Lance Surety Bond Associates, Inc.

Arkansas revised their current law for combative sports events which now requests a surety bond in the amount of $1,000.  The combative sports that fall under this category are semi-professional and amateur wrestling, kick-boxing, boxing and martial arts.

Effective in April of 2009, Directors of Production and Conservation of the Oil and Gas Commission are no longer required to post a surety bond for the funds that they handle.

Effective on March 25, 2009, Arkansas now requires performance bonds, or more specifically lottery bonds (or lotto bonds), from vendors to stay in accordance with the Arkansas Lottery Commission.  The Commission will determine the bond amount for each specific vendor.  Retailers must also place a lottery bond in the amount equal to two billing periods’ average ticket sales.

Surety bonds must also be obtained for Arkansas Lottery Commission employees who handle lottery revenue or the Commission’s funds.  The Commission will determine the bond amount necessary for these employees.

Effective June 1, 2009, Alabama Mortgage Loan Originators are required to be licensed and to obtain a surety bond.  They may be covered under their employers’ bond who is subject to the Alabama Consumer Credit Act or the Mortgage Brokers Licensing Act.  The surety bond must include an amount for the loan originator equal to the amount of loans originated.

Effective as of November 21, 2009, a surety bond is now required for mortgage brokers in the state of Alabama.  The surety bond is needed if the broker does not meet net worth requirements of the state.  The State Banking Department will determine the actual bond amount.

Effective as of November 21, 2009, a surety bond is now required for consumer lenders in the state of Alabama.  The surety bond is needed if the lender does not meet net worth requirements of the state.  The State Banking Department will determine the actual bond amount, so be sure to check with the state for more specific details and requirements.

Public Officials in Alabama are required, as of May 22, 2009, to post a surety bond to the County Treasury, instead of to the State as it has been previously.  County employees, member or employee of public boards or commissions, or county directors may be required to post a bond as well.  The bond must be in the amount of 0.5% of the yearly budget for that official, but cannot exceed $50,000.  The actual bond amount is to be determined by the county commission.