| |
|
| STATE |
LEGISLATION |
|
|
H 179 – NEW LAW: Motor Vehicles-Certificates of Title. Revises the amount of the bond required to obtain a certificate of title, which is currently 1.5 times the value of the vehicle; provides that the Department of Revenue would determine the bond amount. Status: 4/13/10 - Enacted; Act No. 2010-579; effective 10/1/10
S 103 – NEW LAW: Wastewater Systems. Subjects those under existing law to obtain a pumper's license to the surety bond requirements for other onsite wastewater system licensees; also requires licensure for those involved in installing, transporting, pumping, servicing, repairing, maintaining, and cleaning portable toilets and subjects them to the bond requirement ($15,000 minimum). Status: 3/23/10 - Enacted; Act No. 2010-258
S 327 – NEW LAW: Boxing Commission. Regulates mixed martial arts matches; promoters would be subject to the existing bonding requirements for boxing match promoters. Status: 3/11/10 - Enacted; Act No. 2010-222
|
|
|
| H 108 – NEW LAW: Trustees. Requires any person acting as a trustee on a deed to post a $250,000 bond to protect the grantors and beneficiaries of the deed from the
trustee's fraud or defalcation committed in the performance of the trustee's duties; exempts title insurance agencies from the bond requirement. Status: 7/9/10 – Signed into Law; Chapter 62; effective 9/7/10
S 279 – NEW LAW: Mortgage Brokers and Lenders. Revises existing bond requirements; requires a bond in an amount as determined through regulations; adds a three-year tail. Status: 6/9/10 - Signed into Law; Chapter 61; effective 7/1/10 |
|
|
|
S 1351 – NEW LAW: Appraisal Management Companies. Regulates appraisal management companies, requiring registration and a $50,000 surety bond. The bond details would be determined by regulations. Status: 5/11/10 - Signed by the Governor |
|
|
2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
|
|
|
A 145 – Construction Trucking Service Brokers. Requires brokers of construction trucking services to post a $15,000 bond. Status: 8/25/10 - Enrolled and transmitted to the Governor
A 350 – Debt Settlement Services. Requires debt management service providers to obtain a $50,000 surety bond; allows for alternate security; eliminates insurance in lieu of the bond and direct actions against the bond provisions. Status: 6/29/10 - In Assembly Judiciary; hearing cancelled at the request of the author
A 953 – Insurance Companies Obtaining Confidential Information from the DMV. Expands existing law concerning the confidential information that an insurance company may obtain from the DMV to apply to contractors acting on behalf of the insurance company. Current law permits the insurer to obtain a vehicle owner or motorist's address if he or she was involved in an accident with the company's insured. The bill would require the insurance company's contractor to post a $50,000 bond in connection with its duties to obtain information from the DMV. Status: 8/16/10 - Senate amendments concurred in; to enrollment
A 1433 – Continuing Care Contracts. Repeals legislation passed in 2009 that required the owner of a community care facility that was to be closed permanently to secure a performance bond or other form of security to ensure the fulfillment of the obligations and commitments associated with the closure. Status: 8/17/10 - Senate amendments concurred in; to enrollment
A 1912 – Honey Producers. Requires producers who fail to pay assessments charged to those with 50 or more bee colonies to post a surety bond in an amount determined by the CA Apiary Research Commission. Status: 8/16/10 - Senate amendments concurred in; to enrollment
A 2404 – Insurance - Return Premium. Adds new requirements on a policy that provides for return of premium on other than a pro rata basis, and allows the commissioner to forgo the five-year market conduct examination, under specified conditions. Status: 8/24/10 - Senate amendments concurred in; to enrollment
A 2496 – Tobacco Manufacturers. Requires nonparticipating tobacco manufacturers to post a bond in the amount of $50,000 or the amount the manufacturer would be required to deposit due to its previous year's sales in the state, whichever would be greater, in order to be listed in the state's directory of tobacco manufacturers and cigarette brands. Status: 8/24/10 - Senate amendments concurred in; to enrollment
A 2499 – Traffic Violator Schools. Amended in committee to increase the bond required of owners of traffic violator schools from $2,000 to $15,000. Status: 8/20/10 - Senate amendments concurred in; to enrollment
A 2789 – Money Transmitters. Rewrites current law; requires money transmitters to be licensed and maintain securities on deposit or a surety bond in an amount set by the Commissioner of Financial Institutions. The bond amount for licensees that sell or issue payment instruments or stored value would be not less than $500,000 or 50% of the average daily outstanding obligations, whichever is greater, but not more than $2 million. Licensees who receive money for transmission must post a bond in an amount greater than the average daily outstanding obligations for money received, not less than $250,000 or more than $7 million. Status: 8/20/10 - Senate amendments concurred in; to enrollment
S 189 – Mechanics' Liens. An extensive rewrite of the current Mechanics Lien Law based on the proposal that the CLRC issued in 2006. Status: 8/25/10 - Senate concurs in Assembly amendments; to enrollment
S 392 – Contractors as LLCs. Requires contractors organized as LLCs to post a $100,000 bond as a condition of an LLC business license. The bond would be for the benefit of any employee damaged by his/her employer's failure to pay wages, interest on wages, or fringe benefits. Status: 8/26/10 - Passed Assembly, to Senate; to unfinished business
S 1098 – Athlete Agents. Regulates the activities of an athlete agent in soliciting or contracting to represent a student or professional athlete. The bond requirement does not appear to be affected. Status: 8/25/10 - Senate concurs in Assembly amendments; to enrollment
S 1223 – Escrow Agents. Requires the surety to provide notice to the Commissioner of Corporations and to the Fidelity Corporation of any release, substitution, cancellation, withdrawal, or nonrenewal of a bond. Status: 8/19/10 - Senate concurs in Assembly amendments; to enrollment |
|
|
| H 1018 – NEW LAW: Waste Tire Facilities. Would impose financial responsibility requirements for closure and reclamation of waste tire facilities. Status: 6/10/10 - Signed by the Governor
H 1062 – NEW LAW: Crime Insurance in Lieu of Bonds. Permits various county public officials (county officers, commissioners, clerks and recorders, sheriffs, coroners, treasurers, assessors, and surveyors) to purchase crime insurance in lieu of the surety bond required under current law. Status: 4/21/10 - Signed by the Governor
H 1125 – NEW LAW: Waste Grease Handling. Would require persons, facilities, and vehicles engaged in the collection, transportation, storage, processing, or disposal of grease to be registered and post a surety bond or other debt instrument or method of financial assurance. Status: 6/7/10 - Signed by the Governor; effective 8/11/10
H 1284 – NEW LAW: Medical Marijuana Providers. Requires providers and manufacturers of medical marijuana to post a $5,000 bond to secure payment of taxes. Status: 6/7/10 - Signed by the Governor; effective 7/1/10 |
|
|
|
S 131 – NEW LAW: Retainage. Reduces the maximum amount of retainage that can be withheld on commercial construction contracts from 7.5% to 5%. Status: 5/24/10 - Public Act 10-148; effective 10-1-10
S 414 – NEW LAW: Motor Vehicle Dealers. Increases the dealer bond from $20,000 to $50,000. Status: 5/18/10 - Public Act 10-110; effective 10-1-10 |
|
|
S 228 – Discount Medical Plan Organizations. Requires discount medical plan organizations to be licensed and post a bond in an amount to be determined by the Insurance Commissioner; $50,000 minimum. Status: 7/1/10 – Passed by the Senate |
|
| B 635 – Threshold. Provides that the threshold for bid, payment and performance bonds for public construction contracts is $500,000. Status: 1/19/10 – Introduced; referred to Council Committee on Government Operations |
|
|
|
2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
|
|
|
H 1050 – NEW LAW: Appraisal Management Companies. Requires real estate appraisal management companies to post a surety bond or other security in connection with registration to secure compliance. Status: 6/2/10 - Signed by the Governor; effective 9/2/10
S 310 – NEW LAW: Pharmacy Benefit Managers. Would require pharmacy benefit managers to be licensed and post a $100,000 surety bond. A minimum $250,000 errors and omissions insurance policy or “other appropriate liability insurance” also would be required. Status: 6/2/10 - Signed by the Governor; effective 1/15/11 |
|
|
|
S 1062 – NEW LAW: Professional Employer Organizations (PEOs). Requires PEOs to post a $250,000 bond. Status: 5/21/10 - Signed by the Governor; Act 129; effective 7-1-11
S 2603 – NEW LAW: Mortgage Loan Origination. Replaces the current mortgage loan originator license bond requirements enacted in 2009 with a recovery fund. Status: 5/7/10 - Signed by the Governor; Act 084; Gov. Msg. No. 542; effective 7/1/10
S 2697 – NEW LAW: Managing General Agents. Requires an insurer's managing general agent to post a surety bond in an amount equal to $100,000 or 10% of the agent's total annual premiums written nationwide for the insurer in the previous calendar year, whichever would be greater, but not to exceed $500,000. A $1,000,000 errors and omissions policy is also required. Status: 5/18/10 - Signed by the Governor; Act 116; effective 7/1/10 |
|
|
|
H 684 – NEW LAW: Athletic Event Promoters. Revises provisions relating to bond or other security filed by promoters; minor changes. Status: 4/11/10 - Signed by the Governor; effective 7/1/10; S.L. Chapter 311 |
|
|
|
H 4781 – NEW LAW: Debt Settlement Providers. Requires debt settlement providers to be licensed and post a bond in an amount of at least $100,000. Status: 8/3/10 - Approved by the Governor; Public Act 96-1420; effective 8/3/10
H 6359 – NEW LAW: Retailers Tax and Transient Merchant Bonds. Sets out certain criteria that may be considered by the Department of Revenue when determining whether to require a bond or other security; amends the Transient Merchant Act of 1987 to make conforming changes. The "criteria" would make the bond adverse to surety. Status: 7/28/10 - Approved by the Governor; Public Act 96-1355; effective 7/28/10
S 660 – NEW LAW: Public Adjusters. Enacts the new NAIC model legislation for public adjusters; increases the bond from $5,000 to a minimum of $20,000 and allows an ILOC in lieu of the bond. Status: 7/27/10 - Approved by the Governor; Public Act 96-1332; effective 1/1/11
S 2996 – NEW LAW: Receivers and Pawnbrokers. Overhauls the Illinois banking laws; imposes additional requirements on pawnbrokers, requiring them to obtain a bond in an amount equal to two times the aggregate amount of loans made. Insurance in the same amount would be accepted in lieu of the bond. Status: 7/28/10 - Approved by the Governor; Public Act 96-1365; effective 7/28/10
S 3682 – NEW LAW: Driver Exam Training Schools. Amends the Vehicle Code; changes the amount of the bond that a qualified driver exam training school must hold to $10,000 for a non-accredited school, $40,000 for a CDL or teenage accredited school, $60,000 for a CDL accredited and teenage accredited school, $50,000 for a CDL or teenage accredited school with three or more licensed branches, $70,000 for a CDL accredited and teenage accredited school with three or more licensed branches. Current law requires a $20,000 bond that applies to all driver exam training schools. Status: 7/14/10 - Approved by the Governor; Public Act 96-1062; effective 1/1/11 |
|
|
|
S 176 – NEW LAW: Tobacco Manufacturers. Requires "nonparticipating tobacco manufacturers" to post a bond in the amount of $50,000, or the amount the manufacturer would be required to deposit due to its previous calendar year's sales in Indiana, whichever is greater, in order to be listed in the State's directory of tobacco manufacturers and cigarette brands. Status: 3/12/10 – Signed by the Governor; effective 7/1/2010
S 328 – NEW LAW: Various Financial Institution Matters. Makes various changes to the laws concerning: (1) financial institutions; (2) debt management companies; (3) pawnbrokers; (4) money transmitters; (5) check cashers; (6) persons licensed under the Uniform Consumer Credit Code; (7) first lien mortgage lenders; and (8) rental purchase agreements. Status: 3/12/10 – Signed by the Governor; effective 7/1/2010 |
|
|
|
HB 2273 – NEW LAW: Bid Bonds. Reduces the amount of the bid bond required for contracts for improvements in a county drainage district from 10% of the bid amount to 5%; eliminates the $10,000 cap on the amount of the bond. Status: 3/22/10 - Signed by the Governor; effective immediately
SB 2348 – NEW LAW: Real Estate Closing Agents. Requires real estate closing agents to be licensed and post a $25,000 surety bond; allows the Superintendent of the Division of Banking to require a larger bond amount. 4/7/10 - Signed by the Governor; effective 7/1/2011 |
|
|
|
2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
|
|
|
H 166 – NEW LAW: Debt Adjusters. Would require debt adjusters to post a $25,000 bond for the benefit of any person suffering an injury or loss resulting from a violation of the law; would require the bond to remain in effect for two years after the debt adjuster ceases doing business. Status: 4/8/10 - Signed by the Governor
H 233 – NEW LAW: Public Adjusters. Would require public adjusters to post a surety bond or an irrevocable letter of credit in a minimum amount of $20,000. The bond would be for the benefit of any person sustaining damage as a result of erroneous acts, failure to act, conviction of fraud, or conviction of unfair trade practices. Status: 4/8/10 - Signed by the Governor
H 264 – NEW LAW: Financial Institutions. Changes the depository bond requirements for depositories of local boards of education in the Commonwealth. Status: 4/13/10 - Signed by the Governor
S 130 – NEW LAW: Securities Brokers-Dealers. Appears to rewrite the law for brokers-dealers, agents and investment advisors, eliminating the $25,000 surety bond and the fidelity bond. Status: 4/8/10 - Signed by the Governor |
|
|
|
H 1189 – NEW LAW: Used Motor Vehicle Dealers. Requires used motor vehicle dealers to post a $20,000 bond if less than 120 vehicles were sold during the previous 12-month licensure period, a $35,000 bond if 120 vehicle or more were sold during the preceding 12-month licensure period. All bonds shall be for the license period. Status: 7/6/10 - Signed by the Governor; Act No. 987; effective 8-15-10
S 130 – NEW LAW: Child Support Collection by Private Party Agencies. Requires any private child support collection agency to be registered and post a $50,000 bond (or cash deposit) with the state treasurer. Status: 7/2/10 - Signed by the Governor; Act No. 872; effective 7/2/10 |
|
|
|
H 1149 – Service Contract Providers. Would require providers to maintain a funded reserve account and a financial security deposit (bond) in an amount of not less than $25,000. Status: 1/6/10 – In House; introduced and referred to Joint Committee on Insurance and Financial Services |
|
|
H 1136 – NEW LAW: Nondepository Trust Companies. Requires a nondepository trust company to pledge securities or a surety bond to the Commissioner of Financial Institutions to defray the costs of receivership in the event the trust company fails; authorizes the Commissioner to determine the amount of the securities or bond, subject to a specified maximum amount. Status: 5/4/10 - Approved by the Governor; Chapter 457
H 1470 – NEW LAW: Title Insurance Producers. Exempts a title insurance producer independent contractor who is the agent of a title insurance producer from the bond or letter of credit required under existing law. Instead, the agent would have to be covered under the producer's bond or letter of credit. Status: 5/20/10 - Approved by the Governor; Ch. 740; effective 7-1-10 |
|
|
|
H 970 – Money Transmitters. Rewrites current law to apply to both transactions within the U.S. and to foreign countries; bond amount would be based on the number of business locations, $50,000 plus $10,000 per location; $450,000 maximum. Status: 6/15/10 - In House; accompanied new draft, see HB 4760
H 4729 – Various Tax Bonds. Requires various licensees to file a bond in such amount as the commissioner may determine to secure the payment of any tax, including any interest or penalty thereon, due or which may become due; provided, however, that the bond amount shall not exceed the amount of the vendor's tax liability for a six-month period or $1,000,000. Status: 7/12/10 - Passed House, transmitted to Senate; read and referred to Ways and Means
H 4760 – Money Transmitters. Rewrites current law to apply to both transactions within the U.S. and to foreign countries; bond amount would be based on the number of business locations, $50,000 plus $10,000 per location; $450,000 maximum. Status: 6/15/10 – In House; reported favorably from Joint Committee on Financial Services and referred to Ways and Means
H 4966 – Appraisal Management Companies. Requires real estate appraisal management companies to post a $20,000 bond in connection with registration. Status: 7/31/10 - In House; new draft; reported favorably by Joint Committee on Consumer Protection and Professional Licensure and referred to House Committee on Ways and Means
|
|
|
|
H 5772 – Pharmacy Benefit Managers. Regulates pharmacy benefit managers and require them to obtain a fidelity bond in an amount equal to 10% of the funds handled annually. Status: 1/27/10 – In House; introduced and referred to Health Policy
H 6145 – Nursing Homes. Would require a surety bond to obtain a certificate of need for acquiring or operating a nursing home or to change the bed capacity in the home. The bond would have to be in an amount that is equal to or exceeds the total cost of acquiring or beginning operation of the nursing home or the cost of changing bed capacity; $25,000 minimum, $250,000 maximum. Status: 5/11/10 – In House; read first time, referred to Committee on Senior Health, Security, and Retirement; printed bill filed
H 6159 – Off-Highway Vehicles (Ownership). Requires owners of off-highway vehicles (OHV) to obtain a certificate of registration from the Department of State; authorizes the Department of State to require a surety bond if not satisfied with proof of ownership provided for an OHV worth more than $2,500. The bond would have to be in an amount equal to twice the value of the OHV. Status: 5/12/10 – Introduced in House; read first time, referred to Committee on Tourism, Outdoor Recreation and Natural Resources
S 157 – Animal Waste Handlers. Requires commercial and primary animal waste handlers to post a license bond of at least $25,000. Status: 3/23/10 – In Senate; from Committee on Agriculture and Bioeconomy, recommended as substituted
S 1288 – Debt Management Service Providers. Requires debt management service providers to post a $50,000 bond, which amount could be increased or decreased based on certain conditions of the licensee. Status: 4/27/10 – In Senate; referred to Banking and Financial Institutions |
|
|
|
S 184 – NEW LAW: Post-Secondary Institutions. Permits alternative forms of security for the existing bond of post-secondary institutions that have fallen below the U.S. Department of Education's minimum financial standards to participate in Title IV programs. Status: 5/18/10 - Approved by the Governor; S.L. Chapter 364
S 2510 – NEW LAW: Miscellaneous Licenses. Revises several license bond requirements; eliminates the existing exemption for plumbers employed by master plumbers from the bond requirement. Plumbers must post a minimum bond of $25,000 under current law. The bill also provides that the current bond required for manufactured home installers and residential roofers must be a "biennial" surety bond. Status: 5/15/10 - Approved by the Governor; line item veto (p. 23, lines 10-13; p. 154, lines 7-8); S.L. Chapter 347
S 2839 – NEW LAW: Collection Agencies and Mortgage Loan Originators. Increases the bond amount from $20,000 to $50,000, plus an additional $5,000 for each $100,000 received from debtors during the previous calendar year, less commissions; $100,000 maximum. This would be effective for bonds obtained or renewed after 1/1/2011. Sec. 14 of the bill pertains to mortgage loan originators; requires the penal sum of the bond be maintained in an amount that reflects the dollar amount of loans originated as determined by the commissioner, $100,000 minimum, $200,000 maximum. Status: 5/25/10 - Approved by the Governor; S.L. Chapter 384 |
|
|
|
S 2652 – NEW LAW: Money Transmitters (Sellers of Checks). Would require a bond in the amount of $25,000 or an amount equal to the amount of outstanding money transmissions, and would increase the bond cap from $250,000 to $1,000,000. Status: 3/29/10 - Approved by the Governor; effective 7/1/10
S 2800/H 763 – NEW LAW: Lien Laws. Would permit rental and lease equipment dealers to file lien claims on construction projects; payment bonds would be extended to provide protection to these dealers. Status: 3/17/10 – Approved by the Governor |
|
|
|
H 1692 – NEW LAW: Appraisal Management Companies. Requires real estate appraisal management companies to post a $20,000 bond in connection with registration; bond details will be determined through regulations. Status: 7/12/10 - Approved by the Governor; effective 8/28/10
H 2058 – NEW LAW: Mechanics' Liens. Provides for the release of a mechanic's lien if a bond for not less than 1.5 times the amount of the lien claim is posted. Status: 7/12/10 - Approved by the Governor; effective 8/28/10 |
|
|
|
2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
|
|
|
LB 552 – NEW LAW: Prompt Payment of Retainage. Applies to both public and private construction contracts; gives owners 30 days to pay contractors any periodic or final payments, and contractors and subcontractors would have 10 days from the date that the periodic or final payment was received to pay their subcontractors. Status: 2/16/10 – Approved by the Governor on 2/11/10
LB 579 – NEW LAW: Professional Employer Organizations (PEOs). Requires PEOs to maintain a positive working capital; if it does not, it would have to obtain a bond, letter of credit or securities in an amount that would make up the deficiency plus an additional $100,000. Status: 3/17/10 – Approved by the Governor
LB 722 – NEW LAW: Public Officials. Revises existing bond requirements for all state employees; eliminates the specified bond amount and confer authority to the state’s risk manager to determine the amount required. Status: 3/3/10 – Approved by the Governor |
|
|
|
2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
|
|
|
H 660 – NEW LAW: Life Settlement Providers and Producers. Would establish the Life Settlements Act; would require licensees to demonstrate evidence of financial responsibility through either a surety bond or a deposit of cash, certificates of deposit or securities or any combination thereof in the amount of $250,000. Status: 6/16/10 - Signed by the Governor; Chapter 0132; effective 6/14/10
H 1519 – NEW LAW: Meals and Rentals Tax. Establishes a bond committee which will determine which meals and rentals operators present a risk of nonpayment of the tax and which must post a $5,000 bond. Status: 5/24/10 - Signed by the Governor; Chapter 58; effective 5/18/10
S 339 – NEW LAW: Mortgage Loan Originators. Would exclude certain governmental and nonprofit entities from certain licensing requirements as mortgage loan originators. Status: 6/28/10 - Signed by the Governor; Chapter 220; effective 8/27/10 |
|
|
|
A 359 – Foreclosure Consultants. Would regulate foreclosure consultants and require them to post a surety bond in an amount determined by the Director of the Division of Consumer Affairs through regulations. Status: 3/4/10 – In Assembly; reported out of Financial Institutions and Insurance, second reading
A 1127 – Charitable Organizations and Independent Fundraisers. Would expand current law to further regulate charitable organizations and independent fundraisers if they place unattended donation containers; would require an organization's employees or volunteers and independent fundraisers who are responsible for collecting and counting funds from donation containers to register with the Attorney General and obtain a $1,000 fidelity bond. Status: 1/12/10 – Introduced in Assembly; referred to Consumer Affairs
A 1423 – Contractors. Would require all construction trade contractors to post a $3,000 license bond in addition to any other bond that may be required by contract; conditioned on faithful performance. Status: 1/12/10 – Introduced in Assembly; referred to Regulated Professions and Independent Authorities
A 1719/S 775 – Elevator Contractors. Would require elevator contractors to file a $3,000 bond in addition to any other bonds that may be required pursuant to contract. Status: 1/12/10 – Introduced in Assembly; referred to Regulated Professions and Independent Authorities
A 1949 – Debt Management Service Providers. Enacts the Uniform Debt Management Services Act; requires debt-management service providers to post a surety bond in an amount determined by regulation, which amount could be increased or decreased by the Commissioner of Banking and Insurance based on certain conditions of the licensee. Sureties are required to have an "A" rating. Status: 2/8/10 – In Assembly; introduced, referred to Financial Institutions and Insurance
A 2131 – Third-Party Disbursement Service Organizations. Requires third-party disbursement service organizations that contract with local government units or boards of education to post a bond against failure to meet obligations. Status: 2/11/10 – Introduced in Assembly; referred to Housing and Local Government
A 2219/S 1428 – Public Officials. Permits surety companies to issue blanket bonds for municipal treasurers and tax collectors, and municipal court judges and administrators. Status: 3/15/10 – Passed Assembly; received in Senate, referred to Commerce
A 2360 – Captive Insurers. Authorizes and regulates captive insurance companies and would permit them to write surety and fidelity insurance. Status: 6/28/10 - Assembly Floor amendment passed
S 243 – Uniform Trust Code. Would adopt a new trust code based on the model act; bond requirement is “opt in” rather than “opt out.” Status: 1/12/10 – Introduced in Senate; referred to Judiciary
S 384 – Tobacco Distributors. Would require tobacco distributors selling tobacco products at two or more places to obtain a separate license for each place of business and file a surety bond in the amount of at least $6,000, to run concurrently with the license period. Status: 1/12/10 – Introduced in Senate; referred to Budget and Appropriations
S 392 – Tobacco Distributors. Requires tobacco distributors selling tobacco products at two or more places to obtain a separate license for each place of business and file a surety bond in the amount of at least $6,000, to run concurrently with the license period. Status: 1/12/10 – Introduced in Senate; referred to Budget and Appropriations
S 775/A 1719 – Elevator Contractors. Would require elevator contractors to file a $3,000 bond in addition to any other bonds that may be required pursuant to contract. Status: 1/12/10 – Introduced in Senate; referred to Community and Urban Affairs
S 1428/A 2219 – Public Officials. Permits surety companies to issue blanket bonds for municipal treasurers and tax collectors, and municipal court judges and administrators. Status: 2/11/10 – Introduced in Senate; referred to Commerce
S 1556 – Athlete Agents. Requires athlete agents to post a $10,000 bond. Status: 3/4/10 – Introduced in Senate; referred to Commerce
S 1651 – Foreclosure Consultants. Requires foreclosure consultants to post a surety bond in an amount prescribed by regulation; exempts most financial institutions from the definition of consultant. Status: 3/11/10 – Introduced in Senate; referred to Commerce |
|
|
|
S 138 – NEW LAW: Appraisal Management Companies. Would require real estate appraisal management companies to post a surety bond in a minimum amount of $25,000 or other security. Status: 2/17/10 – Senate concurred with House amendments
|
|
|
|
A 3926 – Debt Collection Agencies. Would regulate debt collection agencies, requiring a surety bond, contract of indemnity, or an irrevocable letter of credit in an amount based on the number of persons employed; $10,000 for 1-4 employees; $25,000 for 5-9 employees; $50,000 for 10 or more employees. Status: 6/22/10 - Passed Assembly; delivered to Senate, referred to Rules - DEAD FOR 2010
A 4771 – Contractors (NYC). Requires contractors to be licensed; authorizes the City Contractors Licensing Board to require general and specialty contractors to post a surety bond of at least $5,000. Bond would be conditioned on compliance and payment of all the contractor's employees and other persons or entities due any wages. Status: 4/12/10 – In Assembly; amend and recommit to Cities
A 9707/S 6607 – State University Construction Projects - Threshold. Would increase the threshold at which performance and payment bonds are required for state university construction projects from $50,000 to $250,000. Status:7/7/10 - Vetoed by the Governor; tabled
A 10769/S 6444 – Ticket Resellers. Originally would have repealed the existing $25,000 bond requirement; has been amended to preserve the bond and eliminate the direct action provision; provides the Secretary of State with the authority to determine how the proceeds of the bond are distributed. Status: 5/4/10 – In Assembly; amended in Committee on Codes
A 11110/S 7265 – Process Servers. Requires process servers to be licensed and provide a $75,000 bond, contract of indemnity or an ILOC if the licensee employs 20 or more persons. Status: 5/17/10 – In Assembly; referred to Economic Development
S 5110 – Municipal Reciprocal Insurers. Would permit statewide municipal reciprocal insurers to issue public official bonds. The bill essentially carves out an exception to the prohibition against writing surety and fidelity bonds. Status: 8/13/10 - Signed by the Governor; Ch. 389
S 7067 – Debt Management Service Providers. Requires debt-management service providers to register and post a $50,000 bond. The Superintendent of Banks could increase or decrease the required amount of the bond based on certain conditions of the provider. Status: 6/9/10 - In Senate; reported and committed to Codes - DEAD FOR 2010
S 7071 – Debt Collection Agencies. Requires debt collection agencies to be licensed and bonded; the bond amount is based on the number of persons employed by the licensee; $10,000 minimum, $75,000 maximum. Status: 6/15/10 - In Senate; in Consumer Protection; amend and recommit - DEAD FOR 2010
S 7317 – Debt Management Service Providers. Requires debt-management service providers to register and post a $50,000 bond. The Superintendent of Banks could increase or decrease the required amount of the bond based on certain conditions of the provider. Status: 6/7/10 - In Senate; in Senate Banking; recommit, enacting clause stricken - DEAD FOR 2010 |
|
|
|
H 1717 – NEW LAW: Public Official Bonds - Alcoholic Beverage Control Commission. Increases bond amounts for local board members and the employees designated as general manager and financial officer of the local board from a $5,000 minimum to a $100,000 minimum; also increases the bond required of each ABC liquor store manager from $5,000 to $100,000. Status: 7/21/10 - Signed by the Governor; Ch. SL 2010-122; various effective dates
S 1438 – Public Officials - New Hanover Co. ABC Board. Revises current bond requirements for members of the Board; reduces the bond from $10,000 to $5,000; specifies that the bond secures faithful performance of the duties of office; allows anyone who does not handle the Board's funds to be exempted from the bond requirement; larger bond could be required for anyone handling the Board's funds; permits blanket bonds in lieu of individual bonds. Status: 6/14/10 - In House; passed first reading, referred to Local Government II, if favorable, Alcoholic Beverage Control |
|
|
|
2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
|
|
|
H 216 – Professional Employer Organizations (PEOs). Would require PEOs to maintain a positive working capital; if they don't, they would be permitted to post a bond, letter of credit, or securities in an amount that would make up the deficiency. Status: 3/4/10 – In Senate; introduced, referred to Insurance, Commerce and Labor
H 412 – Prevailing Wage Law. Would change the prevailing wage law so that it only applies to new construction projects, and would increase the threshold at which the rates apply to $1,000,000. Status: 1/20/10 – In House; from Rules and Reference; recommended referral to Commerce and Labor
H 549 – Debt Adjustment Service Providers. Requires debt adjustment service providers to be licensed and post a surety bond in an amount to be determined by the Director of Commerce based on the licensee's financial condition, experience and risk to consumers; $10,000 minimum, $50,000 maximum. Status: 6/9/10 – Introduced
S 165 – NEW LAW: Oil and Gas Well Plugging. After a third renewal, an owner may be required to provide a bond in an amount not to exceed $10,000 for each well that has been approved for temporary inactive well status. Status: 3/31/10 - Signed by the Governor; effective 6/30/10 |
|
|
|
S 1903 – Service Contract Providers. Would regulate home service contracts; would require providers to meet certain financial requirements, including posting a surety bond or other security. The bond amount would be not less than 5% of the gross premium received, less claims paid, on the sale of the service contract for all contracts issued and in force in the state; not less than $25,000. Status: 6/10/10 - Vetoed by the Governor
S 2180 – NEW LAW: Roofing Contractors. Regulates roofing contractors; requires registration. The bond requirement was amended out; however, we are monitoring to make sure no local requirements are affected. Status: 6/10/10 - Approved by the Governor |
|
|
|
H 3624 – NEW LAW: Appraisal Management Companies. Requires appraisal management companies to register and provide a $25,000 surety bond or letter of credit. Status: 3/23/10 - Signed by the Governor; effective immediately; Chapter 87 (2010 Laws)
|
|
|
H 1187 – Athlete Agents. Exempts certain athlete agents from the current bond requirement if they meet the following conditions: (1) only represent professional athletes; (2) currently registered with a professional sports organization or association; (3) does not enter into agency contracts with student athletes; and (4) does not recruit or solicit student athletes. Status: 5/26/10 – In Senate; re-referred to Appropriations
H 2140 – Procurement Code. Would direct the Department of General Services to create a "statewide bonding program" based on the best practices in procurement that the bill would outline. The program would be for enabling "small businesses and disadvantaged businesses to build capacity and to competitively bid on state and other public contracts." Status: 1/19/10 – In House; introduced and referred to State Government
H 2142 – Procurement Code. Would direct the Department of General Services to create a "statewide bonding program" based on the best practices in procurement that the bill would outline. The program would be for enabling "small businesses and disadvantaged businesses to build capacity and to competitively bid on state and other public contracts." Status: 6/22/10 - In House; State Government reported as amended; first consideration; recommitted to Rules
H 2334 – Appraisal Management Companies. Requires appraisal management companies to register and provide a $20,000 surety bond or other security. Status: 3/16/10 – In House; introduced and referred to Professional Licensure
H 2370 – Public Adjusters. Eliminates the license and bond requirement for public adjuster solicitors (the $8,000 bond). Status: 6/30/10 - Passed House, transmitted to Senate; referred to Banking and Insurance
H 2450 – Professional Employer Organizations (PEOs). Requires PEOs to maintain a positive working capital; if it does not, it would be allowed to post a surety bond or other forms of security to make up the deficiency plus $100,000. Status: 4/29/10 – In House; referred to Labor Relations
S 1071 – Short-Term Lenders. Requires short-term lenders to be licensed and to post a $100,000 surety bond conditioned on compliance. The bill makes the bond subject to forfeiture and permits direct actions on the bond from consumers. Status: 8/10/10 - Referred to Banking and Insurance
S 1155 – Public Officials. Would revise current law for bonding county officers and employees; consolidates the County Code and the Second Class County Code in existing law; provides that a bond, blanket bond, or "crime-fidelity insurance policy" could be provided to secure faithful performance of duties. Status: 6/14/10 - In House; re-referred to Appropriations
S 1284 – Debt Settlement Services. Requires debt settlement service providers to obtain and maintain a $50,000 bond or an irrevocable letter of credit. Status: 3/24/10 – In Senate; referred to Banking and Insurance |
|
|
|
H 7606/S 2632 – NEW LAW: Discount Medical Plan Organizations. Regulates discount medical plan organizations; requires registration and a minimum $100,000 surety bond. Status: 6/25/10 - Effective w/o Governor's signature; Chapter 158; effective 6/25/10 (bond - 3/1/11)
S 2632/H 7606 – NEW LAW: Discount Medical Plan Organizations. Regulates discount medical plan organizations; requires registration and a minimum $100,000 surety bond. Status: 6/25/10 - Effective w/o Governor's signature; Chapter 156; effective 6/25/10 (bond - 3/1/11)
|
|
|
|
H 3790 – NEW LAW: Mortgage Loan Originators. Requires MLOs to comply with the new bonding requirements, which includes being covered under a bond in an amount based on the loan origination volume. Status: 7/21/10 - Governor's veto overridden; Act No. 287, effective 6/29/10 |
|
|
2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
|
|
|
H 3191 – NEW LAW: Appraisal Management Companies. Regulates real estate appraisal management companies, requiring registration and a $50,000 surety bond. Status: 5/26/10 - Signed by the Governor; effective 7/1/10 |
|
|
|
2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
|
|
|
H 366 – NEW LAW: Motor Vehicle Business Regulation. Requires that pawnbrokers engaged in selling, exchanging, or pawning motor vehicles is considered as coming into possession of the motor vehicles incident to the person's regular business and must be licensed as a used motor vehicle dealer. Status: 3/30/10 – Signed by the Governor; effective 5/11/10
H 404 – NEW LAW: Motor Vehicle Dealers. Expands the current requirements for the bond to secure compliance with the existing law, which requires payoff of liens on motor vehicles that have been traded in. Status: 3/29/10 - Signed by the Governor; effective 5/11/10
|
|
|
|
H 461 – NEW LAW: Probate Bonds. Provides that the judge of probate would determine the amount of the bond that could be posted in connection with an application for the appointment of an administrator or executor of an estate. Current law requires a bond of not less than $300. Status: 4/13/10 - Signed by the Governor; Act No. 0075
S 282 – NEW LAW: Motor Vehicle Dealers. Increases the minimum bond amount to $20,000 and the maximum bond amount to $35,000, based on the number of units sold. Status: 6/1/10 – Signed by the Governor; Act 0152; effective 7-1-10
S 287 – NEW LAW: Loan Servicers. Requires loan servicers to be licensed and post a $100,000 surety bond conditioned on compliance and payment of all funds due to any person and the state. Status: 5/8/10 - Signed by the Governor; Act No. 96 |
|
|
|
S 250 – Credit Plan Loans. Would regulate open-end credit plan lenders, requiring a license and a $10,000 surety bond for each location, not to exceed $50,000. Status: 2/15/10 – In Senate; continued to 2011 in Commerce and Labor
S 606 – NEW LAW: Vehicle Title Lenders. Would regulate motor vehicle title lenders, requiring licensure and a surety bond an the amount of $50,000 per office, not to exceed $500,000. Status: 4/11/10 - Approved by the Governor; effective 10/1/10 |
|
|
|
H 2564/S 6405 – NEW LAW: Escrow Agents. Revises existing bond amounts; provides that if the fidelity bond coverage was not available a surety bond would be required. The director would promulgate rules for the bond amount, which would be based on the average monthly balance of client trust funds handled by the agent; $25,000 minimum, $250,000 maximum. Status: 3/12/10 – Signed by the Governor; effective 6/10/10; Chapter 34
H 2608/S 6406 – NEW LAW: Residential Mortgage Loan Servicers. Requires servicers to post a bond in a minimum amount of $30,000, based on the annual dollar amount of loans serviced. Status: 3/12/10 – Signed by the Governor; effective 7/1/2010; Chapter 35
H 3040 – NEW LAW: Appraisal Management Companies. Would require licensees to file and maintain a surety bond in the minimum amount of $25,000 and based on the annual volume of appraisal orders in the state. Status: 3/23/10 - Signed by the Governor; effective 7/1/2011; Chapter 179
S 6371/H 2636 – NEW LAW: Money Transmitters. Revises the amount of the bond required for money transmitters, which currently ranges from $10,000 to $50,000, plus $10,000 per location; provides that the bond amount would be based on the dollar volume of the prior year's money transmissions and the dollar volume of the prior year's payment instruments; $10,000 minimum, $550,000 maximum. Status: 3/15/10 – Signed by the Governor; effective 6/10/2010; Chapter 73
|
|
|
|
H 4285 – NEW LAW: Residential Mortgage Brokers and Lenders. Allows any person not subject to the existing law's licensing requirements for mortgage lenders or brokers and who employs mortgage loan originators to provide a surety bond in the appropriate amount for its mortgage loan originators. Status: 4/1/10 - Approved by the Governor; effective 6/1/10 |
|
|
|
S 242 – NEW LAW: Future Service Contracts. Requires contractors to post a $250,000 surety bond if they enter into a “future service contract.” Status: 2/11/10 – Approved by the Governor; published on 2/25/10
S 513 – NEW LAW: Life Settlement Providers. Requires life settlement providers to be licensed and post a surety bond or other security in the amount of $250,000. Status: 5/13/10 - Approved by the Governor; Act 344; effective 11/1/10 |
|
|
|
2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
