Many state legislative sessions are currently adjourned sine die, meaning that they have finished their work for the year. Some, however, are still enacting legislation affecting bonding requirements for industries such as money transmitting.
Indiana: Performance Bonding of Subdivision Developers
Indiana House Bill 1466, effective September 1, 2021, amends existing law regarding bonding requirements for secondary-use approval for a subdivision in which the subdivision control ordinance’s requirements have not been completed. The bill additionally allows local units to require that land developers obtain performance or other surety bonds for any incomplete work as the only condition precedent to recording a secondary plat once the plat is approved.
Nevada: Residential Photovoltaic Systems and Contractors
Nevada Senate Bill 303, which goes into effect October 1, 2021, will give the Nevada State Contractors’ Board the authority to require contractors who work with residential photovoltaic systems to obtain performance or payment bonds in certain cases. The Board will be authorized to require bonds if: 1) the contractor is determined to have committed violations; 2) the contractor enters into a contract that is later found to be void and unenforceable against an owner; or 3) the contractor has five complaints filed to the Board against him or her within a 15-day period.
Existing law authorizes the Nevada State Contractors’ Board to require contractors who perform certain work to obtain performance and payment bonds under certain circumstances. NV SB303 makes these provisions applicable to contractors performing residential photovoltaic work and authorizes the Board to require performance and payment bonds of contractors if the contractor enters into a contract that is later voided by the owner of the single-family residence in which the contractor worked
Wyoming: Money Transmitters Act Amendment
Wyoming Senate Bill 40 amends the Wyoming Money Transmitters Act and is effective September 1, 2021. Among the amendments is an update to the bonding requirements for those looking to become licensed as money transmitters in the state. It states that a surety bond or other security device must be provided to the Wyoming Commissioner of Banking. The surety bond should be in the amount of $10,000 or 2.5 times the amount of outstanding payment instruments (whichever is greater, not to exceed $500,000). The Commissioner may also increase the required amount of the security device up to the maximum based on a reduction in net worth, financial losses, or other evidence of the licensee’s impaired financial condition.
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