Virginia considers legalizing gambling, enacting a surety bond requirement

The Virginia Senate Committee on General Laws and Technology will soon vote on a bill motioning to legalize gambling in the Commonwealth of Virginia.

SB 19 was referred to the committee on December 6, 2013. If signed into law in its current state, the bill would create a Virginia Casino Gaming Commission and would require a licensing process for all casino operators. Among the licensing requirements, all casino operators would be required to post a surety bond.

Paragraph B of Section 59.1-565 of the full text of the bill declares:

“The Commission shall require a bond with surety acceptable to it, and in an amount determined by it, to be sufficient to cover any indebtedness incurred by the licensee to the Commonwealth.”

Most legally-defined surety requirements include far more specific language, indicating that — as this bill continues to progress through the Virginia Senate — the current surety bond outlines will change. If the language used in the bill is not updated, the bill might not hold up during voting and could be dismissed.

To stay up-to-date on the progress of Virginia SB19, check back for updates here on the Surety Bond Insider.

If you need a surety bond, call at 1 (800) 308-4358 Monday through Friday between 8 a.m. and 7 p.m. CST, or fill out our instant online contact form. Our surety experts are on hand, ready to assist you with all of your bonding needs.

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