Lance Surety Bond Associates, Inc.

This requires contractors who are performing on construction contacts to have to subcontract any construction work outside the scope of its license to properly licensed construction contractors. They are also required to post a minimum of a $15,000 surety bond. Under current law a license bond based on the type of work and volume of the business is required. This pertains to the landscape contractor performs in an amount ranging from $3,000 to $15,000. This new bill would then require a new bond amount for landscape contractors performing on contractors outside the scope of their license.

HB 704: Miscellaneous Bond – Home Repair Service Contracts

This requires home service contract providers to post a financial security deposit in an amount equal to 5% of the gross consideration received on the sale of all service contracts, less any claims paid. This deposit must be not less than $25,000. Cash or a surety bond is also permitted to fulfill this requirement. In liaison with the security deposit the service contract provider may maintain a funded reserve account.

HB 1275: License Bond – Sewage Treatment Contractors

Sewage treatment contractors must post a surety bond in the amount of $25,000 if the bond covers both plumbing work and subsurface sewage treatment work. Current law required a license bond to be posted in the amount of at least $10,000 for such contractors.

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.

HVAC Contractors in Alabama have a new surety bond amount of $15,000 that may be required by the State Board of Heating and Air Conditioning Contractors. This used to be a $10,000 contractor license bond requirement, but was increased on August 1, 2009 with House Bill 184. Refrigeration contractors as well as “active” HVAC contractors have this bond requirement.

Enacted on May 13, 2009, Alabama House Bill (HB) 184 increased the bond amount that can be required by the State Board of Heating and Air Conditioning Contractors of certified heating and air conditioning contractors in the state. The amount that the State Board can require went up from $10,000 to $15,000.

HB 184 subjects all active heating and air conditioning contractors to this surety bond (license bond) requirement, to include refrigeration contractors.

According to the recently enacted Iowa House Bill 2646 (HB 2646), fire sprinkler installers and maintenance workers are required to become officially licensed, purchase public liability insurance, and must obtain a surety bond (specifically a license bond). The amount of this commercial bond will be determined by Iowa

Over the past decade, the surety bond industry has seen some significant changes that have changed the industry landscape, particularly when it comes to high risk bond programs. Companies that were dropped by their bond companies as a result of bad credit, etc, have been forced to find new bond agents in order to help them attain new surety bonds. This created a slew of challenges for agents, as they now have to find markets for these customers with credit problems, and will typically require significant collateral in order to write a bond for someone with bad credit. To serve these types of principals, Bad Credit Surety Bond Programs came into play.

High Risk = Higher Premium: Before there were high risk bond programs, underwriters of surety bonds would only write bonds for customers (or principals) that presented little to no risk of having a claim arise against them. In other words, they went after a

In July 2008, in response to an extreme drought and in an effort to more efficiently use the precious resource, water, the General Assembly of North Carolina passed House Bill 2353 (Senate Bill 1795), short title