Readings on Surety Bonds | Surety Bond Authority

SURETY BOND UPDATE: Illinois Motor Vehicle Dealer Surety Bond Amount Increase

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 license applicants …

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How can a surety bond be verified?

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 …

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Surety Bond for Cryptocurrency: How it works and which states are requiring it

Leave a Comment / Blog, Business Owners and Surety Bonds / By Greg Rynerson, CPCU

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. …

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SURETY BOND UPDATE: Surety Bond Requirement for Mortgage Loan Servicers is Reinstated in New York

Leave a Comment / Blog, License and Permit Bonds / By Greg Rynerson, CPCU

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 …

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SURETY BOND UPDATE: Bigger Opportunities for Small Contractors in New Jersey Thanks to the Amended SBA Surety Bond Program

Leave a Comment / Blog, Construction Bonds, What Is A Surety Bond / By Greg Rynerson, CPCU

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 …

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Elements to a Bond Form

Leave a Comment / Blog, What Is A Surety Bond / By Greg Rynerson, CPCU

Surety bonds are not limited to a specific contract. The scope of the contract guaranteed by the Surety is outlined in the bond form. Each state or jurisdiction has its surety bond form language to enforce the bond lawfully. Bond forms can be obtained at a specific state agency or regulation department. To understand the …

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Surety Bond Fundamentals

Leave a Comment / Blog, What Is A Surety Bond / By Greg Rynerson, CPCU

From Basic Laws, Co-Surety Roles to Subrogation Rights In this article, we tackle the surety bond fundamentals – from its basic laws to roles of the co-surety play and subrogation rights to have a deeper understanding of how sureties work (it’s not just about issuing bonds, you know?). But first, we review the laws of …

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5 Elements of a Surety Bond Contract

Leave a Comment / Blog / By Greg Rynerson, CPCU

Once you get into a surety bond contract, you should know that there are five elements that should be present before the law will enforce that guarantee. These elements include competent parties, agreement, consideration, lawful object, and prescribed form. But first, what is a surety bond? A surety bond serves as a written agreement that …

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Cancel a Surety Bond

Leave a Comment / Blog, What Is A Surety Bond / By Greg Rynerson, CPCU

State laws have been enacted in recent years which restrict Principals from effecting cancellation or nonrenewal except under specified circumstances. Providing the Surety a written notice that reasons the need for cancellation is helpful for determining if we are allowed by law to do so. For example: In California, there is a state statute indicating …

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Surety Bond Authority Introduces Surety Bond Services to New Mexico

Leave a Comment / Blog, Press Releases / By Greg Rynerson, CPCU

California-based Surety Bond Company to bring surety bonds and consulting services to The Land of Enchantment. Los Angeles, CA, September 13, 2017 — Surety Bond Authority, Inc., a surety bond provider headquartered in Woodland Hills, CA, is now providing accessible and affordable surety bonds and consulting services to consumers in the State of New Mexico. …

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