Lance Surety Bond Associates, Inc.

HB 804: Court Bond

If the value of a personal property or estate is expected to be at least $10,000 conservators for the estate must post a surety bond in that amount. Previous law provided for a bond to be posted when the proposed protected person petitioned the court to require one. This law applies to conservators appointed after August 1, 2009.

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.

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.

SB 2091: Viatical Settlements Act

A Surety bond in the amount of $125,000 must be posted in order to insurance financial responsibility for licensed viatical settlement providers. This bond must be issued by an insurer authorized to issue surety bonds in that state. If the provider has proof that financial instruments have been filed in one or more states where the provider is licensed this can be accepted in lieu of a bond or other security. This stands as long as the instruments comply with the new law’s provisions. There are other acceptable forms of security such as cash, certificates of deposit, securities or a letter of credit. This law will be effective on July 1st, 2010.

SB 1704: Miscellaneous Bond

SB 1704 requires that resident funds that a facility’s employees handle against, loss, theft and insolvency be secured by posting a security bond by their facility. This law will be become effective on July 1, 2010.

HB 264: Depository Bond

The Illinois Urban Development Authority was created under HB 264. Under this it requires its depositories to post a surety bond. This surety bond must be issued in the condition of the safekeeping of money be deposited and also the repayment of the deposits. The minimum bond amount posted must be equal to at least the maximum sum expected to be on deposit at any given time.

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.