Under new enactment for HB 2284 will eliminate the current schedule of amounts for a surety bond or insurance policy. A scheduled amount was previously required under existing law for personal property warehouseman. This new law will work in compliance with the Illinois Commerce Commission to determine the amount that needs to be posted, rather than having a set statute. In previous law the amount was based on the size of the warehouse and would range from $5,000 to $25,000. This would also include an additional $5,000 for each additional $100,000 net square feet or net cubic feet of volume in the warehouse. This new law became effective on January 1, 2010.
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.
Latest posts by Victor J. Lance, President/Owner (see all)
Lance Surety Bond Associates, Inc. is a surety bond agency based out of southeastern Pennsylvania that is able to write all surety bond types in all 50 states. We are dedicated to servicing all of our customers' surety bonding needs throughout the country and guarantee competitive rates, timely responses, and unparalleled customer service.