Alabama bill creates new Public Official surety bond requirement
The May 21, 2009 enactment of HB 358 created the position of county manager for Jefferson County, Alabama. In order to legally do business in Jefferson County, the new county manager must get a non-recourse bond (commercial bond) from a licensed, solvent surety company.
This surety bond must in the amount of $50,000 or more, and is required in order to guarantee the faithful performance of the county manager.
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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.
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