Lance Surety Bond Associates, Inc.

HB 1913: Public Official

This bill creates the Department of Public Works for the Town of Hadley. Under this new law the Director of the Department is required to post a surety to secure the faithful performance of his or her duties. The amount to be posted will be determined by the Board of Selectmen.

HB 1221: Permit Bond

A surety bond or other security must be posted in connection with a right-of-way permit for the installation of utilities in Washington County. This bond is posted to guarantee the restoration of county property at the site on which the work was performed. This law became effective June 1, 2009.

HB 1195: Miscellaneous Bond – Wholesale Drug Distributors

Prior law required whole sale drug distributors to post a surety bond in the amount of $100,000 in connection with obtaining a permit. Under the new law the amount required will be based on the distributor’s annual gross receipts. This is required so that if such receipts in the previous tax year were $10 Million or more, a $100,000 bond is required. A $50,000 will be necessary if the receipt is less than $10 million.

Illinois HB 2956/SB 1539

Under this bill real estate appraisal management companies will be required to register and post a $25,000 surety bond. This will be conditioned upon the compliance with the law. This bond was created to ensure the recovery of expenses, fines or fees due to the Department of Financial and Professional Regulation.

Alabama SB 320

Real estate appraisal management companies will be required to register and post a $25,000 surety bond. Under the regulations of this bond it will insure the company’s compliance with the law. The surety’s aggregate liability would not exceed the principal sum of the bond through this bill. The real estate company could also post cash or other appropriate security in lieu of the bond. Illinois SB 1539 will regulate real estate management companies and require the same bond amount under the existing law.

South Carolina HB 3717

South Carolina has a pending bill that would require real estate appraisal management companies to be registered and to post a $25,000 surety bond. This cannot exceed the $25,000 amount and the bond would have to be from a corporate surety licensed to do business in that state. This bill would create the Real Estate Appraiser’s Board and this board will determine the bond amount through their rules. Having this bon instated would secure the payment of any penalties and any damages caused as a result of the company’s violation of the applicable law or rules.

CONNECTICUT SB 1110

With bill will revise the existing licensing laws for mortgage lenders, brokers and originators. Under existing law a surety bond was required to be posted in the minimum amount of $40,000. This was enlisted to regulate the bond amount by the licensee’s loan origination volume. The revised bill will require mortgage lenders and correspondent mortgage lenders to post a the minimum of $100,000 surety bond and mortgage brokers would be required to post a minimum $50,000 bond. The licensee would have to obtain a bond that covers all loan originators that the licensee sponsors at all locations after the initial bond that covers the license for the main office.