Arkansas Senate Bill 934
This new legislation requires new recreational vehicle dealers to be both licensed and post a surety bond. Dealers are recreational vehicles are required to post a $50,000 bond, and must have an additional $25,000 surety bond for each of the dealership’s branch licenses.
The Arkansas Recreational Vehicle Dealer Bond is required to indemnify any person damaged by a bonded dealer, which may result from some sort of violation of their dealer license with the state.
Furthermore, the bill states that the aggregate liability of the respective surety company for all claimants will not exceed the penal sum of the bond itself.
Arkansas Senate Bill 60
This new enactment requires an increase in the surety bond amount required for Collection Agencies or Debt Collectors operating in Arkansas. Past state law required bonds amounts to range between $5,000 and $25,000. The new law calls for bonds to range between $10,000 and no more than $50,000.
Lance Surety offers exclusive programs for Collection Agency Bonds. If you’d like a free quote in just minutes, apply online or call us at 877-514-5146. We can get you approved and bonded in no time!
Arkansas 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.
Arkansas no longer has a surety bond requirement for a proposed insurer to obtain certification from the Insurance Department. The Department still accepts other forms of security.
Arkansas changed their current law regarding Money Transmitters. The State eliminated any other form of security besides a surety bond. Surety Bonds are now a requirement for money transmitters to be in compliance with the state.
Arkansas revised its law for mortgage brokers, bankers, and servicers. HB 1881 now states that there is no set bond amount. The Securities Commissioner now determines the bond amount based on the loan activity in the past year of the broker, banker, servicer. This needs to be of a minimum of $100,000. These bonds will also cover the employees of the broker, banker or servicer.
Cash or other securities are no longer accepted in lieu of the surety bond.
Arkansas revised their current law for combative sports events which now requests a surety bond in the amount of $1,000. The combative sports that fall under this category are semi-professional and amateur wrestling, kick-boxing, boxing and martial arts.
Lance Surety can help you get approved for this bond type within just minutes, regardless of whether you have good or bad credit. You can apply online, by selecting this bond under the “Sports Permit” category, or give us a call if you need any assistance.
Effective on March 25, 2009, Arkansas now requires performance bonds, or more specifically lottery bonds (or lotto bonds), from vendors to stay in accordance with the Arkansas Lottery Commission. The Commission will determine the bond amount for each specific vendor. Retailers must also place a lottery bond in the amount equal to two billing periods’ average ticket sales.
Surety bonds must also be obtained for Arkansas Lottery Commission employees who handle lottery revenue or the Commission’s funds. The Commission will determine the bond amount necessary for these employees.
As of July 1, 2009, HB 1359 established an increase in the license bond amount required for all exterminators of termites and structural pests operating in the state of Arkansas. The license bond amount doubled from $50,000 to $100,000.
This license and permit bond guarantees that all exterminators will comply with the rules and regulations outlines via their state license.
Effective upon the March 25, 2009 enactment of HB 1002/SB 26, all vendors in the state of Arkansas are now required to either obtain a lottery and lotto bond (type of surety bond), a letter of credit, or securities for contracts with the Arkansas Lottery Commission. All surety bond amounts shall be determined by the Commission.