SB 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.
HB 108: License Bond – Collection Agencies
Collection agencies license bond amount will be increased from $10,000 to $25,000. A requirement to increase the bond amount by $5,000 for each licensed office will also be increase through this bill for collection agencies.
HB 186: Miscellaneous Bond – Lottery Contracts
The lottery will be authorized in Wyoming through this bill. Vendors will be required to post a performance bond or other security for contracts with the proposed Wyoming Lottery Corporation. Through this new bill lottery retailers may be required to post a bond from an insurance company acceptable to the Corporation. The amount of the bond cannot exceed the applicable district sales average of lottery tickets for two billing periods. The Corporations employees that have had access to its funds would also have to be bonded. The amount of the bond for the employees would be determined by the board.
AB 20: License Bond – Residential Care Homes
Homes for individual residential care must be licensed and also post a surety bond. The amount of the bond will be based on the number or employees as the existing law requires for various healthcare facilities. Through current law a $5,000 surety bond needs to be posted if a facility has less than seven employees, $25,000 bond for seven to twenty-five people, and a $50,000 bond for more than twenty-five employees. The bond must be issued from a corporate surety and be payable to the Aging Services Division for damages that a patient has sustained as a result of the licensee’s act or failure to act. The bond must run concurrently with the license period and have a 30 day cancellation clause in the bond form language. They must give 30 days notice of cancellation to the Administrator of the Health Division under current law. This new law became effective on January 1, 2010.
SB 197: Miscellaneous Bond – Vehicle Inspections
A $500 surety bond will be required in connection with certification as a vehicle inspection station or as a vehicle inspector under this bill. The bond is put in place to ensure compliance with the applicable law. Previous legislation failed in 2009.
SB 141/HB 1222: License Bond – Debt Management Service Providers
This will enact the uniform Debt Management Services Act of the National Conference of Commissioners on Uniform State Laws. Debt management service providers must register and post a $50,000 surety bond through this bill. The amount of the bond is determined by the Consumer Credit Commissioner basing the amount on certain conditions of the provider. The surety company issuing the bond must be “A” rated from a nationally recognized rating service and must be licensed in that state. The bond was created for the states benefit and individuals who enter into agreements with the provider. The bond will need to be in effect for an additional two years after the registrant stops performing debt management services in Texas.
HB 1138: License Bond – Private Detective Agencies
This bill will require private detective agencies to be licensed. They must also post a 50K surety bond from a surety company that is authorized to do business in the state of South Dakota. The bond is instilled to recover against the principal and any of its servants, officers, agents and employees by reason of its wrongful or illegal acts in conducting business licensed under this act. The bill will provide direct actions pertaining to the bond.
HB 2712: License Bond – Mixed Martial Arts Contest Promoters
This bill will re-write existing law pertaining to the State Athletic Commission, which regulates boxing contests. Through this bill their authority will be expanded to cover mixed martial arts contests. Under current regulations boxing promoters are required to be licensed and post a $10,000 surety bond. The Commission determines the bond requirements. The bill will codify the requirements for promoters in the statue instead of the regulations A surety bond no less than $100,000 will have to be posted by boxing and mixed martial arts contest promoters. A larger bond is able to be required by the Commission through regulations.
The bond amount for employment agencies will be increased through this bill. This is under existing law from $5,000 to $20,000. A surety bond is required or a letter of credit. This is to secure that the agency is compliant with the law and will pay all sums due to consumers and their employees.
The combination of these bills would revise the regulatory scheme for home service contracts, requiring the service contract provider to meet certain financial requirements. This includes posting a surety bond or other security. The bond that needs to be posted cannot be for less than 5% of the gross premium received, less claims paid, on the sale of the service contract for all service contracts issued and in force in the state. The bond amount can not be less than $25,000 and a funded reserve account would be required in addition to the bond. Instead of posting the bond or having a funded reserve account the service contract provider could maintain a net worth or stockholder’s equity of $25 million, either on its own or together with its parent company
Any property that has not been legally occupied for at least 12 months and is in need of rehabilitation will be in line for new procedures produced by this bill to deal with those properties. If complaints arise against the maintenance of the abandoned properties the owners can then submit a plan of rehabilitation. Or the owners may post a surety bond for an amount equal to 125% of the costs of rehabilitating the property.
Real estate closing agents will be required to post a $100,000 surety bond that will secure the closing agent’s cooperation with the applicable law and the agent’s contracts. The bond will be posted because it will be available to pay the costs and penalties incurred as a result of the closing agent’s failure to comply. This bond will have to cover all of the closing agent’s employees and independent agent’s. The insurance agent that is providing this bond to the closing agent must be licensed in that particular state.
Debt Settlement Service Providers:
Under this bill debt settlement service providers will be regulated to where registration is required along with a surety bond if the provider has any consumer deposit funds in an account to be used for the payment of debt settlement fees and/or for making payments to debt collections/creditors. The new bonding requirement will have to be in the minimum amount of $10,000 for the first three months of the registration period, after which it will have to be in the amount no less than the average of the balance held in the provider’s dedicated consumer accounts during the previous three months. This bond will not be allowed to be any less than $10,000 or larger than $1 million. This bond must be issued by a surety agency licensed in that particular state and it must be in compliance with the appropriate state and federal laws/regulations.
SB 2913/AB 4298: License Bond – Mobility Dealers
Mobility dealers would be subjected to existing licensing and bond requirements for motor vehicle dealers. Anyone who sells more than five mobility vehicles in a year is considered a Mobility dealer. These vehicles are specially equipped to transport a person with a disability and include mechanical devices such as a wheel chair or ramps. Under current law a 10K bond must be posed by motor vehicle dealers if they sold less than 200 vehicles in a calendar year. A 25K will be required if the dealer sells more than 200 vehicles in a calendar year.
This house bill will rewrite the existing law for wholesale potato dealers. Under current law the dealers must be licensed, and a form of financial security is sometimes required by the State Seed Commissioner. A surety bond is an example of a financial security accepted by the State Seed Commissioner. The new bill will make the financial security requirement mandatory as a condition of licensure instead.
A bond would be required to be posted in connection with review processes for tax assessments made by local authorities on the sale of tickets for sporting events. Vendors selling the tickets would be responsible for the tax. If there are disputes against the tax or people seek a refund will be required to deposit an amount equal to the tax and any penalties due, along with a surety bond for the costs of the proceeding. The surety bond company must be licensed in that particular state as well.
HB 313: License Bond – Debt Management Services
The Uniform Debt Management Services Act of the National Conference of Commissioners of Uniform State law will be adopted through this bill. A $50,000 surety bond will be required to be posted by debt management service providers. Sureties will be required to be “A” rated by this bill from a nationally recognized rating service and licensed in that state.
A program will be established through SB 398 to provide scholarships to special needs students to attend qualified public and non-public schools. Scholarship granting organizations would then be required to demonstrate their financial viability if they have been receiving more than $50,000 in donations during the school year. This can either be shown through the submission of financial information demonstrating such viability or they will be allowed to post a surety bond. The surety bond that would need to be posted must be in equal to the aggregate amount of contributions that the school expecting to receive during the school year. A bond will also be required by SB 433 from scholarship organizations as described above, but the program is for low-income students.
Debt management service providers will be regulated by this bill. This would require licensure and a $50,000 surety bond to be posted. The Commissioner of the Department of Financial Institutions will be allowed to require a larger bond through regulations of this bill.
This bond would establish a permit system for intercity bus passenger services. This would be installed in cities that have a population of one million or more. A surety bond in the amount of $5,000 would be required in connection with the permit. The bond would be posted to ensure the payment of all civil penalties imposed on the permitted for violations of any permit requirements or restrictions.
The Commissioner of Financial Institutions will now be allowed to increase the $20,000 license bond that is required under existing law for collection agencies. The bond increase will be at the Commissioner’s discretion and is based on his or her determination that would protect the public’s interest. Also under this bill a minimum net worth requirement of $25,000 will be added.
Pre-paid calling services would be regulated under this bill requiring such providers of this service to post a surety bond or other security in the amount of $50,000. They must also obtain a certificate to operate in the state with this bond requirement. Distributors of prepaid calling cars must also post a surety bond. The bond must be in the amount of at least $10,000. Sales exceeding $50,000 by the distributors are then required to post a bond in the amount of $25,000.
HB 1191: Miscellaneous Bond – Trailer License Plates
This will eliminate a procedure where license plates for a trailer can be issued for a period of six years. If the bill is past the bond requirement will be eliminated as well.
SB 288: Tax Bond – Soda
An excise tax would be imposed on “sweetened beverages” that is defined in the bill and any syrup used to produce them. Distributors of these beverages would have to file tax returns by the 25th of each month after the month in which the beverages were sold. A bond must be posted by any persons subject to the tax. This would be conditioned on the filing of the reports and the payment of the tax and any applicable penalties and interest. The amount of the bond is determined by being equal to at least twice the amount of the taxpayer’s estimated monthly tax liability. The bond can be no less than $1,000, cash and other security would be accepted in lieu of the tax bond.
HB 262: License Bond – Process Server Companies
This House Bill will regulate all process server companies. This will also require licensure and a surety bond to be posted in the amount of 10K from a bonding company authorized to do business in the State. Individual process serves that are not covered under a company’s blanket bond would have to post their own bond for $10,000 in connection with licensure.
SB 1439: License Bond – Debt Collection Agencies
Debt collection agencies would be required to be licensed and post a surety bond, indemnity agreement, or an irrevocable letter of credit. This must be payable to the people of New York, and the bond would be based on the number of persons employed by the licensee. The bond requirement would allow for a 10K bond to be posed for one to four employees; a 25K bond for five to nine employees; 50K bond for 10 to 20 employees and a 75K bond for 20 or more employees. The liability of the surety would be limited to the face amount of the bond. This would be regardless of the number or nature of claims made against the bond for the number of years the bond remains active.
HB 66: Public Officials
This bill would repeal the bond requirement for the Secretary of Finance and Administration and for the Secretary of General Services. Under current law a surety bond is required for each secretary and authorizes each of them to require their officers/employees to provide a fidelity bond as deemed necessary.
SB 15: Public Officials
The Health Policy and Finance Department would be created under this bill and would be run by the Secretary of Health Policy. A $25,000 surety bond will be required to be posted by the Secretary. Also each director of division of the Department would have to post a $10,000 bond that will secure the faithful performance of their duties.
SB 235/HB 345: Public Officials
This would repeal the public official bond requirements for all secretaries, appointed directed of cabinets and the employees of a cabinet department. Under current law for New Mexico their executive cabinet provides that each secretary of a cabinet must post a bond in the amount of 25K and each director of a cabinet department must post a 10K bond. The new bill would eliminate any references to bond requirements for cabinet officials and employees for the following departments:
• Youth and Families
• Department of Finance and Administration
• Department of Health
• Department of Environment
• Human Services
• Economic Development
• Regulation and Licensing
• General Services
• Public Safety
AB 3408: Professional Employer Organizations
This Assembly Bill would revise the current law for employee leasing companies, including the financial requirements. Under existing law companies need to maintain a minimum net worth of $100,000. Under the new bill to be passed the $100,000 net worth requirement will be substituted for a surety bond in the amount of $75,000. Now instead of meeting the minimum net worth requirement the bill would require the company to maintain a positive working capital. If the company fails to do that then it could post a bond, irrevocable letter of credit or securities with a minimum market value that is equal to the amount required for achieving a positive working capital, plus $100,000.