Surety Bond Insider

On June 3, Governor Dannel Malloy of Connecticut signed HB 5353 into law. This bill sets new licensing requirements, specifically that any person acting as a mortgage servicer must obtain a license from the banking commissioner for his or her main office and each branch office from which he or she conducts business. This requirement goes into effect on January 1, 2015.

This licensing change renames mortgage servicing companies as “mortgage services” and does the following and more:

• modifies who is subject to licensure
• expands the list of services subject to licensure
• adds new licensing, application, fees, bonding and recordkeeping requirements
• specifies standards of conduct for mortgage professionals

The bill requires Connecticut mortgage servicers to post a $100,000 surety bond per place of business. The new law also states that additional bonds may be required based upon the financial standing of a mortgage servicer or mortgage lender licensee. The surety bond ensures the honest performance of all mortgage agreements, the trustworthy accounting of all funds associated with the mortgage business, and the conducting of business in compliance with all applicable laws. This bonding requirement goes into effect on October 1, 2014.

Mortgage servicers in Connecticut are also required to post fidelity bond and errors and omissions coverage. The fidelity bond is based on the mortgage servicer’s volume of servicing activity with the minimum amount required being $300,000. This coverage may provide for a deductible amount not to exceed the greater of $100,000 or 5% of the principal amount

The experts at SuretyBonds.com are ready to assist you with all of your bonding needs. When you’re ready to get bonded, give us a call at 1 (800) 308-4358 Monday through Thursday between 7 a.m. and 7 p.m. CST and between 7 a.m. and 6 p.m. CST on Friday. Or, you can fill out our instant online contact form. You’ll be connected with an expert surety specialist who will walk you through each step of the bonding process.

Effective August 1st, 2014, Alabama HB 400 will increase the required surety bond amount for dealers of used motor vehicles from $10,000 to $25,000.

The bill has already been passed and is now awaiting the signature of Governor Robert J. Bentley. The Alabama Department of Revenue will provide the updated bond form once the bill is signed into law.

In Alabama, new car dealers have always been required to post the $25,000 bond amount, but the change in legislation will directly affect used car dealers, designated agents and dismantlers who will be required to renew their bond this upcoming September to remain in compliance with the laws of the state and the industry. Additionally, any car dealer that was previously “grandfathered” into the lesser bond amount will be required to update to the increased bond amount between August 1 and the September 30 bond expiration.

Be aware that the Alabama used car dealer bond is also referred to as the Alabama motor vehicle dealer bond, MVD bond, auto dealer bond or DMV bond.

The experts at SuretyBonds.com are familiar with this new bond requirement and are ready to assist you with all of your bonding needs. When you’re ready to get bonded, give us a call at 1 (800) 308-4358 Monday through Thursday between 7 a.m. and 7 p.m. CST and between 7 a.m. and 6 p.m. CST on Friday. Or, you can fill out our instant online contact form. You’ll be connected with an expert surety specialist who will walk you through each step of the bonding process.

N.J.S.A. 45:16A-1 — also known as the “State Heating, Ventilating, Air Conditioning, and Refrigeration Contracting License Law” (Act) — was published on April 15, 2013. The date of enaction for this legislation was set for October 15, 2013, but was later extended to March 1, 2014, to allow time to develop a licensing exam.

On March 1, 2014, the State Board of Examiner of Heating, Ventilating, Air Conditioning, and Refrigeration Contractors began accepting licensing applications. As part of the licensing requirements, heating, ventilating, air conditioning and refrigeration (HVACR) contractors in New Jersey must post a $3,000 surety bond. These bonds last for a two-year term, and bonds and licenses must be renewed by June 30 of every other year beginning in June 2016. This means that HVAC contractors in New Jersey must post a $3,000 surety bond by June 30, 2014.

The legislation includes a provision that authorizes the Board to issue Master HVACR licenses based on experience without examination for a six-month “grandfathering” period spanning from March 1 to September 1, 2014. During this time, individuals currently practicing as HVACR contractors may submit an application for licensure without meeting the new education or examination requirements.

Inquiries or complaints can be forwarded to the State Board of Examiners of Heating, Ventilating, Air Conditioning and Refrigeration (HVACR) Contractors at the following address:

P.O. Box 47031

Newark, N.J. 07101

(973) 504-6250

Don’t fall behind on this new bonding requirement. The experts at SuretyBonds.com have this bond form on file and are ready to answer all of your questions and get you bonded quickly, easily and accurately. If you need a surety bond in New Jersey or any other state, contact SuretyBonds.com online 24/7 or by phone at 1 (800) 308-4358 Monday through Thursday between 7 a.m. and 7 p.m. CST or on Friday between 7 a.m. and 6 p.m. CST.