Vermont amends surety bond requirement for risky tobacco manufacturers

tobacco

Signed by Gov. Peter Shumlin on May 2, 2013, Vermont HB 071 requires all non-participating tobacco manufacturers to post a surety bond according to the payment requirements of the Master Settlement Agreement.

This bill was introduced on January 24, 2013, and then referred to the Committee on Human Services. The bonding portion of the bill will go into effect on July 1, 2013.

The Master Settlement Agreement now requires any non-participating manufacturer who is deemed an elevated risk for compliance to post a $50,000 bond. Prior to the passing of HB 071, such individuals might have been required to provide a bond, but now all such individuals must file a surety bond with the state. Furthermore, HB 071 now requires proof of the bond to be submitted with certification on a form approved by the Attorney General.

To read HB 071 in its entirety, click here.

If you need a surety bond in Vermont or any other state, contact SuretyBonds.com online or by phone at 1 (800) 308-4358 Monday through Friday from 8 a.m. to 7 p.m. CST.