Wyoming Surety Bonds Explained
Compared to most states, Wyoming has very few state bond requirements. Lance Surety Bond Associates can write all of them with ease, and at some of the lowest bond prices on the market. We offer instant online quotes, and we issue bonds directly out of our office, so if you need your bond fast, we can help! Our agents are experienced in handling Wyoming bond requirements, and can answer any questions you may have.
If you’ve never had to obtain a surety bond before, it’s a good idea to get acquainted with the concept first. In short, surety bonds are a regulatory mechanism which states often use to make sure certain businesses or professional vocations are compliant with a set of regulations.
For example, an auto dealer who wishes to sell cars in Wyoming will have to obtain a special type of surety bond known as an auto dealer bond. Freight brokers, mortgage brokers and construction contractors are some other commonly-regulated professions.
In legal terms, surety bonds represent an agreement between three sides:
- The side posting the bond is the principal
- The side requiring the bond is the obligee
- The side underwriting the bond is the surety
For each surety bond that they underwrite, sureties vouch to the obligee that the principal will adhere to the terms of the bond agreement. They also assume financial responsibility for the actions of the principal, although the final responsibility for reimbursing claimants always lies with the principal. This is why it’s essential to stay out of claims at all times.
There are different types of surety bonds in Wyoming based on their purpose. For more information, read on below. Alternatively, you can begin our online application process by finding the bond you need in the table below.
Call us at (877)-514-5146 if you have any questions. We’d be happy to help!
Find Your Wyoming Surety Bond
|Freight Broker Bond (BMC-84)||N/A||FMCSA||Apply Now|
|General license & permit bond (not listed)||N/A||N/A||Apply Now|
|Contractor License Performance & Payment (Local) Bond||Contractor License Bond||City of Gillette||Apply Now|
|Contractor License Performance & Payment (Local) Bond||City of Sheridan, WY Contractor License Bond||City of Sheridan - City Hall 1st Floor||Apply Now|
|Contractor License Performance & Payment (Local) Bond||(Town of Jackson, WY) Contractor License Bond||Town of Jackson, WY||Apply Now|
|Contractor License Performance & Payment (Local) Bond||(City of Buffalo, WY) Contractor License Bond||City of Buffalo||Apply Now|
|Contractor License Performance & Payment (Local) Bond||(City of Torrington, WY) Roofing and Construction||City of Torrington||Apply Now|
|Collection Agency Bond||Collection Agency||Collections Agency Board||Apply Now|
|Insurance 3rd Party Administrator Bond||Third Party Administrator||State of Wyoming||Apply Now|
|Mortgage Broker (1st & 2nd Mortgages) Bond||Mortgage Lenders & Brokers||Commissioner of Banking, Dept of Audit||Apply Now|
|Mortgage Lender/Banker (1st & 2nd Mort.) Bond||SURETY BOND FOR MORTGAGE LENDERS AND BROKERS||Commissioner of Banking, Dept of Audit||Apply Now|
|Auto & Mobile Home Dealers (New & Used) Bond||Motor Vehicle Dealer||Department of Transportation - Motor Vehicle Servi||Apply Now|
|Auto & Mobile Home Dealers (Used Only, No New) Bond||Motor Vehicle Dealer||Department of Transportation - Motor Vehicle Servi||Apply Now|
|Motor Vehicle (Non-Dealer, Not Listed) Bond||Wyoming Based Manufacturer Bond||Wyoming Department Of Transportation||Apply Now|
|Sport Permits Bond||Promoter License Bond||Wyoming State Board of Mixed Martial Arts||Apply Now|
|Itinerant Merchants Bond||Itinerant Merchants Bond||City of Gillette||Apply Now|
|Professional Licenses (All Other) Bond||Surety Bond for 2013 Taxidermist License||Wyoming Game & Fish Department||Apply Now|
|Sales, Use & Consumer Tax Bond||Sales and Use Tax Bond (Multiple Contracts)||State of Wyoming||Apply Now|
|Fringe Benefits Only Bond||Non-Resident Employers' Bond||Dept of Workforce Services, Worker's Comp Div||Apply Now|
|Appraisal Management||Appraisal Management Company Bond||Wyoming Certified Real Estate Apprasier Board||Apply Now|
Questions about Surety Bonds in Wyoming
What are the different types of Wyoming surety bonds?
There are three main categories of surety bonds you need to know about:
- License bonds are the largest category of bonds. They are a pre-licensing requirement for many businesses who are applying to get a license or a permit in Wyoming.
- Contract bonds are needed during the different phases of a construction project. They ensure timely project completion and adherence to the contract.
- Court bonds may be required from individuals after a decision by a Wyoming court. Individual appointed as fiduciaries are one example of when a court bond might be needed.
How much does a Wyoming surety bond cost?
The cost of each surety bond can be estimated in a few steps. First, you need to know the total value of the surety bond you have to post. For example, Wyoming auto dealer bonds are valued at $25,000. This sum is not what is required for the dealer to pay, however. It’s the maximum amount a dealer may have to pay if a claimant files a successful claim against them.
Instead, bond principals pay for surety bonds in premiums, most often annually or biannually. The premium is a few percentage points of the total value of the bond. For applicants with good credit, this percentage will rarely exceed 4%.
Besides the applicant’s credit score, other factors can also influence their premium. Liquid assets, such as cash on hand, or rich industry experience, can all affect your bond cost as well. For even more details and tips, be sure to check our What Does a Surety Bond Cost? page.
Can I get a Wyoming surety bond if I have bad credit?
Getting bonded with bad credit is trickier, mainly because of the higher risk involved for surety underwriters. For some types of bonds, such as contract bonds, bad credit markets do not exist.
For all other bonds, most applicants can get bonded through our bad credit surety bonds program. It gives you access to the same A-rated and T-listed bond providers, and premiums are generally between 5% and 15% of the total value of the bond. You can talk to one of our surety experts to find out if there are ways to get a lower premium than you were initially quoted.
How to get bonded in Wyoming
The process of getting bonded isn’t usually complicated, especially if you use our online application. You will get a free no-obligation bond quote based on the information you provide us.
Afterwards, we’ll get in touch with you to help you finalize the application process. Processing types will vary depending on the type of bond you need, but for most surety bonds we will be able to get your bond ready in just a few business days.
As always, don’t hesitate to give us a call at (877)-514-5146 if you have any difficulties with your application. You can read more about the process of getting bonded on our How to Get Bonded page.
Most Popular Surety Bonds in Wyoming
To ensure compliance with the Wyoming Statutes Annotated, the state requires collection agencies to post a $10,000 surety bonds.
Lenders and brokers alike need to get a license and a surety bond before they can legally operate in the state. The bond protects consumers from fraudulent practices. Its total value is $25,000.
A $25,000 auto dealer bond is mandatory for licensed dealers. It makes sure auto dealers comply with state regulations and refrain from fraudulent business practices.
This surety bond makes sure that sports promoters pursue their jobs in accordance with state laws.
A contractor license bond is often required of Wyoming construction specialists, so that they can legally operate their business.
Mortgage Brokers are real estate financing experts that help people find and negotiate financing terms for their specific mortgage.