House Bill 2353/Senate Bill 1795 created the Irrigation Contractors License Board. The Board requires a license bond in the amount of $10,000. Either a Surety bond or Irrevocable letter of credit will accepted, but must be issued by a company that is licensed in the state. Direct action may be taken against the surety bond by persons claiming injury as a result of violation of the proposed law.
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North Carolina Contractor Bond
February 8, 2009 by admin
Category: Contractor License, License and PermitComments (0)
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Alaska Mortgage Broker, Mortgage Bankers: New Regulation
November 4, 2008 by admin
New legislation went in to effect putting Mortgage Brokers and Lender in the state of Alaska under the regulation of the Alaska Division of Banking and Securities. According to the legislation all new applicants on or after July 1, 2008 must comply with the new regulations. All Mortgage broker and bankers must be in compliance by March 1, 2009.
Among the new rules are a mandatory background check (fingerprints); monitoring of all company applications, records, and daily practices; and all Mortgage Originators will be required to pass an examination as well as completing 24 hours of continuing education every 24 months.
Also, a $25,000 surety bond will be required. Alaska is not a “Brick and Mortar” State, so no physical office is required.Â
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Category: Homepage, License and Permit, Mortgage Banker, Mortgage Broker Surety BondComments (0)
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Holiday Schedule: July 4th
June 30, 2008 by admin
Bryant Surety Bonds will be closed on Thursday, July 3rd for Independence Day Weekend; we will return on Monday, July 5th. We hope you all have a safe and pleasant holiday. While we are closed, please explore our website for information on surety bonds, and when you are ready, use our free online application. We look forward to quickly responding to your needs when we return.
Category: Bad Credit, Contract Bonds, Contractor License, Court, General Surety Information, Homepage, ICC, License and Permit, MVD, Mortgage Banker, Mortgage Broker Surety Bond, Operating Announcement, Sales Tax, Seller of Travel, Subdivision, Telemarketing, UncategorizedComments (0)
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New Home Sales Drop, State Guide Update For Mortgage Brokers
April 24, 2008 by admin
More bad news for mortgage brokers and bankers as The Commerce Department reported today that new homes sales dropped 8.5% last month, representing the lowest level (slowest pace) in over 16 years. On top of this came news that the median price of new home sales dropped by the largest amount in almost 4 decades, the drop was 13.3% from a year ago.
Mortgage brokers looking to expand into new territories in hope of bumping revenue should take a look at our state by state mortgage broker licensing guidelines. We have just added a few new states: Oregon mortgage broker bond, Pennsylvania mortgage broker bonds, and for South Carolina mortgage brokers.
Category: Bad Credit, Homepage, License and Permit, Mortgage Banker, Mortgage Broker Surety BondComments (0)
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Mortgage Broker Licensing Guidelines
April 21, 2008 by admin
Bryant Surety Bonds is proud to unveil our state by state mortgage broker licensing guide. Because each state has its own laws and regulations, it is our hope that this guide will make it easier for mortgage brokers to know what they need to do to qualify for licensing in a new state.
Currently we have guides up for Alabama Mortgage Brokers, Alaska Mortgage Brokers, Arizona Mortgage Brokers, Arkansas Mortgage Brokers, Florida Mortgage Brokers, and New Jersey Mortgage Brokers. We will be adding to this list all the time, and will update you when new states become available.
Category: Bad Credit, License and Permit, Mortgage Banker, Mortgage Broker Surety BondComments (0)
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Operational Announcement: Bryant Surety Bonds Closed Friday 3/21/08
March 20, 2008 by admin
Bryant Surety Bonds, Inc will be closed on Friday March 21, 2008.
Please explore our website to learn all about the Surety Industry, along with surety bond information by business type.
Also be sure to fill out an surety bond application, it is easy to do as everything can be completed online, and instant quotes are available.
Category: Applications, Arc Bond, Bad Credit, Contract Bonds, Contractor License, Court, General Surety Information, Homepage, ICC, License and Permit, MVD, Mortgage Banker, Mortgage Broker Surety Bond, Operating Announcement, Sales Tax, Seller of Travel, Subdivision, TelemarketingComments (0)
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Operating Announcement: Thanksgiving Holiday
November 20, 2007 by admin
Because the majority of sureties are closing early on Wednesday, November 21 2007, Bryant Surety Bonds will follow as well. Bryant Surety Bonds will close at 11 AM EST on Wednesday so that our employees can enjoy a nice long holiday weekend with their families. We will return on Monday the 26th rejuvenated and ready to satisfy your bonding needs with fair quotes and unmatched customer service.
Just because we are closed does not mean you are stuck. Please visit our site and learn about all the surety bond types, and when you are ready apply use our online surety bond application.
We thank you for the ability to serve you and wish you Happy Thanksgiving.
Category: Applications, Arc Bond, Bad Credit, Blogroll, Contract Bonds, Contractor License, Court, General Surety Information, Homepage, ICC, License and Permit, MVD, Mortgage Banker, Mortgage Broker Surety Bond, Operating Announcement, Sales Tax, Seller of Travel, Subdivision, TelemarketingComments (0)
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Surety Bond Types
November 16, 2007 by admin
The surety bond industry can be broken down into major categories and sub-categories of these bonds. The two major surety bond types are commercial and contract bonds (court bonds being a third). To truly understand the surety bond market, and how it is viewed, you must know these types of bonds and what they mean. This article will discuss each major bond type, what they guarantee and examples of contract surety bonds and commercial surety bonds.
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Think of Contract Bonds like a contractor for your building or dwelling. Contract bonds gives protection on specific contracts by assuring the project owner, or obligee, that the contractor, or principal, will guarantee performance on specified contract. The contractor shall work and pay laborers, sub-contractors and suppliers for material. Some major sub-categories for contract bonds are as follows:
- Bid Bond is a guarantee that the contract, once awarded, will be performed at the bid amount. The bonding company, or agent, will underwrite the bond and provide the performance. The bidder becomes the contractor, or principal if awarded the contract. If required, the agent also provides payment and maintenance bonds.
- The contractor will perform a contract under terms and conditions of its Performance bond. Simply stated, the principal shall complete the work under the terms and conditions of the contract.
- The principal shall pay material suppliers, laborers and sub-contractor(s). Payment bonds guarantee this will happen. In some instances, the principal shall not be paid until all others are paid.
- Maintenance bonds guarantee that materials and craftsmanship is acceptable to the obligee. Maintenance shall be performed after a specified amount of time due to lack of craftsmanship or defective material or the like.
- Subdivision bonds guarantee improvements nearby, such as curbs, sidewalks, sewer and gutter; be it replacement or new construction. The principal shall promise to finance and construct items listed in this bond. Subdivision bonds may include construction and financing of traffic lights, drainage systems, streetlights, etc.
Commercial Bonds guarantee the principal listed on the bond will perform as specified in the bond. These are much different than the contract bonds, as you will notice just by their bond types.
- License and permit bonds guarantee the operator shall be licensed. The licensee such as an auto dealer bond, telemarketing bond, mortgage broker bond shall perform to the terms set forth in each specific bond.Â
- Public official bond is that of the performance of a public official is guaranteed.
- Miscellaneous Bonds guarantee lost securities. This sub-category bond includes but is not limited to utility payments, union fringe benefit contributions, workers compensation and certain leases.
There are many other sub-category bonds in both contract surety bonds and commercial surety bonds and to numerous to mention. The sub-category bonds each have their own different type of surety bond to offer. For instance there are literally hundreds of bond types in License and Permit Bonds alone. It is common that agents may deal with a sub-category bond for which they never came across before.
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Perhaps the reason it is useful to know about these different bonds is that each bonding company underwrites each sub-category differently. The industry defines this terminology as “language�. The requirements for each sub-category have as many similarities as there are differences.
Category: Applications, Arc Bond, Bad Credit, Contract Bonds, Contractor License, Court, General Surety Information, Homepage, ICC, License and Permit, MVD, Mortgage Banker, Mortgage Broker Surety Bond, Sales Tax, Seller of Travel, Subdivision, TelemarketingComments (0)
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Manufactured Homes Enactments, Sept 2007
November 9, 2007 by admin
Manufactured Home Surety Bonds
Enactments:
Idaho: House Bill 100 expands the existing bonding requirements for manufactured homes to include mobile homes. In addition to this, the bill also increases the bonding requirements for retailers (from $20,000 to $40,000) and adds a new bond requirement for resale brokers ($30,000)
Minnesota: House Bill 1208 & Senate Bill 998 requires both manufacturers and dealers to post a $20,000 surety bond. Also, for dealer, each location is required to post an additional $20,000 bond.
Texas: House Bill 1460 increases the bond amount from $10,000 to $25,000 for installers of manufactured housing. This bill also increases the amount for a rebuilder from $30,000 to $50,000. A retailer would need a $50,000 surety bond for its principal location, as well as a $50,000 bond for each branch location.
Carryover Legislation:
Vermont: House Bill 502 & Senate Bill 172 would require installers of manufactured homes to be licensed and bonded. An Installation Standards Board would set the bond amount.
Dead:
Alabama: Senate Bill 438 would have required manufactured home dealers to post a $50,000 License bond.
South Dakota: House Bill 1197 would have authorized the Department of Public Safety to promulgate rules that would have required licensed installers to obtain a ILOC, or surety bond in the amount of $10,000.
Category: Homepage, License and PermitComments (0)
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Private Investigators Enactments, Sept 2007
November 3, 2007 by admin
Enactments
New Mexico: Senate Bill 621 requires licensure and bonding of private investigation companies instead of individuals. This $10,000 bond is also required of private patrol companies.Pending
Alaska: House Bill 825 would require a $15,000 License bond for private investigators (or E&O insurance).
Pennsylvania: House Bill 825 if passed would require licensure and bonding of private investigators.Dead Bills
Colorado: House Bill 1083 would have required private investigators to obtain a surety bond, or an E&O policy, in the amount of $100,000.Category: Applications, General Surety Information, Homepage, License and PermitComments (0)
