Indiana Board of Education requires school bond for Turnaround Academies

09/03/2011

HB 1479: Miscellaneous Bond – Schools

This bill will provide for the rehabilitation of schools failing to meet certain standards. Any schools that have been performing in the either of the two lowest categories for five years will be turned into a turnaround academy. Specific rules will be required to be set by the State Board of Education for the school. The school could be also operated by a specific management team that would have to provide a performance bond in an amount that the board would determine. The performance bond may be terminated if the goals for the school have been met after three years under the special management team.

$50,000 School Bond required for Indiana Professional Employer Organizations (PEO)

09/01/2011

HB 1479: School Bond for Professional Employer Organizations

Tax Bond requirement for Mineral Mining Operations in Indiana

08/31/2011

HB 1440: Tax Bond – Mineral Mining Operations

Through this bill a severance tax on coal, sand gravel, dimension stone, limestone, gypsum and crushed stone will be imposed in the amount of 4.5% of the gross value of the materials recovered from the earth. A surety bond must be posted by the persons required to file the tax reports and pay the amount owed. The amount will be determined by the Department of State Revenue. Cash will also be accepted in lieu of the bond.

Indiana Court Bond Requirement for Redevelopment Commissions

08/29/2011

SB 541: Court Bond

Under this bill the creation of redevelopment commissions in certain counties in Indiana will be possible. This bill will allow for an economic development pilot program. These commissions must determine which areas of the county are eligible for redevelopment, and create a plan for these areas. Anyone who is affected by the redevelopment would eligible to file remonstrance with the commission as a part of the planning process. If the remonstrator is then aggrieved by the commission’s final decision for the economic development area they are then allowed to file an appeal in the circuit court. This redevelopment commission could petition to have the appeal dismissed. This may be possible unless the remonstrator files an appeal bond to secure the costs of the appeal and all damages should the commission win in the lawsuit.

$50,000 Medicaid Provider Bond in Indiana

08/29/2011

SB 510/HB 1230: Miscellaneous Bond – Medicaid Providers

Transportation suppliers who are enrolling in Medicaid, changing the ownership of a Medicaid provider or those who are purchasing or transferring the assets or ownership interests of a Medicaid provider are required to post a $50,000.00 surety bond. This bond will be continuous for a term of three years and it will guarantee that the surety will pay the amount of a Medicaid overpayment or false claim made to the provider. The surety’s liability will not exceed the bond amount, and the bond requirement would not apply to federal tax-exempt organizations. Secretary of Family and Social Services would have discretion to grant waivers for transportation providers operating in a federal or state designated underserved area.

Indiana Mortgage Loan Broker Bonds

04/30/2011

HB 1646 License Bond – Mortgage Loan Brokers

This law requires loan brokers, mortgage loan originators and principal managers to be licensed. Also under this new law requires that a surety bond must be posted to cover originators and principal managers who are employees of the loan broker. The surety bond amount that will be posted is determined upon the total amount of residential mortgage loans originated in the previous calendar year. If the total is not greater than $5 million the bond amount will be $50,000. If the total amount is between $5 million and $20 million the bond amount posted will be $60,000. Any amounts that exceed $20 million will be posted in the amount of $75,000. This law became effective on January 1, 2010.

Indiana Motor Vehicle Dealer Bonds

04/29/2011

HB 1376: License Bond – Motor Vehicle Dealers

Motor Vehicle Dealers must post a surety bond in the amount of $25,000 in favor of the State according to HB 1376. The existing law had already required a license for this type of business. This bond must be obtained in order to instill the payment of fines, penalties, costs and fees that the Secretary of State assessed. This bond will secure the payment of damages owed to persons obtaining a judgment against the dealer for violations of the law. This became effective on July 1, 2009.

Indiana Funeral Bonds

04/28/2011

HB 1287: Miscellaneous Bonds – Funeral Planning

This act requires a surety bond to be posted in order to regulate funeral planning regulations. A surety bond, cash deposit or other security will be required to secure the storage costs of the decedent’s remains at a hospital, nursing home, funeral home or other institution during the proceedings if any action is brought to contest the declaration’s validity.