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.
Any losing candidate of an election for a public office will be required to post a bond or other security in connection with filing for a recount. Under this bond the costs of the recount process will be secured and which the losing candidate would be responsible.
SB 79: Public Officials
The Central Iron Range Sanitary Sewer District was created by SB 79. This new law will authorize the districts board to post surety bonds and fidelity bonds to secure the honorable performance of the duties of its officers and employees. This law became effective upon enactment.
HB 2123: License Bond – Debt Settlement Services
This will subject debt settlement service providers to the existing bond requirements for debt management service providers. Debt management service providers must obtain a surety bond or other security in an amount no less than $5,000. This amount will be determined by The Commissioner of Commerce.
HB 1362: Miscellaneous Bond – Personal Care Assistants
This requires personal care assistants to enroll with the Department of Health and Health Care. They must also be employed through a qualified personal care assistance provider agency. A surety bond must be posted by the agency in an amount equal to $50,000 or 10% of the provider’s payments from Medicaid in the previous year, whichever is less. A fidelity bond providing coverage in the amount of $20,000 is also required.
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HB 1275: License Bond – Sewage Treatment Contractors
Sewage treatment contractors must post a surety bond in the amount of $25,000 if the bond covers both plumbing work and subsurface sewage treatment work. Current law required a license bond to be posted in the amount of at least $10,000 for such contractors.
HB 804: Court Bond
If the value of a personal property or estate is expected to be at least $10,000 conservators for the estate must post a surety bond in that amount. Previous law provided for a bond to be posted when the proposed protected person petitioned the court to require one. This law applies to conservators appointed after August 1, 2009.