Lance Surety Bond Associates, Inc.

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.

Election Recounts:

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.

The Uniform Trust Code will be adopted through this senate bill. A bond must be posted by the trustee to secure the performance of his and her duties. This will only be activated if the court requires it or if the terms of the trust required one. Under this bill the court will be authorized to determine the amount of the bond, its liabilities and whether sureties are necessary. The court has the power to modify or terminate a bond at any time. Also the liability of the trustee or any surety providing the bond for acts of omissions of the trustee would not be discharged or affected by the trustee’s resignation.

Debt Settlement Service Providers:

Under this bill debt settlement service providers will be regulated to where registration is required along with a surety bond if the provider has any consumer deposit funds in an account to be used for the payment of debt settlement fees and/or for making payments to debt collections/creditors. The new bonding requirement will have to be in the minimum amount of $10,000 for the first three months of the registration period, after which it will have to be in the amount no less than the average of the balance held in the provider’s dedicated consumer accounts during the previous three months. This bond will not be allowed to be any less than $10,000 or larger than $1 million. This bond must be issued by a surety agency licensed in that particular state and it must be in compliance with the appropriate state and federal laws/regulations.

License Bond – Towing Companies

The purpose of SB 570 would be to repeal the bond requirement for towing companies that tow vehicles from parking lots. Under current law a $20,000 bond must be posted to guarantee the payment of any liability incurred under the law.

HB 425: Reclamation Bonds

This house bill will authorize the Department of Environment to require a bond to be posted in connection with a permit for the use of any coal-combustion by-product for reclamation of a mining site. Under the terms of this bond the secure compliance with the applicable state and federal law will be enforced. The bond amount will have a capacity of the maximum limit of $7,500 per acre based on the number of affected acres. Under existing law a bond was required in connection with a mining operation permit. This new bond will be required in addition to the existing law’s reclamation bond requirements.

SB 411: Court Bond

This bond would be providing procedures for the seize of property that is involved with criminal proceedings. These proceedings would be involved with financial crime cases. The owner of a seized property would have the opportunity to post a bond to obtain the release of their property. The bond would be conditioned on compliance with the court’s final Judgment.