasing agency. (5-8-09: Enrolled; transmitted to the Governor)
SB 21 – Construction Contracts. Creates temporary exemptions in procurement and rule making statutes for programs, services and benefits using funds allocated to the state by the American Recovery and Reinvestment Act of 2009; provides that contracts shall include security for bid, payment and performance bonds when the estimated contract is $50,000 or more. (5-8-09: Enrolled; transmitted to the Governor)
SB 887 – Escrow Depository. Revises the escrow depository law to: (1) clarify which escrow transactions are covered by the statute and which are not; (2) update the statute to adequately reflect the present day size of the transactions routinely handled by the industry; (3) provide for more flexibility in supervising and regulating the industry; and (4) ensure adequate protection for the consumer. An escrow depository shall maintain at all times a bond given to the commissioner in the penal sum of not less than $200,000 (currently $100,000). A fidelity bond or fidelity insurance deposit is also required to cover all of its directors, officers and employees who have access to money, negotiable securities or instruments in their possession or under their control. The bond shall be in an amount not less than $125,000. (4-28-09: In Senate; conference committee deferred the measure)
SB 1218 – Mortgage Loan Originators. Requires each mortgage loan originator to be covered by a surety bond in an amount that reflects the dollar amount of loans originated as determined by the commissioner. In the event that the originator is an employee or exclusive agent of a person subject to this chapter, the surety bond of that person may be used in lieu of the originator’s surety bond. (5-8-09: Enrolled, transmitted to the Governor)
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HB 28 – NEW LAW (signed by the Governor on 3-3-09; S.L. Ch. 23; Eff. 7-1-09): Liquor Manufacturers. Requires applicants for a manufacturer’s license to post a $1,000 bond (no change), conditioned for the faithful observation of the provisions of this act and the rules of the Idaho State Liquor Division (formerly the Idaho State Liquor Dispensary).
HB 32 – NEW LAW (signed by the Governor on 4-3-09; S.L. Ch. 93; Eff. 7-1-09): Promoters. Adds provision for “other form of financial security.” |
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HB 163 – Prevailing Wage. Amends the Prevailing Age Act; provides that when a public body or other entity has awarded work to a contractor without a public bid, contract or project specification, such public body or other entity shall comply with Subsection (A-1) by providing the contractor with written notice on the purchase order related to the work to be done or on a separate document indicating that not less than the prevailing rate of wages shall be paid to all laborers, workers and mechanics performing work on the project. (6-17-09: Sent to the Governor)
HB 271 – Community Association Managers. Creates the Community Association Manager Act; provides that a licensee or the firm with which the licensee is employed shall not have access to and disburse funds of a community association unless each of the following conditions occur: (1) there is fidelity insurance in place to insure against loss for theft of association funds; (2) the coverage is not less than all moneys under the limit of the licensee for the association; (3) the insurance covers the licensee and all partners, officers, and employees of the firm with whom the licensee is employed during the term of the coverage, as well as the association officers, directors, and employees;... (5-8-09: In Senate; Senate Committee Amendment No. 1 Rule 3-9(a)/re-referred to Assignments) COMPANION: SB 1579
HB 274 – Public Adjusters. Provides that prior to the issuance of a license and for the duration of the license, the applicant shall secure evidence of financial responsibility through a security bond or irrevocable letter of credit in the minimum amount of $20,000. (4-3-09: In House; Rule 19(a), re-referred to Rules Committee
HB 335 – Residential Building General Contractors. Provides for the registration of residential building general contractors with the Department of Labor beginning January 1, 2010. Establishes the Residential Building General Contractor Board. Sets forth powers and duties of the Department and the Board, registration requirements, grounds for discipline, civil and criminal penalties for violation of the Act, and administrative procedure. Includes provisions concerning exemption from the Act and local building permits. Provides that the Act does not limit the power of a unit of local government from regulating or licensing the practice of residential building general contracting in a stricter manner. Amends the Regulatory Sunset Act to set a repeal date of January 1, 2020 for the new Act. Amends the State Finance Act to create the Residential Building Contractor Fund. (3-13-09: In House; Rule 19(a), re-referred to Rules Committee)
HB 344 – Retainage. Amends the Contractor Prompt Payment Act; provides that under a construction contract, it is unlawful to withhold more than 5% retainage on payments earned by contractors and subcontractors, and that upon completion of 50% of the work, retainage must be reduced to an amount not to exceed 2.5%. (5-17-09: In Senate; Senate Committee Amendment No. 2 Assignments refers to Executive)
HB 434 – Household Goods Transporters. Provides that the minimum amount of insurance or surety coverage for all contracts for the transportation of household goods by a household goods common or contract carrier shall be at least 2.5 times the estimated total value of the household goods being moved. The common or contract carrier must provide written proof of insurance or surety coverage in that amount to the person whose household goods are being moved. (2-19-09: In House; motion prevailed by voice vote; tabled by Sponsor Rep. Ford)
HB 734 – Cigarette Retailers. Creates the Cigarette Delivery Sales Reporting Act; requires a retailer of cigarettes or tobacco products to obtain a retailer’s license. Commencing on January 1, 2010, no person may engage in business as a retailer of cigarettes without first having obtained a retailer’s license from the Department of Revenue. The Department may, in its discretion, require an applicant to file a joint and several bond in an amount of not less than $2,500, conditioned upon the true and faithful compliance with all of the provision of this act. A separate bond is required for each place of business. (3-13-09: In House; Rule 19(a), re-referred to Rules Committee) COMPANION: SB 317
HB 1076 – Public Construction Bonds. Amends the Public Construction Bond Act; provides that refund of a cash bond is subject to satisfaction of the requirements of the bond; that bonds, irrevocable letters of credit, surety bonds, and letters of commitment are deemed to contain undertakings set forth in the Act, and persons furnishing material or performing labor have a right to sue thereon. (4-3-09: In House; Rule 19(a)/re-referred to Rules)
HB 2284 – Personal Property Warehouseman. Amends the Personal Property Storage Act; provides for administration of the Act by the Illinois Commerce Commission (instead of the Department of Agriculture); provides that the bond or insurance policy shall be in the amount set by the Commission by rule. (6-17-09: Sent to the Governor)
HB 3876 – Motor Fuel Distributor. The Department shall fix the penalty of the bond, taking into consideration the amount of motor fuel expected to be sold, distributed, exported and used by the applicant, and shall be such that will protect the State of Illinois against failure to pay the amount hereinafter provided on motor fuel sold, distributed, exported, and used, but the amount shall not exceed twice the monthly amount that would be collectable as a tax in the event of a sale on all the motor fuel sold, distributed, exported, and used by the distributor inclusive of tax-free sales, exports, use, or distribution. (3-13-09: In House; Rule 19(a), re-referred to Rules Committee)
HB 4011 – Mortgage Loan Originators. Provides that each mortgage loan originator shall be covered by a surety bond. In the event that the mortgage loan originator is an employee or exclusive agent of a person subject to this act, the surety bond of such person can be used in lieu of the originator’s surety bond requirement. The director may promulgate rules or regulations with respect to the requirements for surety bonds. The penal sum of the surety bond shall be maintained in an amount that reflects the dollar amount of loans originated as determined by the director. (5-30-09: In House; Senate Committee Amendment No. 2 – House concurs; Senate Floor Amendment No. 3 – House concurs; passed both Houses)
HB 4135 – The Sureties Act. Amends the Sureties Act; provides that the Act applies to sureties who share primary liabilities with their principals on promissory notes or performance or other contracts, and whose primary liabilities originate from the contracts of their principals. Provides that the Act does not apply to guarantors of payment or guarantors of collection who undertake obligations to pay creditors of principal debtors, but whose obligations are not primary liabilities or are otherwise created by contracts that are separate from the contractual obligations of the principals. (3-26-09: In House; motion prevailed by voice vote; tabled by sponsor Rep. Rose)
HB 6734 – Payday Loan Providers. Amends the Payday Loan Reform Act. Provides that a person or entity engaged in making payday or small consumer loans under this Act shall post a bond in the amount of $50,000 for each location where loans will be made, up to a maximum bond amount of $500,000. (1-12-09: In House; first reading, referred to Rules Committee)
SB 43 – Prevailing Wage. Amends the Prevailing Wage Act. Provides that a public body or other entity shall also require in all contractor’s and subcontractor’s bonds that the contractor or subcontractor include such provision as will guarantee the faithful performance of such prevailing wage clause as provided by contract or other written instrument. (5-31-09: In House; final action deadline extended to 11-30-09)
SB 137 – Electricians and Electrical Contractors. Creates the Electricians Licensing Act; provides for the regulation of electricians and electrical contractors by the Department of Labor; sets forth licensure requirements; requires contractors to give bond in an amount to be determined by the Department. The bond shall be in lieu of all other license bonds to any political subdivision. (3-13-09: In Senate; Rule 3-9(a), re-referred to Assignments)
SB 317 – Cigarette Retailers. Creates the Cigarette Delivery Sales Reporting Act; requires a retailer of cigarettes or tobacco products to obtain a retailer’s license. Commencing on January 1, 2010, no person may engage in business as a retailer of cigarettes without first having obtained a retailer’s license from the Department of Revenue. The Department may, in its discretion, require an applicant to file a joint and several bond in an amount of not less than $2,500, conditioned upon the true and faithful compliance with all of the provision of this act. A separate bond is required for each place of business. (4-3-09: In Senate; Rule 2-10, third reading deadline established as 4-30-09; Senate Committee Amendment No. 3, Rule 3-9(a), re-referred to Assignments; Senate Committee Amendment No. 4, Rule 3-9(a), re-referred to Assignments) COMPANION: HB 734
SB 1579 – Community Association Managers. Creates the Community Association Manager Act; provides that a licensee or the firm with which the licensee is employed shall not have access to and disburse funds of a community association unless each of the following conditions occur: (1) there is fidelity insurance in place to insure against loss for theft of association funds; (2) the coverage is not less than all moneys under the limit of the licensee for the association; (3) the insurance covers the licensee and all partners, officers, and employees of the firm with whom the licensee is employed during the term of the coverage, as well as the association officers, directors, and employees;... (5-30-09: Passed both Houses) COMPANION: HB 271
SB 1704 – Nursing Home Care Facility. Provides that each facility shall purchase a surety bond, or otherwise provide assurance satisfactory to the Departments of Public Health and Financial and Professional Regulation that all residents’ personal funds deposited with the facility are secure against loss, theft, and insolvency. (6-12-09: Sent to the Governor)
SB 1887 – Electrical Contractors. Creates the Non-Home Rule Counties Electrical Contractors Licensing Act; specifies the powers and duties of the governmental unit; unless exempt, provides that no contractor shall perform electrical work unless he or she is licensed according to the Act; requires the contractor to give bond in an amount to be determined by the office, and the bond shall be in lieu of all other license bonds to any political subdivision. (3-13-09: In Senate; Rule 3-9(a), re-referred to Assignments)
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HB 1074 – Confined Feeding Operations. Provides that license applicants must submit evidence of financial assurance, maintained in accordance with and in amounts established by rules adopted under Section 4 of this chapter, which must be in the form of a performance bond, a negotiable certificate of deposit or a negotiable letter of credit, conditioned upon faithful performance and compliance. (2-25-09: In Senate; first reading, referred to Committee on Energy and Environmental Affairs)
HB 1219 – NEW LAW (signed by the Governor on 5-1-09; Eff. 7-1-09): Grain Buyers and Warehouse Licensing. Makes various changes regarding the grain buyers and licensing warehouse agency; makes changes to the definition of “warehouse”; allows the grain buyers and warehouse licensing agency to accept other forms of surety to show a grain buyer’s or warehouse’s net worth that are permitted under the rules of the agency.
HB 1376 – NEW LAW (signed by the Governor on 5-12-09; Eff. 7-1-09): Automotive Mobility Dealers. Provides that automotive mobility dealers must be licensed with the Secretary of State in order to sell, service or install adapted vehicles; requires an applicant to be an automobile auctioneer, a converter manufacturer, a dealer, a distributor, a distributor branch, a distributor representative, a factory branch, a factory representative, a manufacturer, a transfer dealer, a wholesale dealer or an automotive mobility dealer; requires applicants to maintain a $25,000 bond which must be in favor of the state and secure payment of fines, penalties, costs and fees assessed by the Secretary of State.
HB 1514 – NEW LAW (signed by the Governor on 5-13-09; P.L. 176; various effective dates): Public Officials. Increases the required surety bond for certain officials, and provides that the State Board of Accounts may require a higher surety bond for officials who have engaged in malfeasance, misfeasance or nonfeasance that resulted in the misappropriation of, diversion of or inability to account for public funds.
HB 1612 – Financial Institutions, Debt Management Companies, Pawnbrokers, etc. Makes various changes to the laws concerning financial institutions, debt management companies, pawnbrokers, money transmitters, check cashers, persons licensed under the Uniform Consumer Credit Code, and rental purchase agreements. Provides that each application for a debt management company license shall be accompanied by proof that the applicant has executed a bond payable to the department in an amount determined by the director and in accordance with the standards adopted by the director. (4-21-09: In Senate; Senate conferees appointed; Senate advisors appointed)
HB 1634 – Mortgage Loan Creditors and Originators. Makes various changes to the laws concerning licensing residential mortgage loan creditors and originators to comply with requirements of the federal S.A.F.E. for Mortgage Licensing Act of 2008; provides that each creditor and originator must be covered by a surety bond in an amount that reflects the dollar amount of the mortgage transactions originated as determined by the director. (4-23-09: In Senate; Senate conferees and advisors appointed)
HB 1646 – NEW LAW (signed by the Governor on 5-12-09; Eff. 1-1-2010): Loan Brokers. Provides that a loan broker must maintain a bond which must cover the activities of each licensed mortgage loan originator and licensed principal manager employed by the loan broker licensee. The bond must be in one of the following amounts, depending on the total amount of residential mortgage loans originated by the loan broker in the previous calendar year: (1) $50,000 if the total was not greater than $5,000,000; (2) $60,000 if the total was greater than $5,000,000 but less than $20,000,000; or (3) $75,000 if the total was greater than $20,000,000.
SB 160 – NEW LAW (signed by the Governor on 5-13-09; P.L. 160; Eff. 7-1-09): Boxing. Changes the State Boxing Commission to the State Athletic Commission; requires the Indiana Gaming Commission to oversee the State Athletic Commission; requires the State Athletic Commission to regulate unarmed combat matches and exhibitions; allows the State Athletic Commission to adopt rules to regulate the conduct of mixed martial arts, martial arts and professional wrestling.
SB 458 – Motor Vehicle Merchandising. Requires certain motor vehicle merchandising licensees to maintain a $25,000 bond. (1-14-09: In Senate; introduced; first reading, referred to Committee on Corrections, Criminal and Civil Matters)
SB 572 – Mortgage Loan Originators. Provides that each creditor and mortgage loan originator must be covered by a surety bond in an amount that reflects the dollar amount of mortgage transactions originated as determined by the director. (2-25-09: In House; first reading, referred to Committee on Financial Institutions)
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HB 400 – NEW LAW (signed by the Governor on 4-24-09; Eff. 7-1-09): Fire Sprinkler Installer and Maintenance Workers. Requires applicants to be licensed and bonded in an amount determined sufficient by the department by rule.
SB 270 – NEW LAW (signed by the Governor on 3-16-09; Eff. 7-1-09): Postsecondary Schools. Transfers the authority to register postsecondary schools from the Secretary of State to the College Student Aid Commission, thus changing where the bonds are filed and cancellation notices are sent; bond amount remains at $50,000.
SB 355 – NEW LAW (signed by the Governor on 4-15-09; various effective dates): Mortgage Loan Originators. Provides that mortgage loan originators shall be covered by a surety bond unless the superintendent establishes a recovery fund into which the mortgage loan originator makes payments. The bond shall be maintained in an amount that reflects the dollar value of loans originated as determined by the superintendent. |
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HB 2052 – NEW LAW (approved by the Governor on 4-13-09): Public Adjuster. Provides that prior to issuance of a public adjuster license and for the duration of the license, the commissioner may require the applicant to furnish evidence of financial responsibility by means of a surety bond in a reasonable amount as the commissioner may require or an irrevocable letter of credit.
HB 2260 – NEW LAW (approved by the Governor on 4-23-09): Home Inspectors. Amends the Kansas Home Inspectors Professional Competence and Financial Responsibility Act; requires home inspectors to be registered and post a $10,000 surety bond.
HB 2292 – NEW LAW (approved by the Governor on 4-20-09): Loan Brokers. Requires applicants to file a surety bond in the amount of $50,000; however, the bond may be increased up to $1,000,000 as further defined by rules and regulations adopted by the commissioner.
SB 240 – NEW LAW (approved by the Governor on 3-27-09): Loan Originator. Provides that each applicant or licensee who maintains a bona fide office shall file a surety bond in the amount of not less than $50,000; the bond shall be in an amount established by the commissioner by rules and regulations. |
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HB 106 – NEW LAW (signed by the Governor on 3-27-09): Mortgage Loan Companies, Loan Brokers and Loan Originators. Provides that each mortgage loan company, mortgage loan broker and mortgage loan originator shall post or be covered by a surety bond for the entire licensure or registration period in an amount prescribed by the executive director, but in no event shall the bond be less than $250,000 for mortgage loan companies and $50,000 for mortgage loan brokers.
HB 173 – NEW LAW (signed by the Governor on 3-24-09): Grain Purchasers. Establishes guidelines that must be met for persons purchasing grain valued at more than $1,000,000 with a calendar month.
HB 262 – NEW LAW (signed by the Governor on 3-17-09): Sheriffs. Relates to property tax collection; provides that the sheriff shall execute a bond annually in the minimum sum of $10,000, conditioned on the faithful performance of his or her duties and to pay over to the proper person and at the proper time all money collected.
HB 444 – NEW LAW (signed by the Governor on 3-25-09): Deferred Deposit Transactions. Expands the tiers for financial security based on the number of business locations. The amount of the bond or irrevocable letter of credit shall be: one location - $50,000; 2-5 locations - $100,000; 6-10 locations - $150,000; 11-20 locations - $200,000; 21-30 locations - $300,000; 31-40 locations - $400,000; and more than 40 locations - $500,000.
HB 462 – NEW LAW (signed by the Governor on 3-20-09): Warehouseman/Grain Dealer. Allows a warehouseman to use a warehouse receipt for temporary surety until permanent surety is issued; removes the cap of $100,000 for the bonding requirements of a licensed grain dealer and increases the minimum letter of credit requirement for an incidental grain dealer from $1,000 to $10,000
HB 496 – Notary. Provides for a $1,000 notary bond that would still be filed at the county level. (3-10-09: In Senate; referred to Licensing, Occupations & Administrative Regulations) DEAD
HB 539 – Notary. Requires notaries to file a $1,000 bond with the county clerk’s office of the county of the notary’s residence or primary place of business. (2-24-09: In House; referred to Judiciary) DEAD |
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HB 54 – Public Works Projects. Revises surety provisions for public works projects. Provides that in the event the primary writer of the surety bond does not satisfy any of the qualifications set forth in item (1) of this subparagraph, but a secondary surety does, then the secondary surety may become primary for the purposes of satisfying the applicable requirements. (4-27-09: In House; read by title, under the rules, referred to Committee on Transportation, Highways and Public Works)
HB 704 – NEW LAW (signed by the Governor on 6-18-09; Act No. 101; Eff. 1-1-10): Home Service Contract Providers. Requires home service contract providers to be registered and to provide financial security. In order to assure the faithful performance, each provider shall comply with one of the following requirements: (1) maintain a funded reserve account, or (2) place in trust with the commissioner a financial security deposit, having a value of not less than 5% of the gross consideration received, then less claims paid, on the sale of the service contract for all service contracts issued and in force, but not less than $25,000, consisting of a surety bond or securities.
HB 810 – Mortgage Loan Originators, etc. Provides for changes to the regulation of residential mortgage lending institutions. (6-24-09: Enrolled and signed by the Speaker of the House)
SB 151 – NEW LAW (signed by the Governor on 6-18-09; Act No. 80; Eff. 8-15-09): Notary Education Provider. Requires providers to post a $25,000 bond. |
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HB 144 – NEW LAW (signed by the Governor on 4-30-09): Exchange Facilitators. Provides that an exchange facilitator shall at all times comply with one or more of the following: (A) maintain a fidelity bond(s) in an amount not less than $250,000; (B) deposit an amount of cash or securities or irrevocable letters of credit in an amount not less than $250,000 in an interest-bearing deposit account or a money market account; or (C) deposit all exchange funds in a qualified escrow account or trust.
HB 895 – Debt Management Service Providers. Requires providers to file a surety bond in the amount of $50,000 or other larger or smaller amount that the administrator determines is warranted by the financial condition and business experience of the provider, the history of the provider in performing debt management services, the risk to individuals and any other factor the administrator considers appropriate. (6-15-09: In Senate; carried over to any special or regular session of the 124th Legislature)
HB 944 – NEW LAW (signed by the Governor on 6-3-09): Refund Anticipation Loan Facilitators. Requires persons acting as facilitators of refund anticipation loans to register with the Bureau of Consumer Credit Protection and post bonds ($10,000) for the protection of consumers.
SB 523 – NEW LAW (signed by the Governor on 6-11-09; emergency measure): Mortgage Loan Originators. Provides that mortgage loan originators must be covered by a surety bond in an amount established by rule. |
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HB 1195 – NEW LAW (approved by the Governor on 4-14-09; Ch. 170; Eff. 4-14-09): Wholesale Drug Distributors. Provides that an applicant for a wholesale distributor permit shall submit a surety bond or other equivalent means of security, i.e., irrevocable letter of credit or a deposit in a trust account or financial institution, in the amount of $100,000 if the annual gross receipts for the previous year are $10,000,000 or more, or $50,000 if they are less than $10,000,000.
SB 86 – NEW LAW (signed by the Governor on 5-7-09; Ch. 361; Eff. 10-1-09): Title Insurance Producers. Provides that in addition to meeting any of the applicable requirements for a license to act as a title insurance producer, the applicant shall file a blanket fidelity bond covering appropriate employees and title insurance producer independent contractors, and a blanket surety bond or a letter of credit. Unless the commissioner approves a lesser amount, each bond or letter of credit shall be in the amount of $150,000 (currently $100,000). The commissioner may adopt regulations that specify when it is appropriate for a bond or letter of credit to be less than $150,000. The commissioner shall make a specific finding that states the reason for accepting a bond or letter of credit for less than $150,000.
SB 269 – NEW LAW (approved by the Governor on 4-14-09; Ch. 4; Eff. 7-1-09): Mortgage Lenders and Mortgage Loan Originators. Alters provisions of law regulating mortgage lenders and mortgage loan originators to conform to the requirements of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2009; establishes certain education, testing and surety bond requirements for certain applicants and licensees. |
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HB 255 – Barber School. Provides that every permittee shall, before commencing business, give to the state treasurer a bond in such amount as shall be determined and approved by the governor and council, conditioned upon the faithful compliance by himself in the conduct of said school or college with all the provisions of said sections and of all rules and regulations made under authority thereof, and to pay all judgments that may be obtained against said school or college or the owners or managers thereof on account of fraud, misrepresentation or deceit practiced by themselves, their agents, servants or employees. (1-19-09: Filed as House Docket 237)
HB 290 – Vendors. Provides that every vendor providing retail sales or services in a booth, tent, table, kiosk or other space that is not the vendor’s fixed building site shall obtain a surety bond, guaranteeing repayment of a consumer’s purchase price in the event of a return by a consumer. Every bond shall be written to guarantee a minimum return amount of up to $1,000 for a single purchase. (1-19-09: Filed as House Docket 3930)
HB 883 – Motor Vehicle Glass Repair Shop. Provides that applicants shall post a bond in the sum of $10,000, payable to the deputy director or his successors, conditioned on applicant's compliance with the provisions of this chapter. The bond shall guarantee the payment of all fines and penalties incurred by applicant as a registered motor vehicle glass repair shop for his violations of the said provisions, and also guarantee the payment or satisfaction of any final judgments on claims by creditors against the registered motor vehicle glass repair shop arising in connection with business done under a certificate or registration granted under this chapter, all such payments under said bond to be limited to the amount of said bond. (1-19-09: Filed as House Docket 520)
HB 970 – Money Transmitters. Provides that except as otherwise provided in subsection (b), a surety bond, letter of credit or other similar security acceptable to the commissioner in the amount of $50,000 plus $10,000 per location, not exceeding a total addition of $450,000, must accompany an application for a money transmitter license. (1-19-09: Filed as House Docket 506)
HB 980 – Mortgage Loan Originators. Adopts the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008. Provides that each mortgage loan originator shall be covered by a surety bond, the penal sum of which shall be maintained in an amount that reflects the dollar amount of loans originated as determined by the commissioner. In the event that the mortgage loan originator is an employee or exclusive agent of a person subject to Chapter 255E, the surety bond of such person can be used in lieu of the mortgage loan originator’s surety bond requirement. (1-19-09: Filed as House Docket 921)
HB 1855 – Employment Agencies. Provides that each person licensed to carry on the business of an employment agency shall deposit with the commissioner a bond in a penal sum of $3,000. (1-19-09: Filed as House Docket 3573)
HB 1922 – Public Guardianship Commission. Provides that notwithstanding any other law to the contrary, neither the commission nor any fiduciary agency shall be required to file a bond in individual cases in which the commission or a fiduciary agency is appointed to act in a fiduciary capacity, but shall give a bond for the joint benefit of all persons for whom the commission or fiduciary agency is appointed to act in an amount not less than the value of all assets held by the commission and such contracted fiduciary agencies as of the last day of the most recent fiscal year, but at no time less than $50,000. Such bond shall be filed with the chief judge of the Probate and Family Court Department, and a copy thereof shall be filed with the register of probate of each division of said court in which the commission or a fiduciary agency has been appointed to serve in a fiduciary capacity. The state treasurer may, subject to appropriation, set aside sufficient funds for the purpose of providing a surety for the commission's bond pursuant to this section. (1-19-09: Filed as House Docket 151)
SB 107 – Irrigation Contractors. Provides that in order to register for an original business permit or renewal of a business permit, applicants are required to provide proof of liability and workers compensation policies, surety bond, irrevocable letter of credit and that at least one certified irrigation contractor is employed by the applicant. (1-19-09: Filed as Senate Docket 164)
SB 149 – Second Hand Dealers. Provides that the licensee shall file with the authorities who issue the license a bond to such city or town, in the sum of $300, with two sureties approved by such authorities, and conditioned for the faithful performance of the duties and obligations pertaining to the business so licensed. (1-19-09: Filed as Senate Docket 1366)
SB 151 – Ticket Resellers. Provides that no license shall be issued unless the applicant deposits with the commissioner a $100,000 bond for the faithful compliance, such bond to run to the Commonwealth and to be in force during the term of the license. Any person from whom a ticket reseller has unjustly withheld a refund may bring an action upon the bond and may recover upon such bond for his own benefit up to the amount of the withheld ticket less any fees associated with the purchase of said ticket. (1-19-09: Filed as Senate Docket 104)
SB 452 – Mortgage Loan Originators. Adopts the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008. Provides that each mortgage loan originator shall be covered by a surety bond, the penal sum of which shall be maintained in an amount that reflects the dollar amount of loans originated as determined by the commissioner. In the event that the mortgage loan originator is an employee or exclusive agent of a person subject to Chapter 255E, the surety bond of such person can be used in lieu of the mortgage loan originator’s surety bond requirement. (1-19-09: Filed as Senate Docket 1386)
SB 738 – Public Guardianship Commission. Provides that notwithstanding any other law to the contrary, neither the commission nor any fiduciary agency shall be required to file a bond in individual cases in which the commission or a fiduciary agency is appointed to act in a fiduciary capacity, but shall give a bond for the joint benefit of all persons for whom the commission or fiduciary agency is appointed to act in an amount not less than the value of all assets held by the commission and such contracted fiduciary agencies as of the last day of the most recent fiscal year, but at no time less than $50,000. Such bond shall be filed with the chief judge of the Probate and Family Court Department, and a copy thereof shall be filed with the register of probate of each division of said court in which the commission or a fiduciary agency has been appointed to serve in a fiduciary capacity. The state treasurer may, subject to appropriation, set aside sufficient funds for the purpose of providing a surety for the commission's bond pursuant to this section. (1-19-09: Filed as Senate Docket 1633)
SB 2019 – Contract Threshold. Provides that for contracts which are funded in whole or in part by the American Recovery and Reinvestment Act of 2009, Section 39M of Chapter 30 of the General Laws shall only apply if the contract is estimated to cost more than $50,000 but not more than $100,000; increases the threshold for projects requiring payment bonds to $25,000. (4-7-09: In Joint Committee on Economic Development and Emerging Technologies; heard; eligible for Executive Session) |
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HB 4536 – Proprietary Schools. Provides that a proprietary school shall provide the Department of Energy, Labor and Economic Growth (currently the board) with evidence of surety. (6-16-09: In Senate; referred to Committee on Economic Development and Regulatory Reform)
HB 4890 – Viatical Settlement Providers. Requires an applicant for licensure as a viatical settlement provider to provide proof of financial responsibility through one of the following means: (A) submitting audited financial statements showing a minimum equity of not less than $250,000 in cash or cash equivalents, or (B) submitting audited annual financial statements showing positive equity and one of the following: (i) a surety bond in the amount of $250,000, or (ii) an unconditional and irrevocable letter of credit, deposit of cash, or securities, etc. (5-19-09: In Senate; referred to Committee on Economic Development and Regulatory Reform)
SB 157 – Animal Waste Haulers. Requires licensees to maintain a bond in an amount not less than $25,000, conditioned upon compliance with applicable state and federal laws, rules and regulations. (1-29-09: In Senate; referred to Agriculture)
SB 379 – NEW LAW (approved by the Governor on 4-9-09; PA 0012’09; effective immediately): Mortgage Brokers, Lenders, etc. Provides that a licensee as a mortgage broker or mortgage lender shall not employ or engage an individual as a loan officer to originate mortgage loans or secondary mortgage loans unless he or she is a loan officer or secondary mortgage loan officer registrant under the appropriate act. This bill was enacted along with SB 380 and SB 381.
SB 462 – Mortgage Loan Originators. Provides that each mortgage loan originator must provide to the commissioner or be covered by a surety bond that meets the requirements of this section. If the originator is an employee or exclusive agent of a person subject to this act and that person has provided a surety bond, the commissioner may accept that surety bond in lieu of the originator’s bond obligation. Bond amounts are based on loans closed. (6-24-09: Passed roll call; in House; read first time, referred to Committee on Banking and Financial Services)
SB 464 – Mortgage Brokers and Lenders. Makes changes to the applicable acts to comply with federal SAFE act requirements. (6-24-09: Passed roll call; in House; read first time, referred to Committee on Banking and Financial Services)
SB 628 – Motorcycle Training Sponsor. Creates a new act. Provides that a surety bond shall be maintained without interruption to protect the contractual rights of students. The bond of a sponsor with 499 or fewer students in a calendar year shall be in the amount of $10,000; 500 or more students, $20,000. (6-9-09: In Senate; referred to Committee on Transportation) |
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HF 804 – NEW LAW (approved by the Governor on 5-22-09; Ch. 150): Conservators/Guardians. Provides that in any proceeding where the value of the personal property of the estate of the proposed protected person, in the initial inventory of the estate filed by the conservator, is expected to be at least $10,000, the court shall require the conservator to post a bond. The bond requirement does not apply to conservators appointed before August 1, 2009.
HF 1275 – NEW LAW (approved by the Governor on 5-19-09; Ch. 109): Subsurface Sewage Treatment System Installers. Provides that licenses may be issued only upon submission of general liability insurance, a corporate surety bond in the amount of at least $10,000, and the name of the individual who will be the designated certified individual for that business. The bond may be for both plumbing work and subsurface sewage treatment work if the bond complies with the requirements of this section and Section 326B.46, Subdivision 2.
HF 1362 – NEW LAW (approved by the Governor on 5-14-09; Ch. 79; Eff. 7-1-09): Personal Care Assistance Provider Agencies. Requires applicants to provide proof of surety bond coverage in the amount of $50,000 or 10% of the provider’s payments from Medicaid in the previous year, whichever is less, and proof of fidelity bond coverage in the amount of $20,000.
HF 2123 – NEW LAW (approved by the Governor on 5-7-09; Ch. 37; Eff. 9-1-09): Residential Mortgage Originators. Requires applicants to submit a surety bond or irrevocable letter of credit in the amount of not less than $50,000.
SF 1539 – NEW LAW (approved by the Governor on 5-12-09; Ch. 62; Eff. 8-1-09): Viatical Settlement Providers/Brokers. Provides that applicants shall demonstrate evidence of financial responsibility through either a surety bond or a deposit of cash, certificates of deposit, or securities or any combination thereof, in an amount to be determined by the commissioner.
SF 1910 – NEW LAW (approved by the Governor on 5-12-09; Ch. 63; Eff. 7-1-10): Public Adjusters. Provides that no initial or renewal public adjuster’s license shall be issued to any applicant unless there is on file with the commissioner a good and sufficient surety bond in the amount of $10,000, conditioned for the prompt payment to any person entitled thereto, other than a partner or associate of the applicant, of any amounts received by the applicant, or to protect any person from loss resulting from fraud, dishonesty, forgery or theft in connection with the applicant’s duties. |
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HB 777 – NEW LAW (approved by the Governor on 3-26-09; Eff. 11-1-09): Lines of Insurance. Revises insurance producer licensing laws for national uniformity.
SB 2856 – NEW LAW (approved by the Governor on 3-31-09; Eff. 7-1-09): Auctioneers. Establishes two classes of auctioneers’ licenses, auctioneer and auction firm. Each class has a $10,000 bond requirement.
SB 2983 – NEW LAW (approved by the Governor on 4-15-09; Eff. 7-31-09): Mortgage Loan Originators. Provides that each mortgage loan originator shall be covered by a surety bond in an amount that reflects the dollar amount of loans originated as determined by the commissioner, but shall not exceed $25,000 for a mortgage broker or $150,000 for a mortgage lender. If the mortgage loan originator is an employee or exclusive agent of a person subject to this chapter, the surety bond of that person may be used in lieu of the mortgage loan originator’s surety bond requirement.
SB 3050 – NEW LAW (approved by the Governor on 3-30-09; Eff. 7-1-09): Public Officials. Increases bonds required of various deputy officials and public employees to an amount not less than $50,000. |
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HB 311 – Charter Schools. Amends laws relating to charter schools; provides that the chief financial officer of a charter school shall maintain a surety bond in an amount determined by the sponsor to be adequate based on the cash flow of the school, or an insurance policy on all employees in the amount of $500,000 or more that provides coverage in the event of employee theft. (5-15-09: In House; referred to Committee on Elementary and Secondary Education) COMPANION: SB 79
HB 336 – Debt Management Service Providers. Establishes the Uniform Debt Management Services Act; requires service providers to file a surety bond with the administrator in the amount of $50,000 or other larger or smaller amount that the administrator determines is warranted by the financial condition and business experience of the provider; requires the bond to remain in effect for two years after the provider ceases business. (5-15-09: In House; referred to Committee on Financial Institutions)
HB 382 – Mortgage Loan Originators and Mortgage Brokers. Establishes a mortgage loan originator licensing system and modifies provisions relating to mortgage brokers; provides that each mortgage loan originator shall be covered by the surety bond for the Missouri licensed mortgage broker supervising the originator. The penal sum of the bond shall be in an amount that reflects the dollar amount of loans originated as determined by the director but not less than $50,000 or more than $1,000,000. (4-21-09: In Senate; truly agreed to and finally passed; emergency clause adopted) COMPANION: SB 360
HB 714 – Residential Mortgage Licensees. Modifies provisions relating to the Residential Mortgage Brokers License Act; provides that every licensee, with respect to any person appointed or elected to any position requiring the receipt of payment, management or use of money belonging to a residential mortgage licensee engaged in the activities of originating, servicing or purchasing mortgage loans, or whose duties permit him or her to have access to or custody of any of its money or securities or custody of any money or securities belonging to third parties, or whose duties permit him or her regularly to make entries in the books or other records of a licensee, shall maintain a fidelity bond in the amount of $100,000. Each bond shall be for any loss the licensee may sustain in money or other property through the commission of any dishonest or criminal act or omission by any person required to be bonded, whether committed alone or in concert with another. (5-15-09: In House; referred to Committee on Financial Institutions)
HB 915 – Grain Dealers. Increases the amount of the surety bond that the Department of Agriculture must require of a licensed grain dealer with one or multiple licenses from between $20,000 and $300,000 to between $50,000 and $1 million. The formula for determining the amount of the surety bond is changed from between 1% and 5% to not less than 2% of the aggregate dollar amount paid by the grain dealer during the previous fiscal year for grain purchased in Missouri and from states which Missouri has entered into contracts or agreements. (4-27-09: In Senate; second read and referred to Committee on Agriculture, Food Product and Outdoor Resources)
HB 967 – Real Estate Appraisers. Establishes laws regulating real estate appraisal management companies; provides that a surety bond in the amount of $250,000 shall accompany each registration to secure the faithful performance of the obligations of the registrant in connection with the activities of real estate appraising. (3-31-09: In House; Rules - reported Do Pass)
HB 979 – Special Event Motor Vehicle Auctions. Provides that every applicant for a special event motor vehicle auction license shall furnish a corporate surety bond or an irrevocable letter of credit in the sum of $100,000, conditioned upon the applicant complying with the provisions of the statutes, and indemnifying against any loss sustained by reason of the acts of the person bonded when such acts constitute grounds for the revocation or denial of a special event auction license. (4-8-09: In House; Executive Session completed; voted Do Pass, referred to Committee on Rules)
SB 79 – Charter Schools. Amends laws relating to charter schools; provides that the chief financial officer of a charter school shall maintain a surety bond in an amount determined by the sponsor to be adequate based on the cash flow of the school, or an insurance policy on all employees in the amount of $500,000 or more that provides coverage in the event of employee theft. (5-11-09: In House; reported Do Pass by Rules Committee) COMPANION: HB 311
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HB 380 – NEW LAW (signed by the Governor on 4-16-09; effective immediately): Certificate of Title. Provides that if application is being made for a motor vehicle sold without a manufacturer’s certificate of origin, the applicant shall... provide a bond in an amount equal to the full retail price of the motor vehicle, conditioned to indemnify a prior owner, lienholder, subsequent purchaser, secured creditor or encumbrancer of the vehicle and any respective successors in interest against expenses, losses or damages, including reasonable attorneys’ fees, caused by the issuance of the certificate of title or by a defect in or undisclosed security interest upon the right, title and interest of the applicant in the vehicle.
SB 148 – NEW LAW (signed by the Governor on 4-17-09): Itinerant Vendors. Requires itinerant vendors taking orders for future delivery and collecting advance payments to post a bond equal to 125% of the value stated in the vendor’s application. Adds alternate security options.
SB 351 – NEW LAW (became law without the Governor’s signature, chapter number assigned on 4-20-09; Eff. 7-1-09): Mortgage Loan Originators. Provides that a mortgage loan originator must be covered by a surety bond. If an originator is an employee of or exclusive agent for a licensed mortgage lender or mortgage broker, their bond may be used in lieu of an originator’s bond. The amount of the bond must be calculated by combining the annual loan production amounts for all persons originating residential mortgage loans and for all business locations of the mortgage broker or mortgage lender (ranging from $25,000 to $100,000). |
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LB 328 – NEW LAW (approved by the Governor on 4-22-09; Effective immediately): Mortgage Bankers. Makes changes to banking, mortgage bankers and installment loan provisions. A mortgage banker licensee or registrant shall maintain or increase its surety bond to reflect the total dollar amount of the closed residential mortgage loans originated in this state in the preceding year as follows: Loan amounts of $0 to $5,000,000 - $100,000 bond; $5,000,000 to $10,000,000 - $125,000 bond; $10,000,000 to $25,000,000 - $150,000 bond; and over $25,000,000 - $200,000 bond.
LB 552 – Retainage. Adopts the Nebraska Construction Prompt Pay Act. Provides that when work has been performed pursuant to a contract, a party may only withhold payment (1) for retainage, in an amount not to exceed the amount specified in the contract, if applicable, until the work is substantially complete; (2) of a reasonable amount, to the extent that such withholding is allowed in the contract,... ; and (3) after substantial completion, in an amount not to exceed 125% of the estimated cost to complete the work remaining on the contract. (4-23-09: Placed on General File)
LB 579 – Professional Employer Organizations. Adopts the Professional Employer Organization Registration Act. Provides that a PEO group that does not have a positive working capital shall provide a bond, irrevocable letter of credit or securities with a minimum market value equaling the deficiency plus $100,000. (5-29-09: Business and Labor Amendment 1323 filed; placed on General File with amendment) |
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AB 20 – NEW LAW (approved by the Governor on 5-22-09; Ch. 141; Eff. 1-1-10): Residential Care Facilities. Revises provisions governing homes for individual residential care and other facilities and agencies licensed by the Health Division of the Department of Health and Human Services; requires such homes to file a surety bond in an amount ranging from $5,000 to $50,000, depending on the number of persons employed by the home.
AB 240 – Motor Vehicle Dealers. Increases the amount of the bond which must be filed by a manufacturer, distributor, rebuilder or dealer who sells vehicles other than motorcycles, trailers or travel trailers from $100,000 to $250,000. DEAD
AB 372 – NEW LAW (approved by the Governor on 5-19-09; Ch. 128; Eff. 7-1-09): Motor Carriers. Provides that if the department determines that a common motor carrier, contract motor carrier or private motor carrier of property is habitually delinquent in the payment of amounts due to the department, the department shall require the licensee to provide a bond conditioned upon the faithful performance of all the requirements of this chapter and upon the punctual payment of all fees, penalties and interest due to the state of Nevada. The total amount of the bond must not be less than $ 2,500.
AB 455 – NEW LAW (approved by the Governor on 5-19-09; Ch. 107; Eff. 1-1-10): Motor Carrier and Service Providers. Provides that a motor carrier who enters into an agreement with the Department shall file a surety bond in an amount not less than $25,000; a service provider shall file a surety bond in an amount not less than $50,000.
AB 486 – NEW LAW (became law w/o Governor’s signature; Ch. 200; Eff. 10-1-09): Mortgage Brokers. Requires mortgage brokers to post a corporate surety bond or other security in the amount of $50,000 for the principal office, and $25,000 for each branch office, not to exceed an aggregate amount of $75,000.
AB 512 – NEW LAW (approved by the Governor on 5-19-09; Ch. 137; Eff. 10-1-09): Renters. Provides that a landlord may allow a tenant to provide a surety bond, or a combination of a surety bond and other security, to cover the amount of security demanded by the landlord.
AB 523 – NEW LAW (approved by the Governor on 6-8-09; Ch. 474; various effective dates): Mortgage Loan Originators. Implements the federal S.A.F.E. for Mortgage Licensing Act of 2008; provides that the commissioner shall adopt regulations establishing minimum net worth or surety bonding requirements that reflect the dollar amount of loans originated by a residential mortgage loan originator.
SB 92 – NEW LAW (approved by the Governor on 6-9-09; Ch. 499; Eff. 7-1-09): Notary Publics. Provides for electronic notarization; authorizes the Secretary of State to appoint electronic notaries; requires electronic notaries to post a $10,000 bond.
SB 355 – NEW LAW (approved by the Governor on 5-29-09; Ch. 376; Eff. 7-1-10): Uniform Debt Management Services Providers. Providers required to be registered shall file a surety bond in the amount of $50,000 or other larger amount that the commissioner determines is warranted by the financial condition and business experience of the provider.
SB 360 – NEW LAW (approved by the Governor on 5-29-09; Ch. 363; Eff. 1-1-10): Salvage Pool Operators. Revises provisions governing the sale and title of salvaged vehicles.
SB 365 – NEW LAW (approved by the Governor on 5-28-09; Ch. 270; Eff. 10-1-09): Family Trust Company Directors/Managers. Provides that the directors or managers of a licensed family trust company shall obtain fidelity bonds in such amounts as they shall determine on any active officers, managers, members acting in a managerial capacity and employees, whether or not they receive a salary or other compensation from the trust company, to indemnify against loss because of any dishonest, fraudulent or criminal act or omission by any of the persons bonded.
SB 394 – NEW LAW (Enrolled and deliver to Secretary of State; Ch. 504; various effective dates): Off-Highway Vehicle Dealers. Provides that before any off-highway vehicle dealer, long-term or short-term lessor or manufacturer is issued a license, the department shall require the applicant to procure and file a $50,000 bond.
SB 426 – NEW LAW (approved by the Governor on 5-29-09; Ch. 365; Eff. 10-1-09): Viatical Settlement Providers and Brokers. Requires applicants to demonstrate evidence of financial responsibility through either a $250,000 surety bond or deposit of cash, certificates of deposit, securities or any combination thereof in the amount of $250,000. |
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HB 284 – NEW LAW (signed by the Governor on 4-21-09; Ch. 0008; Eff. 6-16-09): Threshold on Public Projects. Increases the contract amount that triggers the bond requirement on public projects from $25,000 to $35,000.
HB 598 – Auctioneers. Increases the auctioneer bond from $10,000 to $25,000. (5-13-09: In Senate; re-referred to Committee; motion adopted, voice vote)
HB 610 – Mortgage Bankers, Brokers and Loan Originators. Provides that each mortgage banker applicant shall post a continuous surety bond in the minimum amount of $100,000 which shall be increased under conditions set by rule. Each mortgage broker shall post a continuous surety bond in the minimum amount of $50,000 that shall be increased under conditions set by rule. Surety bonds shall provide coverage in an amount that reflects the dollar amount of loans originated by each mortgage loan originator employed by or retained by the mortgage banker or mortgage broker as determined by the commissioner. (6-10-09: In House; House concurs with Senate Amendment #1551s)
SB 167 – Employee Leasing Companies. Modifies certain provisions relating to standards for the operation, regulation and licensing of employee leasing companies; provides for alternative forms of security. As an alternative, an employee leasing company may provide a bond, irrevocable letter of credit, or securities with a minimum market value of $100,000. For any employee leasing company whose annual financial statements do not indicate positive working capital, the amount of the bond shall be $100,000 plus an amount sufficient to cover the deficit in working capital. (6-24-09: In House; Conference Committee Report #2239 adopted; in Senate; Conference Committee Report adopted) |
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AB 1478 – Fiduciaries. Provides that when an appointment is made, regardless of any direction in a will relieving a personal representative, testamentary guardian or testamentary trustee or their successors from giving bond, that person shall, before receiving letters or exercising any authority or control over the property, provide bond to secure performance of his duties with respect to property to which a developmentally disabled person is, or shall be entitled. No bond shall be required if (a) the court has appointed another person as guardian of the person or guardian of the estate for the developmentally disabled person; (b) the person seeking the appointment is a family member within the third degree of consanguinity of the developmentally disabled person; or (c) the total value of the real and personal assets of the estate or trust does not exceed $25,000. (6-8-09: Reported out of Assembly Committee with Amendments; second reading)
AB 3181 – Cosmetology Schools. Revises cosmetology and hairstyling statutes; provides that all shop licenses and school licenses issued shall be renewable on a biennial basis on a date determined by the Board. (6-11-09: Reported from Senate Committee; second reading)
AB 3816 – NEW LAW (approved by the Governor on 5-4-09; P.L. 2009, c.53; effective immediately): Mortgage Lenders/Brokers/Loan Originators. This bill represents a reform of the licensed lending activities currently regulated under the New Jersey Licensed Lenders Act, covering mortgage loans and consumer loans of $50,000 or less. The bill completely revises and supplements the current New Jersey Licensed Lenders Act, creating two separate regulatory schemes, with one part dedicated to mortgage activities, titled the "New Jersey Residential Mortgage Lending Act," and the other reorganizing those remaining provisions which concern non-mortgage lending activities, titled the "New Jersey Consumer Finance Licensing Act." The bill includes bond requirements.
AB 4050 – Public Officials. Permits surety companies to issue blanket bonds for municipal treasurers and tax collectors, and municipal judges and administrators. (6-8-09: Introduced, referred to Assembly Financial Institutions and Insurance Committee)
SB 550 – Fiduciaries. Requires executors to post a bond and provide periodic accountings to the court where the beneficiary is developmentally disabled. (6-8-09: Reported out of Assembly Committee; second reading) |
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HB 287 – Tobacco Products Manufacturers. Adds a new section relating to bond requirements for newly qualified and elevated risk nonparticipating manufacturers; requires certain tobacco products manufacturers and importers to post a bond in an amount equal to the greater of $50,000 or the amount of escrow the manufacturer was required to deposit based on previous calendar year sales. (3-19-09: Reported Do Pass by Senate Judiciary) DEAD
HB 406 – Title Lenders. Provides for regulation of title loans; requires each title lender to post a surety bond in the amount of $50,000 for each office location, not to exceed a maximum of $250,000 per title lender. (3-17-09: Referred to House Business & Industry) DEAD
HB 638 – Hearing Aid Dispensers. Requires applicants to maintain a $1,000 surety bond. (2-6-09: House Business & Industry Committee/House Taxation & Revenue Committee) DEAD
SB 33 – NEW LAW (signed by the Governor on 4-7-09; Ch. 206; Eff. 7-1-09): Prevailing Wages. Failure to pay minimum wage--termination of contract. Every contract within the scope of the Public Works Minimum Wage Act shall contain further provision that in the event it is found by the director that any laborer or mechanic employed on the site of the project has been or is being paid as a result of a willful violation a wage rate or fringe benefit rate less than the rates required, the contracting agency may, by written notice to the contractor, subcontractor, employer or person acting as a contractor, terminate the right to proceed with the work or the part of the work as to which there has been a willful failure to pay the required wages or fringe benefits, and the contracting agency may prosecute the work to completion by contract or otherwise, and the contractor or person acting as a contractor and the contractor's or person's sureties shall be liable to the state for any excess costs occasioned thereby. Any party receiving notice of termination of a project or subcontract pursuant to the provisions of this section may appeal the finding of the director as provided in the Public Works Minimum Wage Act.
SB 219 – NEW LAW (signed by the Governor on 4-7-09; Ch. 197; Eff. 7-1-09): Cigarette Taxes. Bond requirements for newly qualified and elevated risk nonparticipating manufacturers. The attorney general may require a nonparticipating manufacturer to post a bond for the first three years of their listing in the directory, or for a longer period if the manufacturer has been determined to pose an elevated risk for noncompliance. The bond shall be in an amount equal to the greater of $50,000 or the amount of escrow the manufacturer was required to deposit as a result of its previous calendar year sales in New Mexico.
SB 342 – NEW LAW (signed by the Governor on 4-6-09; Ch. 122; Eff. 7-31-09): Mortgage Loan Originators. Enacts the New Mexico Mortgage Loan Originator Licensing Act; creates licensing and bonding requirements. |
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AB 325 – Commercial Driving Schools. Requires all commercial driving schools to post a $15,000 bond prior to enrolling any students. (1-7-09: Referred to Assembly Committee on Transportation) COMPANION: SB 2080
AB 400 – Prevailing Wages. Provides for additional penalties for failure to pay prevailing wages or supplements. (1-7-09: Referred to Assembly Committee on Labor)
AB 523 – Performance and Payment Bonds. Provides that bonds required on public works contracts shall be written with surety companies licensed to do business in New York State, on the U.S. Treasury list and rated “A-“ or better by Best’s Rating Service or an equivalent rating as certified by the Superintendent of Insurance. (1-7-09: Referred to Assembly Committee on Local Governments)
AB 1537 – Use of Consumer Credit Reports. Prohibits service providers from reviewing or using consumer credit reports for the purpose of determining whether to provide or continue to provide service. The term “service provider” shall include public utilities and insurance companies. (5-28-09: Amend and recommit to Assembly Consumer Affairs and Protection; print number AB 1537D) COMPANION: SB 2572
AB 1664 – Tax Preparers. Provides that every tax preparer shall maintain in full force and effect a bond, contract of indemnity or irrevocable letter of credit. The principal sum of the bond shall be $5,000 for each individual preparing tax returns for another person; provided, however, that the Commissioner may require a larger bond but in no event shall the total bond required for any single tax preparer and the tax preparers employed or associated with it be required to exceed $125,000. (5-4-09: Enacting clause stricken)
AB 1873 – Viatical Settlement Providers. Requires applicants to demonstrate financial accountability as evidenced by either a surety bond issued by an authorized corporate surety or deposit of cash, certificates of deposit or securities, or any combination thereof, in the amount of $100,000. The superintendent shall accept as evidence of financial responsibility proof that financial instruments in accordance with these requirements have been filed with one or more states where the applicant is licensed as a viatical or life settlement provider. Evidence of errors and omissions insurance coverage in the amount of not less than $5 million shall be accepted in lieu of any bond or deposit required by this section. (1-12-09: Introduced and referred to Assembly Committee on Insurance)
AB 2009 – Combative Sports Promoters. Provides that before a license shall be granted to an entity to conduct a professional combative sports match or exhibition, the applicant shall execute and file with the comptroller a bond in an amount to be determined by the commission, conditioned for the faithful performance of the provisions of this section and the rules and regulations of the commission. (6-17-09: Committee meeting set for Assembly Codes; reported and referred to Assembly Ways and Means) COMPANION: SB 2165
AB 2279 – Retainage. Provides for a reasonable amount of the construction contract sum to be deposited in a separate interest-bearing escrow account with a third-party escrow agent. (6-23-09: Set on Assembly Floor Calendar)
AB 2387 – Payment Bonds. Amends the dates for filing a claim and commencing an action on a bond. Provides that no action on a payment bond shall be commenced after the expiration of one year from the date on which the public improvement has been completed and accepted by the public owner. (6-4-09: Set on the Assembly Floor Calendar; laid out for discussion; passed Assembly; delivered to the Senate, referred to Committee on Finance) COMPANION: SB 797
AB 3643 – Home Improvement Contractors. Requires home improvement contractors to be registered and to post a bond in an amount based on the total cash price of all their contracts: Less than $500,000 - $10,000 bond; more than $500,000 but less than $1 million - $25,000 bond; $1 million or more - $50,000 bond. (1-27-09: Introduced and referred to Assembly Committee on Consumer Affairs and Protection)
AB 3926 – Debt Collection Agencies. Provides that as a condition of obtaining a license, every debt collection agency applicant shall obtain and continue in full force and effect a bond, contract of indemnity or irrevocable letter of credit in an amount determined by the number of individuals engaged in the collection of debts: 1 to 4 individuals - $10,000; 5 to 9 individuals - $25,000; 10 or more individuals - $50,000. (6-22-09: Passed Assembly, delivered to the Senate; referred to Senate Committee on Rules) COMPANION: SB 4817
AB 4214 – Booting of Motor Vehicles. Provides that as a condition of the issuance of a license to engage in booting, each applicant shall furnish to the political subdivision a surety bond in the sum of $5,000, payable to the local authority, and conditioned upon the applicant's compliance with the provisions of this article, local ordinance and any rules or regulations promulgated thereunder, and upon the further condition that the applicant shall pay to the local authority any fine, penalty or other obligation within 30 days of its imposition, or any final judgments awarding from damages occasioned to any person by reason of any misrepresentation, fraud, or deceit, or any unlawful act or omission of such licensee, his or her agents or employees, while acting within the scope of their employment, made, committed or omitted in the business of booting. The local authority may, after a public hearing, increase the amount of the surety bond required by this section to an amount not to exceed $20,000. (2-2-09: Introduced and referred to Assembly Committee on Transportation)
AB 4326 – Progress Payments. Requires timely payments and interest in the event that payments are untimely to contractors. (2-3-09: Introduced and referred to Assembly Committee on Consumer Affairs and Protection)
AB 4430 – Immigration Assistance Service Providers. Provides that the Department of State shall issue licenses to immigration providers and, upon application, to issue renewal licenses every two years. The secretary of state shall enforce the provisions governing the filing and maintenance of surety bonds and the application for licensure and/or renewal. (2-4-09: Introduced and referred to Assembly Committee on Economic Development) COMPANION: SB 2283
AB 4728 – Telecommunications Service Providers. Provides that prior to commencing any construction upon a public right-of-way by a telecommunications service provider, the political subdivision may require the posting of a performance bond in an amount not to exceed the reasonable costs to return the public right-of-way to its original condition, normal wear and tear excepted, and to ensure the provider’s compliance with this article. (2-5-09: Introduced and referred to Assembly Committee on Local Governments)
AB 4771 – Specialty Contractors. Provides that the Contractor’s License Board may require specialty contractors to post a bond in the sum of not less than $5,000. (2-24-09: Committee meeting set for Assembly Cities; reported and referred to Assembly Codes) COMPANION: SB 1666
AB 5874 – Prepaid Telephone Calling Services Providers. Grants authority to the Public Service Commission to regulate and certify providers, distributors and retailers of prepaid telephone calling services The Commission shall require as a condition of approval the procurement of a surety bond, or other authorized security, from the prepaid provider in the minimum amount of $50,000. The Commission may require a larger surety bond if it determines that a prepaid provider has engaged in a pattern of conduct resulting in bona fide consumer complaints of misconduct and that such increased bond is necessary for the protection of consumers. (6-16-09: Set on the Assembly Floor Calendar)
AB 6404 – International Marriage Brokers. Provides that prior to engaging in the business of or acting in the capacity of an international marriage broker, every applicant shall file with the secretary of state a surety bond in a penal sum of not to exceed $50,000. (3-3-09: Introduced and referred to Assembly Committee on Economic Development)
AB 6546 – Prescription Drug Wholesalers. Requires wholesalers to submit a performance or surety bond of not less than $100,000 to ensure compliance; provides for exceptions. (6-23-09: Amend and recommit to Assembly Higher Education; print number AB 6546A) COMPANION: SB 4592
AB 6574 – Bid Bonds. Requires bids for purchase of municipal bonds to include certified or cashier’s check, or guaranty or surety bond equal to 1% of bonds bid upon. (6-9-09: Committee meeting set for Assembly Local Governments; held for consideration in Assembly Local Governments)
AB 6696 – Prevailing Wage. Provides that all subcontractors on a public work project shall be required to submit a surety bond for the underpayment of the prevailing wage and supplements. The bond shall be in the sum of 5% of the total payroll of the subcontractor on a public work project and shall be retained by the fiscal officer for a period not to exceed two years following completion of the project. (3-11-09: Introduced and referred to Assembly Committee on Labor) COMPANION: SB 5106
AB 6924 – Mortgage Loan Originators. Provides that each mortgage loan originator shall be covered by a surety bond. In the event that the mortgage loan originator is an employee or exclusive agent of an originating entity, the surety bond of such a person may be used to satisfy the originator’s bond requirement. The bond shall be in an amount that reflects the dollar amount of loans originated by the mortgage loan originator as determined by the superintendent. (6-22-09: Passed Assembly, delivered to the Senate; referred to Senate Committee on Rules) COMPANION: SB 3725
AB 7268 – Uniform Debt Management Services. Requires providers to register and file a surety bond in the amount of $50,000 or other amount that the superintendent determines is warranted. (5-14-09: Committee meeting set for Assembly Consumer Affairs and Protection)
AB 8107 – Tax Preparers. Requires tax preparers to be registered, and to maintain in full force and effect a bond, contract of indemnity, or irrevocable letter of credit payable to the people of the state of New York. The principal sum of the bond shall be $5,000 for each individual; provided, however, that the Commissioner may require the maintenance of surety in a higher amount pursuant to regulation, but that in no event shall the total bond required exceed $125,000. (5-4-09: Introduced, referred to Assembly Committee on Ways and Means)
SB 57 – Fireworks Displays. Increases the bond from $5,000 to $1,000,000. (4-1-09: Placed on the Senate Floor Calendar; set on the Senate Active List; substituted by AB 157)
SB 797 – Payment Bonds. Amends the dates for filing a claim and commencing an action on a bond. Provides that no action on a payment bond shall be commenced after the expiration of one year from the date on which the public improvement has been completed and accepted by the public owner. (6-10-09: Committee meeting set for Senate Finance) COMPANION: AB 2387
SB 1666 – Specialty Contractors. Provides that the Contractor’s License Board may require specialty contractors to post a bond in the sum of not less than $5,000. (3-17-09: Committee meeting set for Senate Cities; held for consideration) COMPANION: AB 4771
SB 2080 – Commercial Driving Schools. Requires all commercial driving schools to post a $15,000 bond prior to enrolling any students. (2-11-09: Introduced and referred to Senate Committee on Transportation) COMPANION: AB 325
SB 2165 – Combative Sports Promoters. Provides that before a license shall be granted to an entity to conduct a professional combative sports match or exhibition, the applicant shall execute and file with the comptroller a bond in an amount to be determined by the commission, conditioned for the faithful performance of the provisions of this section and the rules and regulations of the commission. (6-15-09: Amend and recommit to Senate Cultural Affairs, Tourism, Parks and Recreation; print number SB 2165B) COMPANION: AB 2009
SB 2283 – Immigration Assistance Service Providers. Provides that the Department of State shall issue licenses to immigration providers and, upon application, to issue renewal licenses every two years. The secretary of state shall enforce the provisions governing the filing and maintenance of surety bonds and the application for licensure and/or renewal. (2-17-09: Introduced and referred to Senate Committee on Consumer Protection) COMPANION: AB 4430
SB 2572 – Use of Consumer Credit Reports. Prohibits service providers from reviewing or using consumer credit reports for the purpose of determining whether to provide or continue to provide service. The term “service provider” shall include public utilities and insurance companies. (5-29-09: Amend and recommit to Senate Consumer Protection; print number SB 2572D) COMPANION: AB 1537
SB 3287 – Prompt Payment of Contracts. Provides methods to ensure prompt payment of construction contracts. (6-8-09: Placed on the Senate Floor Calendar)
SB 3725 – Mortgage Loan Originators. Provides that each mortgage loan originator shall be covered by a surety bond. In the event that the mortgage loan originator is an employee or exclusive agent of an originating entity, the surety bond of such a person may be used to satisfy the originator’s bond requirement. The bond shall be in an amount that reflects the dollar amount of loans originated by the mortgage loan originator as determined by the superintendent. (6-18-09: Amend and recommit to Senate Banks; print number SB 3725A) COMPANION: AB 6294
SB 4592 – Prescription Drug Wholesalers. Requires wholesalers to submit a performance or surety bond of not less than $100,000 to ensure compliance; provides for exceptions. (4-24-09: Introduced and referred to Senate Committee on Education) COMPANION: AB 6546
SB 4817 – Debt Collection Agencies. Provides that as a condition of obtaining a license, every debt collection agency applicant shall obtain and continue in full force and effect a bond, contract of indemnity or irrevocable letter of credit in an amount determined by the number of individuals engaged in the collection of debts: 1 to 4 individuals - $10,000; 5 to 9 individuals - $25,000; 10 or more individuals - $50,000. (6-8-09: Amended and recommitted to Senate Consumer Protection; print number SB 4817A) COMPANION: AB 3926
SB 4891 – Performance/Payment Bonds. Requires that performance and payment bonds for municipal public works projects be issued by a surety that is licensed in New York, on the U.S. Treasury Department’s Circular 570, and has an “A-“ rating from Best’s or an equivalent rating service. (4-27-09: Introduced and referred to Senate Committee on Local Government)
SB 5106 – Prevailing Wage. Provides that all subcontractors on a public work project shall be required to submit a surety bond for the underpayment of the prevailing wage and supplements. The bond shall be in the sum of 5% of the total payroll of the subcontractor on a public work project and shall be retained by the fiscal officer for a period not to exceed two years following completion of the project. (4-27-09: Introduced and referred to Senate Committee on Labor) COMPANION: AB 6696 |
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HB 740 – Fiduciaries. Provides that before issuing letters of appointment or at any time thereafter, the clerk may require a public guardian, disinterested public agent or nonresident who is a guardian of the person to post and maintain a bond or other security in an amount the clerk deems reasonable and necessary for the faithful performance of the guardian’s powers and duties. (3-24-09: In House; passed first reading, referred to Committee on Judiciary II, if favorable, Appropriations) COMPANION: SB 693
HB 762 – Community Association Managers. Requires community association managers to be covered at all times by a fidelity bond or an insurance policy in the amount of $20,000. (3-25-09: In House; passed first reading, referred to Committee on Judiciary III, if favorable, Finance) COMPANION: SB 516
HB 915 – Medicaid-Enrolled Providers. Requires providers to purchase a performance bond in an amount not to exceed $100,000 naming as beneficiary the Department of Health and Human Services, Division of Medical Assistance, or provide to the Department a validly executed letter of credit or other financial instrument. (4-1-09: In House; passed first reading, referred to Committee on Finance, if favorable, Appropriations) SEE ALSO HB 916 AND HB 917; COMPANION: SB 202
HB 979 – Home Inspectors. Provides that effective October 1, 2011, a licensed home inspector must continuously maintain general liability insurance in the amount of $250,000, and one of the following: minimum net assets or a bond in an amount determined by the Board, but not less than $17,500 or more than $35,000, or errors and omissions insurance in the amount of $250,000. (4-2-09: In House; passed first reading, referred to Committee on Commerce, Small Business and Entrepreneurship, if favorable, Finance) COMPANION: SB 1007
HB 1023 – Professional Employer Organizations. Amends the bonding provisions for PEOs. If the applicant was initially licensed prior to October 1, 2008, the bond shall be in the amount of $100,000. If the applicant was not initially licensed prior to October 1, 2008, the bond shall be in an amount equal to 5% of the applicant’s prior year’s total NC wages, benefits, workers compensation premiums and unemployment compensation contributions, but not greater than $500,000, or such greater amount as the Commissioner may require. (4-2-09: In House; passed first reading, referred to Committee on Insurance, if favorable, Finance)
HB 1246 – Water Well Contractors. Provides that each water well contractor that applies for a construction permit or a repair permit shall file and maintain a $25,000 bond. The contractor shall have the option of filing a separate bond for each permit or of filing a blanket bond covering all well construction and repairs requiring a permit within the state for which the applicant holds a permit. (4-9-09: In House; passed first reading, referred to Committee on Commerce, Small Business and Entrepreneurship, if favorable, Environment and Natural Resources)
HB 1313 – Public Adjusters. Requires license applicants to secure evidence of financial responsibility in the form of a surety bond or irrevocable letter of credit in the minimum amount of $20,000. (5-20-09: Senate referred to Commerce; if favorable, re-refer to Finance)
HB 1408 – Landscape Contractors. Rewrites the laws regulating landscape contractors; requires applicants to file and maintain a corporate surety bond or irrevocable letter of credit in the amount of $7,500. (4-13-09: In House; passed first reading, referred to Committee on Commerce, Small Business and Entrepreneurship, if favorable, Finance)
HB 1523 – Mortgage Lenders, Brokers, Servicers and Loan Originators. Requires lenders, brokers and servicers to post a minimum surety bond of $150,000. In order to act as a mortgage loan originator, the originator must be covered by the surety bond of a lender, broker or servicer. The minimum bond for a lender or broker who has originated loans in excess of $10,000,000 but less than $50,000,000 in a 12-month period shall be $250,000. The minimum bond for originated loans totaling $50,000,000 or more shall be $500,000. (5-20-09: Senate referred to Commerce; if favorable, re-refer to Finance)
SB 202 – Medicaid-Enrolled Providers. Requires providers to purchase a performance bond in an amount not to exceed $100,000 naming as beneficiary the Department of Health and Human Services, Division of Medical Assistance, or provide to the Department a validly executed letter of credit or other financial instrument. (4-14-09: In House; passed first reading, referred to Committee on Appropriations, if favorable, Finance) HOUSE COMPANIONS: HB 915, HB 916 AND HB 917
SB 516 – Community Association Managers. Requires community association managers to be covered at all times by a fidelity bond or an insurance policy in the amount of $20,000. (3-11-09: In Senate; referred to Commerce; if favorable, re-refer to Finance) COMPANION: HB 762
SB 693 – Fiduciaries. Provides that before issuing letters of appointment or at any time thereafter, the clerk may require a public guardian, disinterested public agent or nonresident who is a guardian of the person to post and maintain a bond or other security in an amount the clerk deems reasonable and necessary for the faithful performance of the guardian’s powers and duties. (3-24-09: In Senate; referred to Judiciary II) COMPANION: HB 740
SB 856 – Fire Alarm Contractors. Requires fire alarm contractors to be licensed and bonded the same as electrical contractors. (3-25-09: In Senate; referred to Commerce; if favorable, re-refer to Finance)
SB 994 – Match Promoters. Establishes the State Athletics Commission; requires applicants for a promoter’s license to submit a surety bond of not less than $10,000; the amount shall be negotiable upon the sole discretion of the commission. (3-26-09: In Senate; referred to State and Local Government; if favorable, re-refer to Finance)
SB 1007 – Home Inspectors. Provides that effective October 1, 2011, a licensed home inspector must continuously maintain general liability insurance in the amount of $250,000, and one of the following: minimum net assets or a bond in an amount determined by the Board, but not less than $17,500 or more than $35,000, or errors and omissions insurance in the amount of $250,000. (5-12-09: Senate withdrawn from Committee; Senate re referred to Committee on Finance) COMPANION: HB 979
SB 1029 – Professional Employer Organizations. Amends the bonding provisions for PEOs. If the applicant was initially licensed prior to October 1, 2008, the bond shall be in the amount of $100,000. If the applicant was not initially licensed prior to October 1, 2008, the bond shall be in an amount equal to 5% of the applicant’s prior year’s total NC wages, benefits, workers compensation premiums and unemployment compensation contributions, but not greater than $500,000, or such greater amount as the Commissioner may require. (5-7-09: House passed first reading; House referred to Committee on Commerce, Small Business, and Entrepreneurship; if favorable, Insurance) COMPANION: HB 1023 |
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HB 1284 – NEW LAW (signed by the Governor on 4-21-09; Eff. 8-1-09): Viatical/Life Settlement Contract Service Providers/Brokers. Requires providers or brokers to demonstrate evidence of financial responsibility through a surety bond or deposit of cash, certificates of deposit or securities, or any combination thereof, in the amount of $150,000.
HB 1361 – NEW LAW (signed by the Governor on 4-21-09; Eff. 4-22-09): Professional Employer Organizations. Requires PEOs to maintain a bond with a minimum value of the greater amount of $100,000 or 5% of the total wages reported on the Employer’s Quarterly Contribution and Wage Report for the quarter ending immediately before the date submitted to the Secretary of State but not to exceed $500,000. A PEO that has not filed an Employer’s Quarterly Contribution and Wage Report shall submit a $100,000 bond.
SB 2024 – Pari-Mutuel Wagering. Requires applicants for a license to conduct pari-mutuel wagering to give bond in an amount that the Attorney General determines will adequately protect the amount normally due and owing to the state. (5-2-09: In House; signed by Speaker)
SB 2160 – NEW LAW (signed by the Governor on 4-9-09; Eff. 8-1-09): Mortgage Loan Originators. Requires that each mortgage loan originator be covered by a surety bond in an amount to be determined by the Commissioner by rule. The amount must be reflective of the dollar amount of loans originated as of the previous year end; however, the Commissioner may increase the amount of the bond if the Commissioner determines that such an increase is necessary to protect the public interests. If the mortgage loan originator is an employee or exclusive agent of a person subject to this chapter, the bond of such person may be used in lieu of the originator’s bond requirement.
SB 2248 – Commercial Pesticide Applicators. Makes some technical changes to the bond requirement section; no change in bond penalty. (5-1-09: Sent to the Governor)
SB 2297 – NEW LAW (signed by the Governor on 4-9-09; effective for taxable years beginning after December 31, 2009): Rural Electric Coops Tax Bond. The Commissioner may require a sufficient bond from any company charged with making and filing reports and payment of taxes under this chapter. Any required bond must run to the State of North Dakota and be conditioned upon making and filing of reports as required by law or rule and for prompt payment of all taxes justly due to the state.
SB 2318 – NEW LAW (signed by the Governor on 4-21-09; Eff. 8-1-09): Elderly Care Bond. Provides that a qualified program of all-inclusive care for the elderly shall maintain a surety bond in the amount of $250,000, which must authorize recovery by the commissioner on behalf of any person that sustained damages as a result of unfair practices, conviction of fraud, or failure to perform a contractual obligation owed to the person. |
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HB 3 – Residential Mortgage Servicers. Increases the bond from $50,000 to $100,000 and adds a minimum net worth requirement of $50,000. (5-21-09: In Senate; introduced, assigned to Finance & Financial Institutions)
HB 124 – Dog Breeding Kennels. Requires applicants to submit evidence of insurance or, in the alternative, evidence of a surety bond to ensure compliance with this chapter and rules adopted under it. The insurance coverage or bond shall be in the following amounts: not more than 25 adult dogs - $5,000; 26 to 50 adult dogs - $10,000; and more than 50 adult dogs - $50,000. (4-8-09: In House; introduced, assigned to Agriculture and Natural Resources) COMPANION: SB 95 |
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HB 1057 – NEW LAW (approved by the Governor on 5-27-09; Eff. 11-1-09): Livestock Auctions. Amends the bond requirement for livestock auctions; provides that any person operating, conducting or maintaining a livestock auction market shall file a bond of not less than $25,000 for any person conducting less than 25 sales in any license year, or no single sale exceeding gross sales of $25,000. For all other sales, the bond shall be in accordance with the provisions of the Federal Packers and Stockyards Act of 1921, as amended, but shall not be less than $50,000 unless the Department approves a lesser amount pursuant to rules promulgated by the State Board of Agriculture. COMPANION: SB 564
HB 1458 – Prepaid Funeral Benefits. Provides that each organization shall furnish a bond in the form of a cash bond, letter of credit or fidelity bond, to be approved by the insurance commissioner, in the amount of $25,000 for insurance only, or $25,000 or 15% of all trust funds collected for prepaid funeral benefits, but not to exceed $600,000 for those who have trust only or a combination of trust and insurance. (5-12-09: In House; 1641 Conference Committee Report submitted; conferees unable to agree)
HB 1592 – NEW LAW (approved by the Governor on 5-22-09; Eff. 7-1-09): School District Superintendents and Financial Officers. Requires the superintendent and any financial officer of a school district to furnish a surety bond in the sum of not less than $100,000 or an amount otherwise set by law or set by the State Board of Education, to assure the faithful performance of duties of the covered officer and employees.
HB 1618 – NEW LAW (approved by the Governor on 3-31-09; Eff. 7-1-09): Prepaid Cemetery Merchandise. Makes revisions to the bond requirement; provides that an organization may purchase a surety bond in an amount not less than the minimum funding requirement; adds a 90-day cancellation provision for the bond.
SB 503 – NEW LAW (approved by the Governor on 5-12-09; Eff. 11-1-09): Household Goods Movers. Requires that any motor carrier of household goods shall file a liability insurance policy or bond covering public liability and property damage in such sum and amount as fixed by the commission; every motor carrier of household goods shall file a cargo insurance policy or bond covering any goods or property being transported in a sum and amount as fixed by commission rule.
SB 564 – Livestock Auctions. Amends the bond requirement for livestock auctions; provides that any person operating, conducting or maintaining a livestock auction market shall file a bond of not less than $25,000 for any person conducting less than 25 sales in any license year, or no single sale exceeding gross sales of $25,000. For all other sales, the bond shall be in accordance with the provisions of the Federal Packers and Stockyards Act of 1921, as amended, but shall not be less than $50,000 unless the Department approves a lesser amount pursuant to rules promulgated by the State Board of Agriculture. (5-22-09: Sent to the Governor) COMPANION: HB 1057
SB 573 – Retainage. Relates to retainage, provides an exception; allows certain release of retainage bond in lieu of retainage; provides requirements for bond. (3-11-09: In House; second reading, referred to Economic Development and Financial Services)
SB 608 – Tobacco Manufacturers. Provides that notwithstanding any other provision of law, if a newly qualified nonparticipating manufacturer is to be listed in the Oklahoma Tobacco Directory (the Directory), or if the Attorney General reasonably determines that any nonparticipating manufacturer who has filed a certification pursuant to Section 360.4 of Title 68 of the Oklahoma Statutes poses an elevated risk for noncompliance with the Master Settlement Agreement or with the Prevention of Youth Access to Tobacco Act, neither such nonparticipating manufacturer nor any of its brand families shall be included in the Directory unless and until such nonparticipating manufacturer, or its United States importer that undertakes joint and several liability for the performance of the manufacturer in accordance with Section 13 of this act, has posted a bond in an amount equal to the greater of $50,000 or the amount of escrow the manufacturer in either its current or predecessor form was required to deposit as a result of its sales in the previous calendar year in Oklahoma. (5-26-09: Sent to the Governor)
SB 920 – NEW LAW (approved by the Governor on 5-12-09; Eff. 7-1-09): Service Warranty Associations. Provides that an association establishing a reserve account shall also place in trust with the Insurance Commissioner a surety bond in an amount not less than 5% of the gross premium received, less claims paid, on the sale of the service warranties for all service contracts issued and in force in this state, but in no event shall the bond be less than $25,000.
SB 1070 – Professional Fundraisers. Eliminates the $2,500 bond requirement. (3-23-09: In House; withdrawn from Economic Development and Financial Services Committee; referred to Appropriations and Budget Committee) |
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HB 2189 – Mortgage Loan Originators, Mortgage Bankers, and Mortgage Brokers. Authorizes the Director of the Department of Consumer and Business Services to license mortgage bankers and mortgage brokers in cooperation with the Nationwide Mortgage Licensing System and Registry. A person that employs a mortgage loan originator shall file a corporate surety bond that covers each mortgage loan originator the person employs, and in an amount that reflects the dollar amount of the loans the person originated or in a minimum amount the director specifies. Mortgage bankers and brokers shall file a corporate surety bond or letter of credit in an amount the director specifies by rule, but not less than $50,000; the amount shall reflect the dollar amount of the loans originated. (5-14-09: In House; public hearing held)
HB 2191 – Debt Management Service Providers. Requires debt management service providers to the registered; specifies prohibitions on and duties and rights of providers; specifies that consumer right of action exists against the bond. Applicants shall file a bond in a minimum amount of $10,000 or an amount the director specifies by rule based on the total amount of consumer funds that the applicant holds on an annual basis. (5-26-09: In Senate; work session held)
HB 2233 – Driver Training Schools. Increases the bond required of commercial driver training schools from $2,500 to $10,000. (5-29-09: In Senate; carried over to 6-1 by unanimous consent)
HB 2421 – Scrap Metal Businesses. Requires applicants to file a corporate surety bond or irrevocable letter of credit in an amount specified by the director by rule. (1-27-09: In House; referred to Judiciary with subsequent referral to Ways and Means)
HB 2519 – Construction Contracts. Allows a residential general contractor, residential specialty contractor or residential limited contractor to undertake, offer to undertake or submit a bid to perform work on a large commercial structure if the price of the work does not exceed $250,000. (4-20-09: In House; public hearing held)
HB 2528 – NEW LAW (signed by the Governor on 5-26-09): Liquor Licenses. Allows issuance of special events license to brewery-public house licensees; requires these licensees to post a bond.
HB 2568 – Motor Vehicle Salesmen. Requires a vehicle salesperson to file a bond or letter of credit in the sum of $5,000. (2-10-09: In House; referred to Business and Labor)
HB 2838 – Public Works Contracts. Provides that in addition to the certified statements required, the contractor or the contractor’s surety and every subcontractor or the subcontractor’s surety shall file certified apprenticeship utilization statements with the public agency, in writing and on a form prescribed by the commissioner, that show the weekly cumulative total of hours worked on the project by apprentices participating in programs of apprenticeship and training. (4-27-09: In House; work session scheduled)
HB 2955 – Retainage. Provides that a contracting agency that reserves an amount as retainage may accept from a contractor in lieu of withholding money from payment bonds, securities or other instruments, or a surety bond. (5-29-09: In Senate; carried over to 6-1 by unanimous consent)
HB 3128 – Liquor Licenses. Allows the Oregon Liquor Control Commission to waive the bond requirement for grower sales privilege or warehouse licensees under certain circumstances. (5-29-09: In Senate; third reading; passed)
HB 3163 – Refund Anticipation Loan Providers. Requires facilitators of income tax refund anticipation loans and refund anticipation payment instruments to be licensed and bonded. Applicants shall file a corporate surety bond or irrevocable letter of credit in the sum of $25,000. (4-28-09: In House; public hearing and work session scheduled)
HB 3216 – Exchange Facilitators. Requires persons that facilitate like-kind exchanges to maintain one or more fidelity bonds in an aggregate amount of not less than $1,000,000. (3-18-09: In House; referred to Business and Labor)
HB 3238 – Mortgage Loan Originators. Provides that an applicant shall file a corporate surety bond in an amount specified by rule or order and that reflects the value of the mortgage loans originated or that the applicant likely will originate. (3-13-09: In House; referred to Consumer Protection)
HB 3484 – Exchange Facilitators. Requires persons that facilitate like-kind exchanges to maintain one or more fidelity bonds in an aggregate amount of not less than $1,000,000. (5-20-09: In House; public hearing held)
SB 50 – NEW LAW (signed by the Governor on 5-26-09; effective immediately): Claim Deadline on Payment Bonds. Sets a uniform deadline of 180 days for notices of claim made on a contractor’s payment bond in connection with work performed on a public contract.
SB 81 – NEW LAW (signed by the Governor on 5-29-09; Eff. 1-1-10): Lottery Contractors. Provides that a lottery contractor shall perform its contract consistent with the laws of this state, federal law, and laws of the state or states in which the contractor, in whole or in part, performs services or produces goods required by contract. At the time specified in the contract, a lottery contractor shall post performance security in a form and an amount acceptable to the State Lottery Commission, and issued by a surety, financial institution, insurer, escrow agent or other person acceptable to the Commission if the contractor: (A) prints tickets used in a lottery game; (B) provides goods or performs services involving the receipt or recording of number selections in a lottery game; or (C) provides goods or performs services involving the determination of winners in a lottery game.
SB 141 – NEW LAW (signed by the Governor on 5-26-09; Eff. 1-1-10): Escrow Agents. Requires the Real Estate Commissioner to establish by rule a system for licensing escrow agents. The system shall establish the form and content of applications or initial licensing and license renewal, the requirements for submitting surety bonds or evidence of deposits in lieu of a bond, ...
SB 204 – Residential Contractors. Revises construction contractor bonding and construction claim statutes to clarify availability of residential and commercial contractor bonds for satisfaction of claims. The surety bonds for residential and commercial contractors must provide that the applicant will pay amounts ordered paid by the board under the specified statutes. (5-29-09: In Senate; President signed)
SB 604 – Wholesale Malt Beverage and Wine Licensees. Requires licensees to post a $1,000 bond. (4-6-09: In Senate; work session scheduled)
SB 973 – Life Settlement Providers. Requires applicants to demonstrate evidence of financial responsibility in a format prescribed by the Director through either a surety bond executed and in an amount and in a manner prescribed by the Director, or a deposit of cash, certificates of deposit or securities or any combination thereof. (5-27-09: In House; work session held)
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HB 65 – Private Detectives. Codifies and makes extensive revisions to the Private Detective Act of 1953; provides that an applicant for a license and licensees seeking renewal of a license shall deliver to the board a corporate surety bond in an amount set by the board. (1-28-09: In House; removed from table; re-committed to Appropriations)
HB 195 – Home Builders. Provides for the regulation of home construction contracts and for the registration of certain home builders; prohibits certain acts; establishes the Home Builder Guaranty Fund; provides for claims against the fund. (2-2-09: In House; referred to Consumer Affairs)
HB 506 – Motor Vehicle Sales Finance Company, Collector-Repossessor. Requires sales finance companies to post a $10,000 bond; requires collectors-repossessors to post a $5,000 bond; provides that a person may maintain an action on the bond in a court having jurisdiction of the amount claimed if the person is aggrieved by the misconduct of the licensee, receives a judgment against the licensee for the misconduct, the person executes on the judgment, and the department assents to the action on the bond. (2-18-09: In House; referred to Commerce)
HB 808 – Oil and Gas Well Plugging. Increases the bond from $2,500 to $5,000 per well; increases the blanket bond from $25,000 to $50,000. (3-9-09: In House; referred to Environmental Resources and Energy)
SB 376 – Tax Refund Anticipation Loan and Check Providers. Requires license applicants to post a $100,000 corporate surety bond with the Secretary of Banking. The Secretary may, in lieu of the surety company bond, accept a bond executed by the applicant if the bond is secured by the deposit of cashier’s checks, treasurer’s checks or certificates of deposit of a banking institution or readily marketable security approved by the Secretary. The bond shall be renewed and filed annually not later than October 1 of each year. A separate bond is required for each place of business. (2-20-09: In Senate; referred to Banking and Insurance)
SB 555 – Wholesale Drug Distributors. Provides that every wholesale distributor applying for a license to submit a bond of at least $100,000 or other equivalent acceptable means of security, such as an irrevocable letter of credit or a deposit in a trust account or financial institution, to secure payment of any fines or penalties and fees and costs incurred. (3-2-09: In Senate; referred to Public Health and Welfare)
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HB 5458 – Underground Utility Contractor. Creates a comprehensive licensing structure for the underground utility construction industry. Every applicant for a license to carry on the business of installing, repairing or servicing, alteration or replacement of mains, laterals, services and/or appurtenances and related services in accordance with this chapter shall furnish a bond in the sum of $10,000, conditioned substantially that the applicant shall indemnify and hold harmless the cities and towns and their officers from all suits and actions of every name and description brought against them for or an account of any injuries or damages received or sustained by any person in consequence of or resulting from any work performed by the applicant or its employees, servants or agents, or of or from any improper materials used in the work, or of or from any negligence in guarding the work, or of or form any act or omission of the applicant, or its employees, servants or agents. (4-29-09: In House Corporations; scheduled for hearing and/or consideration; Committee continued) COMPANION: SB 464
HB 5775 – Fraud. Adds the Insurance Anti-Fraud Act to the statutes. (6-4-09: Defeated by the House) COMPANION: SB 722
SB 369 – Bad Faith. Allows a surety to be sued for bad faith refusal to pay a claim made under any surety bond or otherwise refusing to timely perform its obligation; allows compensatory, punitive damages and attorneys’ fees and costs of suit. (4-21-09: In Senate Judiciary; scheduled for hearing and/or consideration; Committee recommended measure be held for further study)
SB 461 – Mortgage Loan Originators. Provides that each mortgage loan originator shall be covered by a surety bond. In the event that the mortgage loan originator is an employee or exclusive agent of a person subject to this chapter, the surety bond of such person can be used in lieu of the originator’s bond requirement. The penal sum of the bond shall be maintained in an amount that reflects the dollar amount of loans originated as determined by the director or the director’s designee. (6-11-09: Scheduled for hearing and/or consideration)
SB 464 – Underground Utility Contractor. Creates a comprehensive licensing structure for the underground utility construction industry. Every applicant for a license to carry on the business of installing, repairing or servicing, alteration or replacement of mains, laterals, services and/or appurtenances and related services in accordance with this chapter shall furnish a bond in the sum of $10,000, conditioned substantially that the applicant shall indemnify and hold harmless the cities and towns and their officers from all suits and actions of every name and description brought against them for or an account of any injuries or damages received or sustained by any person in consequence of or resulting from any work performed by the applicant or its employees, servants or agents, or of or from any improper materials used in the work, or of or from any negligence in guarding the work, or of or form any act or omission of the applicant, or its employees, servants or agents. (3-17-09: In Senate Corporations; scheduled for hearing and/or consideration; Committee heard) COMPANION: HB 5458
SB 654 – Employment Agencies. Increases the bond requirement from $50,000 to $100,000. (2-25-09: Introduced, referred to Senate Labor)
SB 722 – Fraud. Adds the Insurance Anti-Fraud Act to the statutes. (3-24-09: In Senate Corporations; scheduled for hearing; Committee heard) COMPANION: HB 5775
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HB 3004 – Wildlife Law Enforcement Officers. Creates the Natural Resources Enforcement Division within the Department of Public Safety; transfers to the Division certain powers and assets from the Department of Natural Resources; requires enforcement officers to post a $2,000 bond. (1-13-09: In House; introduced and referred to Committee on Agriculture, Natural Resources and Environmental Affairs)
HB 3158 – Physical Fitness Centers. Amends the Physical Fitness Services Act to delete tanning centers and martial arts studios from its applicability; requires centers that enter into prepaid or credit contracts for physical fitness services of over three months or over $200 in amount must maintain a surety bond in a sum to be determined by the administrator based on estimated future costs to service contracts sold, but not to exceed $50,000. (1-13-09: In House; introduced and referred to Committee on Medical, Military, Public and Municipal Affairs) COMPANION: SB 546
HB 3790 – Mortgage Brokers. Provides that a mortgage broker shall post and maintain a surety bond in an amount determined by the administrator that is based on the total dollar amount of mortgage loans originated in a calendar year pursuant to the following: (1) dollar volume of mortgage loans from $0 to $49,999,999 - $25,000 bond, (2) dollar volume of mortgage loans from $50,000,000 to $99,999,999 - $40,000 bond, (3) dollar volume of mortgage loans greater than $100,000,000 - $55,000 bond. In no case will the surety bond be less than $25,000. (5-5-09: In Senate; introduced, referred to Committee on Banking and Insurance)
HB 4021 – Special Needs Scholarship Program. Requires participating schools to demonstrate financial viability by showing it can pay any funds owed the state, if it is to receive $50,000 or more during the school year, by filing a surety bond in an amount equal to the aggregate amount of the special needs scholarships expected to be paid during the school year to students admitted to the school. (5-12-09: In House; introduced, referred to Committee on Education and Public Works)
SB 19 – Campus Police Officers. Repeals Section 59-116-70, relating to the posting of a bond by a campus police officer before the assumption of their duties. (3-24-09: In House; introduced, referred to Committee on Judiciary)
SB 408 – Motor Vehicle Dealers. Increases the bond required of dealers and wholesalers from $30,000 to $250,000; adds a section that provides that it is a violation for a dealer to offer for sale, advertise for sale, or transfer the title of a used vehicle with a balance due to a secured party before paying off the entire balance and submitting a notarized receipt to the department. (2-11-09: In Senate; introduced and referred to Committee on Transportation)
SB 546 – Physical Fitness Centers. Amends the Physical Fitness Services Act to delete tanning centers and martial arts studios from its applicability; requires centers that enter into prepaid or credit contracts for physical fitness services of over three months or over $200 in amount must maintain a surety bond in a sum to be determined by the administrator based on estimated future costs to service contracts sold, but not to exceed $50,000. (3-10-09: In Senate; introduced and referred to Committee on Medical Affairs) COMPANION: HB 3158
SB 631 – Pawnbrokers. Increases the bond requirement from $5,000 to $10,000. (3-26-09: In Senate; introduced, referred to Committee on Labor, Commerce and Industry)
SB 673 – NEW LAW (became law without Governor’s signature on 6-3-09; Eff. 1-1-10): Mortgage Lenders. Enacts the South Carolina Mortgage Lending Act; provides that a mortgage lender shall post and maintain a surety bond in an amount determined by the commissioner, based on the total dollar amount of mortgage loans originated in a calendar year in this State pursuant to the following: (i) dollar volume of mortgage loans from $0 to $49,999,999 - $50,000 bond; (ii) dollar volume of mortgage loans from $50,000,000 to $249,999,999 - $100,000 bond; (iii) dollar volume of mortgage loans greater than $250,000,000 - $150,000 bond. In no case is the surety bond to be less than $50,000. |
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HB 1060 – NEW LAW (Signed by the Governor on 3-16-09; Eff. July or December 2010): Mortgage Lenders, Etc. Revises certain provisions regarding the mortgage lender business.
SB 53 – NEW LAW (Signed by the Governor on 3-12-09; Eff. immediately): Grain Buyers. Provides that if the commission determines, because a corporate surety company becomes insolvent or ceases to write grain buyer bonds in this state, that a bond in the sum required by Section 49-45-9 cannot be executed, or if a grain buyer is in the process of chapter 11 reorganization and a bond cannot be obtained, the commission may authorize the filing of other financial documents in lieu of a corporate surety bond.
SB 55 – NEW LAW (Signed by the Governor on 3-13-09; Eff. 7-1-09): Grain Buyers. Revises the requirements regarding the licensing and regulation of grain buyers. |
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HB 965 – Motor Vehicle Dealers. Creates additional grounds for recovery against a motor vehicle dealer’s surety bond; adds dealer’s failure to pay off debt on a trade-in and failure to pay for a vehicle when purchasing from a dealer for resale. (2-18-09: Passed second consideration and referred to Commerce Committee; assigned to Small Business subcommittee) COMPANION: SB 793
HB 1278 – Debt Management Service Providers. Enacts the Uniform Debt Management Services Act; requires applicants to file a surety bond in the amount of $50,000 or other larger or smaller amount that the administrator determines is warranted by the financial condition and business experience of the provider; the bond shall remain in effect for two years after the provider has ceased doing business. (5-26-09: Companion Senate bill substituted)
HB 1339 – Threshold. Pertains to public contracts; subjects the contract amount for public works contracts in excess of $100,000 for which a contractor is required to post a 25% bond to annual incremental increases based on the consumer price index. (5-7-09: In House; received from Senate; held on House desk)
HB 1637 – Notaries. Adds the following language: The true owner of the real property who is the victim of the fraudulent or negligent actions of a notary shall have a right of action to sue upon the bond and against the surety in any court of law or equity of this state having jurisdiction. (5-20-09: In House; assigned to Subcommittee Budget of Finance, Ways and Means)
HB 1731 – Pet Groomer School. Enacts the Tennessee Pet Groomers Act; requires applicants for a license to operate a school to post a $10,000 surety bond. (3-25-09: In House; assigned to Subcommittee Small Business of Commerce) COMPANION: SB 1549
HB 2296 – Viatical Settlement Providers/Brokers. Enacts the Tennessee Viatical Settlement Act of 2009; requires applicants to demonstrate evidence of financial responsibility through either a surety bond or a deposit of cash, certificates of deposit or securities or any combination thereof in the amount of $250,000. (5-27-09: Placed on Subcommittee Calendar Budget of Finance, Ways and Means for 6-2-09)
HB 2314 – Manufactured Home Installers. Revises various provisions regarding manufactured homes, including licensure for persons engaged in the business of being a manufacturer or retailer and provisions governing installation; requires installers to post a $10,000 bond. (3-12-09: Sponsor change)
HB 2316 – Mortgage Loan Originators. Provides that at the time of the filing of an application for a certificate of registration, each applicant that makes or proposes to make residential mortgage loans shall file with the commissioner a surety bond payable to the state, in a form to be approved by the commissioner, for the benefit of any person injured by the wrongful act, default, fraud or misrepresentation of the registrant. The surety bond shall provide coverage for each mortgage loan originator in an amount that reflects the dollar amount of residential mortgage loans originated by the registrant, as determined by the commissioner; provided, that for the first period of registration during which the company makes or proposes to make residential mortgage loans, and/or for the 2009-2010 registration period, as applicable, the surety bond shall be in the amount of $200,000. Only one bond is required for the registrant, regardless of the number of offices. (5-27-09: Placed on Subcommittee Calendar Budget of Finance, Ways and Means for 6-2-09)
SB 793 – Motor Vehicle Dealers. Creates additional grounds for recovery against a motor vehicle dealer’s surety bond; adds dealer’s failure to pay off debt on a trade-in and failure to pay for a vehicle when purchasing from a dealer for resale. (2-18-09: Passed second consideration and referred to Senate Commerce, Labor and Agriculture Committee) COMPANION: HB 965
SB 812 – Debt Management Service Providers. Enacts the Uniform Debt Management Services Act; requires applicants to file a surety bond in the amount of $50,000 or other larger or smaller amount that the administrator determines is warranted by the financial condition and business experience of the provider; the bond shall remain in effect for two years after the provider has ceased doing business. (5-29-09: Placed on Senate Message Calendar for 6-2-09)
SB 1549 – Pet Groomer School. Enacts the Tennessee Pet Groomers Act; requires applicants for a license to operate a school to post a $10,000 surety bond. (2-18-09: Passed second consideration and referred to Senate Government Operations Committee) COMPANION: HB 1731
SB 1903 – Notary Publics. Increases the notary bond from $10,000 to $1,000,000. (5-12-09: Action deferred in Senate Judiciary Committee to 5-13-09)
SB 2169 – Tobacco Manufacturers. Requires posting of a $100,000 bond in order for a non-participating manufacturer to be included in the directory of tobacco product manufacturers. (5-28-09: Signed by the Senate Speaker)
SB 2279 – Mortgage Loan Originators. Rewrites the Residential Lending, Brokerage and Servicing Act of 1988 and renames it; requires residential mortgage loan originators to post a bond for the benefit of any person injured by the wrongful act, default, fraud or misrepresentation of the registrant, in an amount that reflects the dollar amount of residential mortgage loans originated by the registrant; provided, that for the first period of registration, the bond shall be in the amount of $200,000. (5-18-09: Received from Senate; held on House desk)
SB 2284 – Viatical Settlement Providers/Brokers. Enacts the Tennessee Viatical Settlement Act of 2009; provides that a person shall not operate as a viatical settlement provider or broker without first obtaining a license and demonstrating financial responsibility through either a surety bond or a deposit of cash, certificates of deposit or securities or any combination thereof in the amount of $250,000. (5-14-09: Referred to Senate Finance, Ways and Means Committee; recalled from Senate Calendar Committee)
SB 2307 – Manufactured Home Installers. Revises various provisions regarding manufactured homes, including licensure for persons engaged in the business of being a manufacturer or retailer and provisions governing installation; requires installers to post a $10,000 bond. (4-21-09: Assigned to General Subcommittee of Senate Commerce, Labor and Agriculture Committee)
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HB 10 – Mortgage Loan Originators. Provides that a regulatory official may not issue a mortgage loan originator license unless the applicant meets the surety bond requirement or has paid a recovery fund fee in accordance with the requirements of the S.A.F.E. Mortgage Licensing Act. Each regulatory official shall adopt rules requiring an individual licensed as a mortgage loan originator to have a surety bond or pay a recovery fund fee as the official determines appropriate to comply with the S.A.F.E. Mortgage Licensing Act. (4-14-09: In House; referred to Committee on Pensions, Investments & Financial Services; Committee report sent to Calendars)
HB 80 – Credit Reporting Bureaus. Requires applicants to furnish audited financial statements and a surety bond in the amount of $100,000. (4-2-09: In House; referred to Committee on Pensions, Investments & Financial Services; substitute considered, reported favorably as substituted)
HB 222 – Poker Gaming Operators. Provides that to secure payment of the gross receipts tax imposed, each licensed operator shall furnish security in the form and amount the Texas Lottery Commission considers appropriate, which may be in the form of a cash bond, a surety bond, certificates of deposit, certificates of savings, U.S. Treasury bonds or, subject to approval, an assignment of negotiable stocks or bonds. The Commission shall set the amount of the security, taking into consideration the amount of money that has or is expected to become due from the licensed operator based on the number of poker gaming tables to be operated on the operator’s premises. (4-2-09: In House; referred to Committee on Licensing & Administrative Procedures; substitute considered, reported favorably as substituted)
HB 1772 – Licensing Agents. Adds a section to the Alcoholic Beverage Code concerning licensing agents. Provides that the holder of a licensing agent license shall file a bond in an amount set by the Commission not to exceed $200,000, conditioned on performance and payable to the Commission as trustee for any person who may be entitled to recover under the bond. (4-8-09: In House; referred to Committee on Licensing & Administrative Procedures; scheduled for public hearing; withdrawn)
HB 1968 – Personal Representatives. Relates to the estates of decedents. Provides that a personal representative who commits a breach of fiduciary duty and the sureties on the personal representative’s bond are chargeable with any damages resulting from the breach, including any loss or depreciation in value of the estate, any profit made by the personal representative, any profit that would have accrued to the estate if there had been no breach, exemplary damages or costs and fees described by Section 245 of this Code. (3-5-09: In House; read first time, referred to Committee on Judiciary & Civil Jurisprudence)
HB 2299 – Motor Vehicle Dealers. Increases the bond requirement for motor vehicle dealers from $25,000 to $250,000. (3-9-09: In House; read first time, referred to Committee on Transportation)
HB 2515 – Threshold. Relates to the minimum dollar amount for certain requirements to apply to certain public contracts; provides that a governmental entity that makes a public work contract with a prime contractor shall require the contractor, before beginning the work, to execute a performance bond if the contract is in excess of $100,000, and a payment bond if the contract is in excess of $25,000 and the governmental entity is not a municipality or a joint board created under Chapter 22 of the Transportation Code, or the contract is in excess of $50,000 and the governmental entity is a municipality or a joint board. (4-7-09: In House; referred to Committee on State Affairs; substitute considered, reported favorably as substituted)
HB 3097 – Motor Transportation Brokers. Relates to the creation, organization, duties and functions of the Texas Department of Motor Vehicles; requires motor transportation broker bonds to be filed with the Department of Motor Vehicles instead of the Department of Transportation. (4-9-09: In House; referred to the Committee on Transportation; substitute considered, reported favorably as substituted)
HB 3762 – Prepaid Funeral Benefit Providers. Provides that applicants must demonstrate sufficient financial responsibility to administer all prepaid funeral benefits contracts to performance in the form of a net worth of $100,000 or by providing a letter of credit or performance bond or guarantee from its parent company in the amount of $100,000. (4-15-09: In House; referred to Committee on Pensions, Investments & Financial Services; scheduled for public hearing)
SB 1284 – Mortgage Brokers. Increases the bond required of mortgage brokers from $50,000 to $100,000. (3-17-09: In Senate; read first time, referred to Business & Commerce)
SB 1518 – Tax Refund Anticipation Loans. Provides that an applicant shall post a bond in the amount of $50,000 in favor of the state for the use of a borrower who has a cause of action against the facilitator. The bond must remain in effect for five years after the facilitator ceases operation. (3-17-09: In Senate; read first time, referred to Business & Commerce)
SB 1519 – Third-Party Debt Collectors. Increases the bond from $10,000 to $15,000. (3-17-09: In Senate; read first time, referred to Business & Commerce)
SB 1868 – Residential Mortgage Foreclosure Consultants. Provides that a consultant may not charge, collect or receive compensation until the consultant has fully performed each service the foreclosure consultant has contracted to perform or has represented the foreclosure consultant can or will perform unless the foreclosure consultant has obtained a surety bond or established and maintained a surety account for each location at which the foreclosure consultant conducts business. (3-24-09: In Senate; read first time, referred to Business & Commerce)
SB 2110 – Motor Vehicle Inspection Stations. Provides that an application for certification as an inspection station or an inspector must be accompanied by a surety bond in the amount of $500 payable to the state and conditioned on future compliance with this chapter and rules adopted by the department or the Texas Commission on Environmental Quality. (3-31-09: In Senate; read first time, referred to Transportation & Homeland Security)
SB 2233 – Debt Management Service Providers. Requires debt management service providers to file a surety bond in the amount of $50,000 or other larger or smaller amount that the administrator determines is warranted by the financial condition and business experience of the provider, the history of the provider in performing debt management services, the risk to individuals, and any other factor the administrator considers appropriate. (3-31-09: In Senate; read first time, referred to Business & Commerce)
SB 2404 – Motor Vehicle Storage Facility Operators. Requires operators of a vehicle storage facility to post a surety bond in an amount not less than $500,000 for the protection of vehicle owners. (3-31-09: In Senate; read first time, referred to Business & Commerce)
SB 2493 – Prepaid Funeral Benefit Providers. Provides that applicants must demonstrate sufficient financial responsibility to administer all prepaid funeral benefits contracts to performance in the form of a net worth of $100,000 or by providing a letter of credit or performance bond or guarantee from its parent company in the amount of $100,000. (4-6-09: In Senate; permission to introduce; read first time, referred to Business & Commerce) |
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HB 286 – NEW LAW (signed by the Governor on 3-20-09; SL Ch. 72; Eff. 5-12-09): Mortgage Loan Originators. Creates qualifications for licensure; provides that individuals shall register and maintain a unique identifier through the nationwide database, demonstrate financial responsibility, etc. To be licensed, an individual shall be covered by a surety bond that meets the minimum requirements required by rule, which shall reflect the dollar amount of residential mortgage loans originated by a loan originator.
HB 400 – NEW LAW (signed by the Governor on 3-30-09; SL Ch. 369; Eff. 7-1-09): Boxing Promoters. Requires applicants to post a surety bond or cashier’s check with the commission in the greater of $10,000 or the amount of the purse, providing for forfeiture and disbursement of the proceeds if the applicant fails to comply with the law and rules. (3-12-09: Passed both Houses; draft of enrolled bill prepared and sent to Legislative Research and General Counsel for enrolling)
SB 187 – NEW LAW (signed by the Governor on 3-30-09; SL Ch. 383; Eff. 5-12-09): Resort License/Club License. Provides that a resort licensee shall post a $25,000 corporate surety bond. Changes the diner club bond to just club bond. |
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HB 171 – NEW LAW (signed by the Governor on 5-21-09; Eff. 7-1-09): Mortgage Lenders/ Brokers/Originators. Requires applicants to file a bond in an amount based upon the dollar amount of loans originated in the state. For licensed lenders, the minimum bond amounts range from $50,000 to $150,000. For mortgage brokers, the minimum bond amounts range from $25,000 to $100,000. The commissioner may adopt regulations modifying the minimum bond requirements. Mortgage loan originators shall also be covered by a surety bond.
HB 222 – NEW LAW (signed by the Governor on 6-1-09; Eff. 1-1-10): Life Settlement Providers. Requires providers to be licensed and to demonstrate evidence of financial responsibility through a surety bond in the amount of $250,000. On each license renewal, the provider must file and maintain a surety bond or letter of credit solely to the benefit of the commissioner equal to not less than 5% of the sum of the prior year’s total life settlement contracts which were executed in Vermont, but not less than $250,000, or such other amount as the commissioner may require.
SB 86 – NEW LAW (signed by the Governor on 5-14-09; Eff. 7-1-09): Trustees. Provides that a trustee shall give bond to secure performance of the trustee’s duties only if the probate court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the probate court has not dispensed with the requirement. The court may specify the amount of a bond, its liabilities, and whether sureties are necessary. The court may modify or terminate a bond at any time.
SB 89 – NEW LAW (signed by the Governor on 5-28-09; effective immediately): Milk Handlers. Provides that no handler shall purchase milk from Vermont producers or milk cooperatives unless the handler furnishes a good and sufficient surety bond in an amount equal to 50% for all species other than cattle, and 100% for cattle, of the maximum amount due all milk producers in the state who sell milk to the handler for a 41-day period during the previous 12 months. |
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HB 1628 – NEW LAW (approved by the Governor on 3-27-09; Ch. 395; Eff. 7-1-09): Contractor Performance Bonds. Concerns bonds for locally administered transportation improvement projects. Provides that whenever any county, city or town undertakes administration of a transportation improvement project and obtains contractor performance bonds that include the Virginia Department of Transportation as a dual obligee, the amount of such bonds shall be no greater than would have been required had the Department not been included as a dual obligee. The surety's obligation to the Department shall be no greater than its obligation to the county, city or town administering the project, and the amount of the bond is the limit of the surety's obligation to either or both obligees.
HB 2031 – NEW LAW (approved by the Governor on 3-27-09; Ch. 453; Eff. 7-1-09): Mortgage Loan Originators. Requires mortgage loan originators to file a bond in the amount of $25,000 or such greater sum as the Commission may require based on the total dollar amount of residential mortgage loans originated in the preceding calendar year. SB 1171 also passed – Ch. 273) |
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HB 1568 – NEW LAW (signed by the Governor on 4-21-09; Ch. 162; Eff. 7-1-09): Surplus Lines Brokers. Provides that every licensee must maintain in force a bond in favor of the people of the state of Washington or a named insured such that the people of the state are covered by the bond, in the amount of $2,500 or 5% of the premiums from placement of coverage with surplus line insurers in the previous calendar year, whichever is greater, but not to exceed $100,000 total aggregate liability.
HB 1621 – NEW LAW (signed by the Governor on 4-17-09; Ch. 120; Eff. 1-1-10): Consumer Loan Businesses. Provides that each applicant shall file and maintain a surety bond in a minimum amount of $30,000 and based on the annual dollar amount of loans originated. This bond covers mortgage loan originators that work for the licensee.
HB 1749 – Mortgage Brokers. Except as otherwise provided, each applicant for a mortgage broker’s license shall file and maintain a surety bond in an amount which the director deems adequate to protect the public interest; and shall take the form of a range of bond amounts which shall vary according to the annual loan origination volume of the licensee. If the director determines that the required bond is not reasonably available, the director shall waive the requirement. Creates the Mortgage Recovery Fund account in the custody of the state treasurer. (4-23-09: Delivered to the Governor)
SB 5480 – NEW LAW (signed by the Governor on 4-22-09; Ch. 175; Eff. 7-26-09): Health Care Discount Plan Organizations. Provides that each licensee shall continuously maintain in force a surety bond in its own name in an amount not less than $35,000, to be used in the discretion of the commissioner to protect the financial interest of Washington members.
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HB 2280 – Motor Vehicle Dealers. Would have increased the bond requirements from $25,000 to $50,000. (2-12-09: Introduced in House; referred to Finance Committee) DEAD
HB 2534 – Viatical Settlement Brokers. Would have allowed an applicant for a broker’s license to demonstrate evidence of financial responsibility through a policy of insurance covering legal liability resulting from erroneous acts or failure to act in their capacity as a viatical settlement broker and inuring to the benefit of any aggrieved party as the result of any single occurrence in the sum of not less than $20,000 and $100,000 in the aggregate for all occurrences within one year. (2-17-09: Introduced in House; referred to Banking and Insurance Committee) DEAD
HB 3332 – Mortgage Loan Originators. Provided that each mortgage loan originator must be covered by a surety bond in accordance with this section in favor of the state for the benefit of consumers or for a claim by the commissioner for an unpaid civil administrative penalty or unpaid examination invoice. If the mortgage loan originator is an employee or exclusive agent of a person, the surety bond of those other such persons may be used in lieu of the mortgage loan originator's individual surety bond requirement. (3-23-09: Introduced in House; referred to Banking and Insurance Committee) DEAD
SB 532 – NEW LAW (awaiting Governor’s signature): Mortgage Lenders and Mortgage Brokers. Creates the WV Safe Mortgage Licensing Act. Requires mortgage lenders to file with the commissioner a bond in favor of the state for the benefit of consumers or for a claim by the commissioner for an unpaid civil administrative penalty or an unpaid examination invoice in the amount of $100,000 for licensees with annual loan originations of $0 to $3 million, $150,000 for annual loan originations greater than $3 million and up to $10 million, and $250,000 for annual loan originations over $10 million in a form and with conditions as the commissioner may prescribe; provided, that lender licensees who service mortgage loans shall file with the commissioner a bond under the same conditions listed above in the amount of $200,000. Requires mortgage brokers to file with the commissioner a bond in favor of the state for the benefit of consumers or for a claim by the commissioner for an unpaid civil administrative penalty or an unpaid examination invoice in the amount of $50,000 for licensees with loan originations of $0 to $3 million, $75,000 for loan originations greater than $3 million and up to $10 million, and $100,000 for loan originations over $10 million in a form and with conditions as the commissioner may prescribe; provided, that the bond must be in the amount of $150,000 before a broker may participate in a table-funded residential mortgage loan.
SB 284 – NEW LAW (approved by the Governor on 4-20-09; Eff. 7-6-09): Viatical Settlement Brokers. Provides that a broker shall demonstrate evidence of financial responsibility by possessing a minimum equity of not less than $250,000 in cash or cash equivalents reflected in the broker’s audited financial statements, or through a surety bond in the amount of $250,000; provided, that the Commissioner may permit a policy of insurance covering legal liability resulting from erroneous acts or failure to act in their capacity as a viatical settlement broker and inuring to the benefit of any aggrieved party as the result of any single occurrence in the sum of not less than $100,000 and $300,000 in the aggregate for all occurrences within one year. |
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AB 278 – Recyclers. Relates to the sale, disposal, collection and recycling of electronic devices. Provides that a registered recycler shall maintain proof of financial responsibility ensuring the availability of funds in an amount sufficient to cover the estimated costs of paying another person to close the facilities at which recycling is conducted, including managing any remaining eligible electronic devices or materials. The financial security may be in the form of a surety bond, a deposit of cash, certificates of deposit or securities issued by the federal government, an escrow account, an irrevocable letter of credit, an irrevocable trust, etc. (6-3-09: In Assembly; public hearing held)
SB 62 – NEW LAW (signed by the Governor on 2-20-09; Eff. 1-1-2010): Mortgage Bankers and Mortgage Brokers. Requires mortgage bankers to file a $300,000 bond, and mortgage brokers to file a $120,000 bond.
SB 107 – Recyclers. Relates to the sale, disposal, collection and recycling of electronic devices. Provides that beginning on August 1, 2009, no person may operate as a recycler receiving eligible electronic devices on behalf of a manufacturer unless the person is registered and provides and maintains proof of financial responsibility ensuring the availability of funds in an amount sufficient to cover the estimated costs of paying another person to close the facilities at which recycling is conducted, including managing any remaining eligible electronic devices or materials, and performing any necessary environmental cleanup. The financial security may be in the form of a surety bond, a deposit of cash, certificates of deposit or securities issued by the federal government, an escrow account, an irrevocable letter of credit, an irrevocable trust, etc. (6-3-09: In Senate; referred to Joint Committee on Finance by Committee on Senate Organization; withdrawn from Finance and made available for scheduling by Organization; emergency statement attached; placed on calendar 6-9-09) |
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HB 169 – NEW LAW (signed by the Governor on 3-12-09; Eff. 7-1-09): Mortgage Loan Originators. Provides that any organization employing or contracting with a mortgage loan originator shall maintain a surety bond to be used to cover individual mortgage loan originators; the bond amount shall be established by rule based upon the volume of residential mortgage loan activity transacted by the organization; the bond shall remain effective continuously until released in writing by the administrator.
SB 58 – NEW LAW (signed by the Governor on 2-24-09; Eff. 1-1-2010): Certificates of Title. Relates to vehicle title and registration. Provides that the amount of any bond required shall not be less than double the value of the vehicle determined at the time of application. The bond shall be conditioned to indemnify a prior owner, lienholder, subsequent purchaser, secured creditor or encumbrancer of the vehicle and any respective successors in interest against expenses, losses or damages, including reasonable attorney fees, caused by the issuance of the certificate of title or by a defect in or undisclosed security interest upon the right, title and interest of the applicant in the vehicle. If any person suffers a loss or damage by reason of the filing or issuance of the certificate of title as provided in this section, such person shall have a right of action to seek relief directly against the applicant and the surety on the applicant's bond against either of whom the person damaged may proceed independently of the other, but the aggregate liability of the surety to any or all persons seeking relief shall not exceed the total amount of the bond. |
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