Lance Surety Bond Associates, Inc.

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. However, HB 1350 did not increase the surety bond amount required for Arkansas

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.

Additionally, lottery retailers in Arkansas must also post a lottery and lotto bond for an amount no greater than the average tickets sales for two of the retailer

Enacted on July 10, 2009, Arizona HB 2486 mandates that the state

Effective on October 2, 2009, Arizona House Bill (HB) 2143 mandates that all mortgage loan originators operating in the state must be officially employed by either a consumer lender, mortgage banker or a mortgage broker. These mortgage loan originators must also be covered by their employer

Alabama SB 249, which was enacted on May 21, 2009, created a licensing requirement for all mortgage loan originators, as well as a requirement for them to be covered by a surety bond. However, the law does allow mortgage loan originators to use the surety bond of someone whom they are an employee or an exclusive agent of, as long as that person is subject to the Mortgage Brokers License Act (SB 232) or the Alabama Consumer Credit Act (SB 234). This license bond needs to provide ample coverage for each mortgage loan originator in an amount equal to the amount of the originated loans.

This new law became effective in Alabama on June 1, 2009, but the licensing requirements will not go effective until June 1 of this current year.

Enacted on May 22, 2009, Alabama SB 151 changed the way manufactured homes are regulated. While in the past, manufactured homes fell under the same titling law as motor vehicles, they are not treated separately.

Pertaining to motor vehicles, if the Department of Revenue is not satisfied with regards to the ownership of a particular vehicle they can either withhold the title or require that a cash deposit or surety bond be posted for 1.5 times the vehicle

Enacted on May 22, 2009, Alabama SB 111 mandated a couple of changes to the surety bond requirements for public officials in every county. Under the new law, any county employee or official that the county commission designates will be required to obtain a surety bond. County commissions can mandate that any director or member of a public board must post a surety bond in order to guarantee that they faithfully carry out the duties of their office, or assigned position. In the past, these surety bonds were made payable to the state of Alabama, but now they are payable country treasuries. Specific bond amounts will be determined by the respective county commissions, however, bonds for each county official should be for 0.5% of the official

Similar to my recent post about SB 232 (Mortgage Broker Bonds), Alabama SB 234 created a new surety bond requirement for the state

Effective on November 21, 2009, Alabama SB 232 created a new surety bond requirement for the state

On May 21, 2009, with the enactment of Alabama