Georgia and Florida surety bond requirements eliminated

Surety Bond Requirements

Georgia and Florida surety bond requirements have been eliminated for some industries. An alcohol bond will no longer be needed in Georgia and a surplus line agents bond will not be needed in Florida.

As of July 1, 2012, liquor retailers in Georgia no longer need to post an alcohol tax surety bond. According to the new law, which was enacted on May 1, 2012, “HB 1066 repeals the bond requirement for retail consumption dealers of distilled spirits. Prior law required a surety bond in the amount of $2,500 conditioned on the payment of all sums due to the State, which includes taxes, license fees, or other incidental operation costs of the business, as well as all penalties imposed upon the licensee for failure to comply with the laws, rules, and regulations for distilled spirits. The new law becomes effective on July 1, 2012.”

As of October 1, 2012, Florida surplus lines agents are no longer required to post a surety bond. According to Section 626.928 of the Florida Statutes, “Surplus Lines Agents file a $50,000 surety bond with the State of Florida as a condition of being licensed. As a result of new legislation filed on November 21st, 2011 (HB 725/SB 938) and signed into law by Governor Rick Scott on Friday, May 4th, 2012, this bond is no longer required beginning October 1st, 2012.”

If you need help determining the renewal date for your current surety bond, contact SuretyBonds.com online or by phone at 1 (800) 308-4358. One of our expert surety specialists will work with you to understand your bond requirements and help you get the bond you need quickly, easily and accurately.