Renewal Reminder: Bonds Expiring December 31

bond renewal calendar

As we approach the end of 2017, it’s important to remember some surety bonds are written to expire at the end of each year, meaning the renewal date for these bonds is quickly approaching. If you currently have a bond with a fixed term end-date at the end of the year, you must renew it on or before December 31, 2017 to avoid a lapse in coverage and the potential for disciplinary action. Stay current on your licensing requirements by renewing in the next few weeks and guarantee your business will still be in compliance come January 1. For more information on any of the bonds listed below or general information regarding your renewal, refer to our dedicated bond pages or contact a surety bond expert at 1 (800) 308-4358.

January 1 Renewal Bonds

Washington DC

Colorado

  • Denver Merchant Guard Company Surety BondThe Department of Regulatory Agencies requires companies who provide professional security services in Denver to post a merchant guard company bond. This bond guarantees a company will pay all wages and salaries owed to its agents and employees, according to Chapter 42, Article V of the Revised Municipal Code of the City and County of Denver.

Florida

  • Franchise (New) Motor Vehicle Dealer Surety BondThe Florida Department of Highway Safety and Motor Vehicles requires franchise auto dealers to post a $25,000 surety bond. By purchasing this bond, auto dealers pledge to comply with the standards set in chapters 319 and 320 of the Florida Statutes.

Georgia

  • Liquor Manufacturer Distillery Tax Surety BondThe Georgia Department of Revenue requires distilled spirits professionals to post this bond as a requirement for a license. These bonds ensure wholesalers and manufacturers conduct business according to the Georgia Alcoholic Beverage Code, as well as all of the rules and regulations enforced by the commissioner of the Department of Revenue.

Illinois

  • Designated Agent Surety BondAll motor vehicle dealers in Illinois must be licensed to lawfully operate. The required amount of the bond for auto dealers will increase from $20,000 to $50,000 per location, according to Senate Bill 1556, which goes into effect on January 1, 2018.
  • Payday Loan Reform Act Surety BondPersons engaged in making payday loans must purchase a payday lender bond for each location in which loans will be made. A license from the Department of Financial and Professional Regulation is required for every person or entity acting as a payday lender.
  • Remittance Agent Surety BondIllinois law mandates all remittance agents to purchase and maintain a remittance agent bond as a requirement for obtaining a license. The bond ensures the bonding agent will be liable for any and all financial damages suffered by consumers for not complying with the rules and regulations stated in the Remittance Act.
  • Residential Mortgage License Surety BondThe state of Illinois mandates any company or entity involved in the business of residential mortgage brokering, funding, originating, servicing or purchasing should post a surety bond as part of the licensing process.

Indiana

  • Mortgage Broker Surety BondIndiana mortgage broker bonds are in effect for 12-month terms and must be renewed annually. A mortgage broker bond is required by the Indiana Loan Broker Act to protect consumers from financial loss due to fraud and other unethical practices committed by mortgage professionals.

Louisiana

  • Auctioneer Surety BondAuctioneers in the state of Louisiana are required by the Louisiana Auctioneers Licensing Board to post a $10,000 auctioneer bond. By posting the bond, auctioneers pledge to comply with the rules and regulations highlighted in the Louisiana Revised Statutes.
  • Motor Vehicle Dealer Surety BondUsed motor vehicle dealer licenses in the state of Louisiana are valid for two-year periods. All licenses expire on December 31 with the year of expiration depending on the district your parish is in. If you live in districts 4 and 5, your license will expire at the end of this year, as it’s an odd-numbered year. This list can help you determine your parish’s district, license expiration date, and administrative coordinator.

Massachusetts

Michigan

Montana

Nebraska

Oklahoma

Texas

Your surety provider should have already been in touch to remind you your bond is coming up for renewal, but if you have not yet taken care of it, it can be easy to forget about during the busy holiday season. If you have not yet renewed, contact your bond provider as soon as possible to receive your quote for your next term. Often times a renewal bond is subject to an underwriter’s review, giving you an opportunity to qualify for a lower rate than you did the previous year.

Since your business is required by the law to be bonded, it is important to avoid a lapse in coverage and complete your surety bond renewal on or before December 31. Allowing coverage to expire could result in license suspension or cancellation, which could mean you have to restart the licensing process, including the payment of all licensing fees.

About the Author

Kylie Magar
Kylie is a senior at the University of Missouri - Columbia studying journalism with an emphasis in strategic communication. She is a member of the marketing department and outreach team for SuretyBonds.com, a leading provider of online bonding for clients nationwide.