1. Contractor License Bonds: North Carolina

    December 2, 2008 by admin

    House Bill 2353/Senate Bill 1795 created the “Irrigation Contractors Licensing Board”.  The legislation also calls for a $10,000 License surety bond.  The bond is conditioned on compliance and would allow direct action from persons claiming injuries as the result of violation of the law.

    Category: Contractor License, HomepageComments (0)

  2. Holiday Hours: Bryant Surety Bonds

    November 25, 2008 by admin

    Bryant Surety Bonds, Inc. will be closing at noon on Wednesday 11/26/08 for the Thanksgiving Holiday; we will reopen on Monday December 1, 2008 with regular business hours.  We hope all of you have a wonderful and safe holiday weekend.

    Applicants can still apply using our online surety bond system and our agents will process your bond when we return.

    Category: Homepage, Operating AnnouncementComments (0)

  3. California Foreclosure Consultants Bond

    November 21, 2008 by admin

    Assembly Bill 180 requires that foreclosure consultants in the State of California obtain a $100,000 Surety Bond and register with the states Department of Justice.  The bond is in place for the benefit of the homeowner should the consultant violate the states new law.  The original bill called for a $100,000 bond for each transaction.

    Category: HomepageComments (0)

  4. Pennsylvania Recreational Vehicle Dealers

    November 18, 2008 by admin

    SB 1019 was signed into law on October 9, 2008 By Gov. Ed Rendell.  This bill requires that RV dealers in PA to post a $30,000 License bond.  This bill also gives the Pennsylvania State Board of Vehicles the ability to discipline out of state dealers who violate PA law.

    Category: Homepage, MVDComments (0)

  5. North Carolina Mortgage Servicers

    November 14, 2008 by admin

    Recently House Bill 2463 (HB 2463) was enacted that subjects Mortgage Servicers to the sale licensing/bonding requirements of Mortgage Lenders. The current Bonding requirement of lenders (and now Servicers) is $150,000.

    Category: Homepage, Mortgage Banker, Mortgage Broker Surety BondComments (0)

  6. ALERT: Site Updates Today

    November 8, 2008 by admin

    Please pardon any inconveniences you may experience while using our site today (11/8/08).  Bryant Surety Bonds is currently updating our site to make it more informational and user friendly.  We expect any site oddities to last only a few hours.

    Category: Homepage, Operating AnnouncementComments (0)

  7. How Do I Renew My Surety Bond?

    November 6, 2008 by admin

    A lot of people contact us during the renewal period with several questions.  Often times there is a little confusion over the process, and since these bonds are vital to keeping your business running, most people want to feel comfortable with the process, and know there will be no lapse.

    we will give some information on Commercial surety bonds, in the coming days, look for information on both court and contract bonds.

    Most Commercial surety bonds have a one year term (check your invoice to see what the term period is for your particular bond).  You should receive an renewal invoice from your agent about 90 days prior to the expiration.  At Bryant Surety Bonds, we will mail you this invoice, as well as fax/email a copy using the information we have on file.

    number one question is, why 90 days prior?  The reason for this comes from the legal language on your particular bond form.  Bond forms typically have a 30/60/90 day cancellation clause.  Meaning if you are not going to renew your bond, the surety must notify the obligee, 30, 60, or 90 days prior to it expiring.

    Should you not pay your bonds premium prior to the renewal due date, a cancellation notice will be sent to the obligee.  After this has occurred it may still be possible to reinstate your bond, but a reinstatement fee will apply.

    The second most asked question is, “when will I receive my new bond�?  In most cases (assuming the bond form has not changed since the original bond was issued) you will not be receiving a new bond; instead your current bond will be continued.

     

    Category: UncategorizedComments (0)

  8. 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. 

     

    Category: Homepage, License and Permit, Mortgage Banker, Mortgage Broker Surety BondComments (0)

  9. Bryant Surety Site Changes Coming

    October 22, 2008 by admin

    Over the next two weeks, the Bryant Surety Bonds website will be introducing a few changes.  The first change that will be made is to the site navigation and informational layout.  Our goal is to make our site as easy to use for our clients as possible.  Surety bonds are a new thing to many of our clients, we want to make sure that all the information they seek about bonds is available to them through our site, and is a able to be found in a easy manner.

     

    After this navigation update, we will be updating our state by state guides for Mortgage Broker Bonds, and Auto Dealer Bonds.  Please check back for these updates and more information.

    Category: General Surety Information, Homepage, MVD, Mortgage Banker, Mortgage Broker Surety Bond, Operating AnnouncementComments (0)

  10. Whats the Difference Between Bonded and Insured

    October 21, 2008 by admin

    A lot of people we talk to call in saying they want to be bonded.  The story is typically the same, they are opening a company, and all of their competitors advertise that they are bonded, so as to not be at a disadvantage, they want to be bonded as well.  The story ends with the caller asking, ‘What do I have to do?”

    Typically the caller is a little confused on what a surety bond is, they simple googled “bonded”, and bunch of bond agencies appear.  A surety bond is a three party agreement that guarantees something, in this system the obligee is requiring the principal to obtain a surety bond.  Typically the obligee will provide a bond form that should be used.  A surety bond guarantees services such as construction or electrical contracting and licensing required by the government.  In these cases the bond is guaranteeing that these services will be completed and done so in a proper manner.  Bonds are specific to job license or project.

    E&O insurance is very similar to a surety bond, but provides more blanket coverage.  Errors and Omissions provide financial protection performed or not performed.

     

    Category: General Surety Information, HomepageComments (0)

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