Alabama Public Official Bonds
Public Officials in Alabama are required, as of May 22, 2009, to post a surety bond to the County Treasury, instead of to the State as it has been previously. County employees, member or employee of public boards or commissions, or county directors may be required to post a bond as well. The bond must be in the amount of 0.5% of the yearly budget for that official, but cannot exceed $50,000. The actual bond amount is to be determined by the county commission.
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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.