Approved by Gov. Mary Fallin on May 1, 2012, Oklahoma HB 2967 reduced the surety bond amount required of athlete agents from $250,000 to $50,000. The change went into effect on November 1, 2012.

The new bond requirement is explained as followed in section 10 of the bill.

“C.  Every applicant for registration shall also submit to the Secretary of State a valid surety bond in the penal sum of Two Hundred Fifty Thousand Dollars ($250,000.00)Fifty Thousand Dollars ($50,000.00) conditioned upon the athlete agent not violating any provision of this act.  Every athlete agent registered under the provisions of this act shall thereafter maintain such a surety bond in like amount as a condition of continued registration.”

Click here to read HB 2976 in its entirety.

If you need a surety bond in Oklahoma or any other state, contact SuretyBonds.com online 24/7 or by phone at 1 (800) 308-4358 Monday through Friday, 8 a.m. to 7 p.m. CST. You’ll be connected with an expert surety specialist who will walk you through each step of the bonding process.

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On October 3, 2012, Pennsylvania HB 424 went into effect, changing the surety bond requirement for public adjusters in Pennsylvania. The new law complies with the the model established by the National Association of Insurance Commissioners.

Specifically, the change reduced the minimum bond coverage required from $40,000 to $20,000. HB 424 also requires each individual professional to post a bond instead of the former practice of allowing partnerships, corporations and associations to post these bonds.

Click here to read HB 424 in its entirety.

If you need a surety bond in Pennsylvania or any other state, contact SuretyBonds.com online 24/7 or by phone at 1 (800) 308-4358 Monday through Friday from 8 a.m. to 7 p.m. CST.

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Signed by Gov. Peter Shumlin on May 2, 2013, Vermont HB 071 requires all non-participating tobacco manufacturers to post a surety bond according to the payment requirements of the Master Settlement Agreement.

This bill was introduced on January 24, 2013, and then referred to the Committee on Human Services. The bonding portion of the bill will go into effect on July 1, 2013.

The Master Settlement Agreement now requires any non-participating manufacturer who is deemed an elevated risk for compliance to post a $50,000 bond. Prior to the passing of HB 071, such individuals might have been required to provide a bond, but now all such individuals must file a surety bond with the state. Furthermore, HB 071 now requires proof of the bond to be submitted with certification on a form approved by the Attorney General.

To read HB 071 in its entirety, click here.

If you need a surety bond in Vermont or any other state, contact SuretyBonds.com online or by phone at 1 (800) 308-4358 Monday through Friday from 8 a.m. to 7 p.m. CST.

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Current Ohio law requires that all lottery vendors post a surety bond before they can legally sell lottery tickets within the state. Ohio HB 386 — which went into effect on July 1, 2012 — added a condition that allows the director of the state lottery to establish a program as an alternative to this lottery bond requirement.

The new program would allow sales agents to secure the financial interests of the lottery through alternative financial guarantees.

As stated in the bill, “a surety bond, dedicated account, other established program or policy, or both any combination of these resources, as applicable, may be used to pay for the lottery sales agent’s failure to make prompt and accurate payments for lottery ticket sales, for missing or stolen lottery tickets, for damage to equipment or materials issued to the lottery sales agent, or to pay for expenses the commission incurs in connection with the lottery sales agent’s license.”

Although this law has been in effect for nearly a year, the director of lottery has yet to establish what financial agreements could be accepted in lieu of a surety bond. Check back with the Surety Bond Insider for updates regarding this bill.

Click here to read Ohio HB 386 in its entirety.

If you need a surety bond in Ohio or any other state, you can speak with a surety specialist by calling 1 (800) 308-4358 Monday through Friday, 8 a.m. to 7 p.m. CST.

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Last month we published a reminder about the surety bond types that expire at the end of June and beginning of July. Please keep in mind that those bonds expire in approximately 60 days. Today, we’d like to remind you of an additional expiration date that is now 60 days out.

South Carolina contractor class state licenses expire on June 30. This means contractors licensed to work in the state must renew their $5,000, $10,000 or $15,000 surety bonds prior to this date. If you’re a construction professional in South Carolina, you can renew your bond by giving us a call at 1 (800) 308-4358. Don’t forget to renew your license with the state, too.

The following bond types expire approximately 90-120 days from today.

You should receive a phone call and/or email from your SuretyBonds.com account manager reminding you of your bond’s impending expiration. You should expect an additional reminder 60 and 30 days before the expiration date.

Unless your credit score has significantly improved or worsened during the past year or your state and/or industry has revised the bonding requirements — you can expect to pay a similar or identical premium rate for your bond as you did last year. Even if your credit has taken a hit, don’t hesitate to contact SuretyBonds.com to renew your bond. We offer an exclusive bad credit bonding program through which we can approve 99% of applicants regardless of credit.

When you’re ready to renew your bond for another term, give us a call at 1 (800) 308-4358 Monday through Friday between 8 a.m. and 7 p.m. CST. You can renew your bond quickly and easily over the phone, and you’ll receive a copy of your bond immediately via email. Your original bond be shipped via your preferred shipping method. Overnight and expedited shipping options are available if you’re in a hurry.

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Small business ownership and me

 

 

 

 

 

 

 

 

I am from the charming small town of Warsaw, Missouri. Warsaw is a place where everyone knows who you are, where it smells like fish when it rains and where the businesses are primarily comprised of mom-and-pop motels, cafes, barbecue joints and, because of the nearby lake, souvenir shops. In fact, there are few corporately owned businesses. Or at least there were. The Warsaw of today is much different from the one that I grew up in. It is through the gradual transition of time that many small businesses have faced the oncoming wrath of larger corporate businesses. As I reflect on the impact of these transitions, I can see the great importance of small business ownership.

I grew up knowing the feeling of walking into a local cafe and the waitress (who probably worked there all of her life) already knew what you wanted to eat. I also grew up knowing that it was the sole influence of the new Walmart super-center that closed the neighborhood grocer of G&W Foods. It was due to my upbringing in a town focused on small business ownership and the evil connotations of larger companies that I created a business of my own at the age of 13. I guess that I had decided to take what I learned from lemonade stand success and turn it into real profit. I bought a book and some material, and, before long, I started Clara’s Paperclip Jewelry. It was one of the best decisions I have ever made, and this experience has shaped me into the person that I am today.

Owning my own business has taught me so much about life. First and foremost, it has taught me about responsibility. When there are goods that you are providing for people, I have learned that it should be of the utmost importance to make sure that the goods are high quality, reasonably priced and are delivered in a timely manner. I am aware that in today’s current economy, caring about the customer’s budget shows respect for the person as a whole. With that in mind, I do not feel that I am “selling” anything, but providing a low cost gift option for my customers. I truly care for my customers, and owning my own business has reinforced the idea of respect and service that I have always valued. I have to be attentive to more than just the immediate needs of customers purchasing my products, focusing on their other needs and how I can best serve them.

In addition to responsibility and service to others, owning my own business has also taught me creativity, business and money management, great people skills, organization, involvement in the community, confidence and determination. Most of these traits, such as business and money management, have come simply with trial and error while going through the motions of starting up, owning and operating a business. Other traits, such as involvement in the community and great people skills, have come by observing other successful small businesses in the Warsaw community. Confidence, determination and the expansion of my creativity are traits that I have acquired from the success that resulted from my business experience.

All of these experiences have helped mold me into the person that I am today. I am focused upon others, responsible, creative, involved, confident and determined, as well as so much more. While I intend on continuing my jewelry business throughout college, it is my goal to use my experiences through my entrepreneurial endeavors to become an occupational therapist. Occupational therapy is reliant upon creativity and innovation to think of new strategies to help rehabilitate patients. My selfless service through occupational therapy will mimic what I have learned in my own jewelry business. I realize that while I may begin my career in occupational therapy in a larger corporation, I intend on using the experiences gained in that setting to one day operate my own occupational therapy clinic. I believe that a small business setting will provide a more personal atmosphere, proving to be more successful at rehabilitating patients due to one-on-one service.

My experience in a town focused entirely on small businesses, as well as my experience owning my own business, has shaped me into the well-rounded, successful person that I am today. I cannot imagine living in a world without the friendliness and personalization of small businesses. I know how it feels to be welcomed into a business and treated as family, and I strive to treat every customer that I have in that same way. It is also due to my experience with small business ownership that I feel prepared for my future career as an occupational therapist, as well as a potential small business occupational therapy clinic owner. Small business ownership has no doubt shaped me into who I am today.

This essay was written by Clara Porter, one of 10 finalists for the SuretyBonds.com Small Business Success Student Scholarship Program. Clara and the other finalists were selected from more than 500 applications reviewed by the SuretyBonds.com Scholarship Committee. Three of the finalists will win a $1,500 scholarship to be used toward furthering their education. To vote for Clara or any of the other finalists, visit the SuretyBonds.com Small Business Success Student Scholarship voting app on Facebook.

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