Low Speed Vehicle Dealer Bonds (Arkansas)
05/08/2013Arkansas SB 776
This new state senate bill mandates that dealers of low speed vehicles (i.e. motorcycle dealer, motor vehicle lessors, and all-terrain vehicles) post a surety bond to be filed with their state dealer license.
The bond amount has been set to $25,000 for dealers of low speed vehicles.
If you’re in need of this bond and would like a free quote in just minutes, apply on our website or give us a call at 877-514-5146.
North Dakota Appraisal Management Company Bond
05/08/2013Recent Enactement: North Dakota House Bill 1389
This new law requires real estate appraisal management companies operating in North Dakota to be be both licensed and bonded. HB 1389 authorizes the obligee, the ND Real Estate Appraiser Qualifications and Ethics Board, to require a surety bond through regulations.
For a free bond quote in just minutes, apply on our website or give one of our bond agents at call at 877-514-5146.
Washington Mortgage Loan Originator Bond
05/08/2013Washington HB 1328/SB 5210
This new law updates the previous surety bond requirement for WA Mortgage Loan Originators. This bill has changed the time period with which a claim can be brought against a bond, eliminating the statute of limiations. Now, a claim must be made within one year from the date the violation occurred.
For a free quote in minutes, apply online or call us at 877-514-5146. Lance Surety offers excellents rates and fast turnaround time!
Colorado Money Transmitter Bond
05/08/2013Recent Enactment: Colorado Senate Bill 171
This new bill extends the period of time given to Colorado Money Transmitter Companies to post their required surety bond. Previously, money transmitters had to post a bond within 90 days of the official approval of their state license application. Now, they can do so within 6 months of the license approval date.
If you would like a free quote for a Colorado Money Transmitter Bond, apply online or give us a call at 877-514-5146. Lance Surety offers the lowest possible rates, bad credit programs, and fast turnaround.
SURETY BOND FOR PUBLISHERS OF STATE-ADOPTED INSTRUCTIONAL MATERIALS (FLORIDA)
05/07/2013The State of Florida now requires a surety bond be posted by publishers of state-adopted instructional materials. The bond ensures that bonded publishers will faithfully and honestly perform their said contract with the state to sell, supply, distribute and furnish instructional materials for Florida public schools.
The bond amount is determined by the Florida Department of Education, and most amounts range between $5,000 and $10,000.
Obligee Info:
Florida Dept of Education
325 West Gaines Street, Suite 424
Tallahassee, FL 32399
Information on the Florida Senate Statute governing this requirement can be viewed at http://flsenate.gov/Laws/Statutes/2011/1006.34.
If you would like a free quote for this bond, either apply online or give us a call at 877-514-5146.
Lance Surety closed on 3/29/13 for Easter Holiday
03/28/2013Our office will be closed on Friday, March 29, 2013 for the Easter Holiday. We will return to work at 9:00am (EST), on Monday, April 1st.
Surety Bond for Virginia Home Care Organizations
03/10/2013
The Virginia Department of Health has a mandated that a $50,000 bond be posted by all contractors doing business with Home Care Organizations. This bond is to be posted in addition to the HCO’s liability insurance, with the primary objective of providing protection for patients or individuals that have suffered injury caused by negligent or criminal acts of an HCO’s contract personnel. The bond serves to guarantee to the HCO that the bonded contract will fulfill their contractual obligations, and that the contractor will be liable for any criminal or negligent acts that harm patients.
The Home Care Organization actually serves as the obligee, requiring its contractors to post the bond. The HCO can either help pay the bond premium, by having the costs worked into their contract, or can leave it up to the contractor to take care of.
Since this is a very new requirement, many surety companies are not yet willing to write it, as no information exists regarding claims and loss ratios. However, Lance Surety Bond Associates, Inc. has been proactive in working closely with some of our top sureties to develop aggressive programs for this bond type. If you’re a contractor working with an HCO, and are being required to post this bond, apply on our website for a free quote.
NEW PROGRAM FOR FMCSA HOUSEHOLD GOOD BROKER BOND
03/10/2013
Since 1/1/2012, household good freight brokers have been required to post a $25,000 surety bond with the Federal Motor Carrier Safety Administration. The broker bond has been a firm requirement that must be on file with the FMCSA in order for an applicant to be issued a household goods broker license.
Due to a high volume of claim activity, freight broker bonds are considered to be riskier than other types of surety bonds. While few surety bond companies are willing to write the more common $10,000 BMC-84 Freight Broker Bond, even fewer are writing the new $25,000 Household Goods Broker Bond. Reason being, the bond amount is more than twice as large, and since it’s only been a requirement for a little more than a year, many surety companies do not have enough data on loss ratios to feel comfortable taking on the risk.
For years now, Lance Surety has been one of the only surety agencies aggressively writing $10,000 BMC-84 Bonds, and we proud to announce that we are now able to write the $25,000 Household Goods Broker Bond. We just launched a new program last week, so if you need this bond apply on our website or give us a call at 877-514-5146.
Freight Broker Bonds: The Difference BMC-84 and BMC-85
12/03/2012How One Number can Make a Big Difference
The Difference Between a BMC-84 and a BMC-85
If you’ve ever waited for a bus, you know how big of a difference one small number can make. While taking the No. 12 line may get you where you need to go, the No. 13 line might spit you out on the other end of town.
That’s why the difference between the BMC-84 surety bond and the BMC-85 trust fund for freight brokers can be terribly misleading. While they may seem alike, and share some similarities, they are no more the same than are the two buses mentioned above. Sure they both have wheels, but when it comes to getting where you want to go, the BMC-84 is the line you want to take.
What is a BMC-84 and BMC-85 anyway?
According to federal regulations, one must be covered either by a BMC-84 or a BMC-85 if they are to operate as a transportation broker. Both of these bonds are meant to protect the broker in case a claim is brought against him, but they go about it in different ways.
- BMC-84: This form of a freight broker bond is paid for in annual fees. It also guarantees that a surety company, rather than a government agency, will process claims on the bond.
- BMC-85: On the other hand, a BMC-85 is a trust fund that requires at least $10,000 worth of collateral to be posted to the government. This also means that an impersonal government agency will handle the claims against a transportation broker.
A Closer Look at the BMC-84 vs. BMC-85
As mentioned above, a BMC-85 trust fund requires all of the collateral to be posted upfront. This can tie up large amounts of capital which could otherwise be used to run the company! This option loses even more points when one stops to consider that the government will process all claims against the bond.
On the other hand, the more manageable annual payments required for the BMC-84 make it the more obvious choice – and for good reasons. In addition to the smaller annual sums, any claims will be handled by a surety company which has a greater interest in protecting your bond against unfair claims.
Additionally, a BMC-84 surety bond is approved based on one’s credit history. So if you have demonstrated responsibility, then shouldn’t you be treated better than the BMC-85?
Because of these combined advantages, the only scenario in which one should choose a BMC-85 is in the event that they are not approved for a surety bond. Otherwise, a BMC-84 surety bond remains the most prudent option available, and the one that makes the most sense – both financially, and in protecting yourself against possible claims.
Lance Surety’s Program
We at Lance Surety have developed an exceptionally aggressive bond program which has allowed us to instantly approve over 99% of applicants for a BMC-84 freight broker bond – and with excellent rates. And because our approvals are based on credit, the application process is decidedly non-intrusive.
- 99% of applicants instantly approved
- Excellent rates
- Based on credit
- No need for business or financial information
- Fast!
Get a Free Freight Broker Bond Quote Now
If you have decided that a freight broker bond is right for you, head over to our online application page and get a free BMC-84 bond quote today!
Credit Plan Lenders Bond for Virginia
03/16/2012SB 250: License Bond – Open-End Credit Plan Lenders
This bill will require open-end credit plan lenders to be licensed and to post a $10,000 surety bond for each location. These combined cannot exceed $50,000, and the bond will be conditioned on the licensee’s performance of all written agreements with borrowers or prospective borrowers. This must also be correctly and accurately accounting for all funds received in the course of his or her business and conducting his or her business in compliance with all applicable laws. The surety’s aggregate liability will be limited to the penal sum on the bond and the bill will amend actions on the bond as well.
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