SB 175: Motor Vehicles
This will provide for an appeal process towards the new law’s repurchasing requirements for marine product dealers that cease to do business. An appeal bond must be posted to compensate the prevailing party for compliance with the Louisiana Used Motor Vehicle Commission’s decision.
SB 151: Miscellaneous Bond – Notary Course Providers
This requires providers of instruction and training to prepare for the Louisiana notary public examination to register. If the provider is not an educational institution they must post a surety bond in the amount of $25,000. This bond with ensure the delivery of the providers services. All surety companies licensed in Louisiana must provide this bond.
SB 110: License Bond – Credit Repair Services
This revokes the previous requirement that a surety bond must be posted for credit service organizations for 2 years after the organization ceases operations in the state or after it has filed notice with the Attorney General.
HB 704: Miscellaneous Bond – Home Repair Service Contracts
This requires home service contract providers to post a financial security deposit in an amount equal to 5% of the gross consideration received on the sale of all service contracts, less any claims paid. This deposit must be not less than $25,000. Cash or a surety bond is also permitted to fulfill this requirement. In liaison with the security deposit the service contract provider may maintain a funded reserve account.
HB 369: Insurance Code Definitions
This act revises the Insurance Code. This will create separate definitions for surety and fidelity as lines of insurance. Previous law defined fidelity and surety as one line of insurance.