Lance Surety Bond Associates, Inc.

HB 441: Tax Bond

HB 441 will require the principal to obtain a surety bond in connection with an expedited refund on a sale and use tax refund claim. Should the refund have to be paid in error this bond will secure the repayment of the refund and any additional tax, interest, penalties fees or other costs incurred. This new law became effective upon enactment and if such an assessment comes arise it must be made within three years from the date that the expedited refund was made.

Prior law in Connecticut required a surety bond be posted in the amount of $250,000 for residential underground heating oil storage tank system contractors. HB 6501 eliminates this bond requirement and is effective upon enactment date June 9th, 2009.

With the recent enactment of SB 114 Colorado commodity agents are no longer required to have license or surety bond for the license.

Under the American Recovery and Reinvestment Act through the federal stimulus package, HB 1346 provides for the use of the funds provided to the state of Colorado. Under this new law state agencies are now allowed to come together and construct separate legal entities. These legal entities are known as recovery and reinvestment finance authorities who have projects that are funded through this package. If you are appointed as a custodian of a finance authority fund you must post a surety bond in the mount that the authority’s board requests.

Greenway District, Flood Control and Fountain Creek Watershed were created by the new law SB 141. This new law requires custodians to post a surety bond in an allotment that the district board requires. The appointed custodians of the District’s funds must follow this act.

Home Food Service Plans Act SB 117 requires sellers of this plan to be licensed and to always post a surety bond from a surety company licensed in the state of Colorado. The Commissioner of Agriculture will determine the exact bond amount needed, but it will never be set beyond $50,000.

According to the Colorado Department of Revenue, all medical marijuana center’s must obtain a $5,000 licensing bond (sales tax bond) no later than May 1, 2011.  Originally the state had mandated that these bonds be posted by July 1, 2011, but that deadline has since been moved up by two months. 

Those in need of this bond must act quickly in order to comply with the state requirement.  Lance Surety has excellent standard and high risk programs for clients with less than perfect.  We can help you obtain a surety bond quickly via our fast and easy to use online application.

Contact us with any questions at 877-514-5146.

Farm labor contractors and garment manufacturers in California may be required to post a bond at the time of their license/registration renewal to secure the payment of judgements against them for unpaid wages. If any judgements were not satisfied when the renewal application is submitted, then the bond will be required. This law became effective January 1, 2010.