As legislative sessions convene for the new year, New York and New Jersey have already passed new surety bond legislation.
New Jersey Limited Brewery and Craft Distillery Retail and Sampling License Expansion
New Jersey Senate Bill 3673 (approved January 18, 2022 and effective immediately) authorizes limited brewery and craft distillery licensees who also hold a warehouse bottling license and bond to offer samples of and sell retail for products bottled and stored off-site. Previous law limited samples and retail sales to products completely created and stored onsite.
New York Apartment Unit Loan Lender Bond Established
New York Senate Bill 760 (approved December 1, 2021 and effective 180 days later) gives owners of cooperative apartments who are over 62 years old the ability to obtain reverse mortgages on their apartment unit loans. One of the bill’s subsections requires authorized lenders and assignees to include consumer protection materials including a $100,000 surety bond as well as an irrevocable standby from a financial institution approved by the New York Superintendent of Financial Services.
New York Independent Adjuster Bond Repealed
New York Assembly Bill A3994 (approved July 1, 2021 and effective immediately) removed the bonding requirement for independent adjuster licenses. License and bonding requirements for the state’s public adjusters remain in place and unchanged.
Although this legislation went into effect mid-2021, SuretyBonds.com continues to receive new client bond requests for this now-defunct bond requirement. Adjusters in New York should contact the New York State Department of Financial Services with any licensing questions.
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