Louisiana Contractor License Bond for Home Service Contractor Providers
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.
The following two tabs change content below.
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)
- How to Get a Texas Dealer License - March 30, 2021
- How to Get a California Money Transmitter License [2021 Guide] - March 26, 2021
- 🚚 How to Become a Freight Broker in 2021: Your Ultimate Guide - March 26, 2021
