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Are you a personal lines-broker agent in California? If so, the California Assembly Bill 1696 requires you to obtain a $10,000 surety bond. The bond should be issued by a California-admitted surety and should be made payable to the State of California. Why do personal lines-broker agents need a surety bond? Prior to the enactment …
The construction industry is expected to experience healthy economic times. Construction spending, for one, continuously grows according to the Department of Commerce. In fact, construction spending grew to $1.257 trillion late last year. Not only that, the Bureau of Labor Statistics confirms that the construction industry is generating substantial employment by opening 30,000 new jobs. That’s great news for many contractors. Small-scale contractors, …
4 Types of Problems Small-Scale Contractors Face – Which One Are You Currently Having? Read More »
The motor vehicle dealer law in the State of Illinois has been relatively unchanged for quite some time. But since the 1st of January 2018, newly amended provisions of the Illinois Vehicle Code have taken effect. The changes will include a surety bond increase for new vehicle dealers and used motor vehicle dealer …
SURETY BOND UPDATE: Illinois Motor Vehicle Dealer Surety Bond Amount Increase Read More »
Much has been said about the key players of a surety bond, the process of obtaining a bond, and the role a surety bond plays in a specific industry or business. However, the issuance of a surety bond is not the final stage in the bonding process. Both the Principal and the Obligee need to verify its authenticity in order to prevent …
Senate Passes Bill Requiring Mortgage Servicers in Oregon to Acquire a License The passing of Senate Bill 98 in August of 2017 signals a change for all mortgage servicers in the State of Oregon. All persons intending to become mortgage servicers are now required to acquire a license. This must be done prior to the …
Scholarship program aimed at students pursuing Accounting, Banking, and other finance-related fields LOS ANGELES – Nov. 21, 2017 — Surety Bond Authority, a California-based surety bond company, is launching a scholarship program that aims to provide financial assistance to bright and deserving students. As a long-time contributor to the financial industry, the company’s $1,000 financial assistance will only be awarded …
Surety Bond Authority Launches Scholarship Program for High School and College Students Read More »
Cryptocurrency is a double-edged sword depending on whom you talk to, or at least read about online and in print. Some are getting a virtual high with cryptocurrencies, while others are brushing it off as nothing but a digital nuisance that will eventually crash. It has been referred to as gold 2.0 by some devotees. …
Surety Bond for Cryptocurrency: How it works and which states are requiring it Read More »
To protect the employees of car wash businesses in the City of New York, the surety bond amount required for the said businesses has been increased. Under the Car Wash Accountability Law, persons who are intending to apply for a car wash license, or those that are renewing their car wash licenses, will need to …
As of July 23, 2017, the Superintendent of Financial Services of the State of New York has reinstated Part 418 of the Superintendent’s Regulations and Supervisory Procedures. This section will obligate non-exempt mortgage loan servicers (MLS) to register with the Superintendent and submit a sufficient surety bond. The regulation aims to strengthen the mortgage loan …
Surety Bond Update for Small Contractors in NJ with Surety Bond Authority The U.S. Small Business Administration has recently announced the changes made to the Surety Bond Guarantee (SBG) Program which will benefit small contractors in the State of New Jersey. The amended program – which started on the 20th of September 2017 – allows …
