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H 179/S 231 – Motor Vehicles-Certificates of Title. Would revise the amount of the bond required to obtain a certificate of title, which is currently 1.5 times the value of the vehicle; provides that the Department of Revenue would determine the bond amount. Status: 1/28/10 – In House; from Government Operations; reported favorably
H 490/S 351 – Appraisal Management Companies. Regulates real estate appraisal management companies, requiring licensure and a $20,000 surety bond to secure the licensee's obligations under the law. Status: 2/4/10 – In House; introduced, referred to Boards and Commissions
S 70 – Barber Schools. Would require barber schools to be licensed and post a $10,000 surety bond. Status: 1/12/10 – In Senate; introduced, read first time, and referred to Tourism and Marketing
S 103 – Wastewater Systems. Would subject those under existing law to obtain a pumper's license to the surety bond requirements for other onsite wastewater system licensees; would also require licensure for those involved in installing, transporting, pumping, servicing, repairing, maintaining, and cleaning portable toilets and subjects them to the bond requirement ($15,000 minimum). Status: 2/23/10 – In House; read second time in Commerce
S 216 – Public Officials. Amends the law related to bonding of county officials and employees by increasing the amount of the bonds; also authorizes the county commission to require bonds for persons appointed to public boards. Status: 1/12/10 – In Senate; introduced, read first time, and referred to Governmental Affairs
S 231/H 179 – Motor Vehicles-Certificates of Title. Revises the amount of the bond required to obtain a certificate of title, which is currently 1.5 times the value of the vehicle; provides that the Department of Revenue would determine the bond amount. Status: 2/4/10 – In Senate; from Commerce, Transportation, and Utilities; reported favorably
S 327/H 457 – Boxing Commission. Regulates mixed martial arts matches; promoters would be subject to the existing bonding requirements for boxing match promoters. Status: 2/25/10 – In House; in Tourism and Travel
S 351/H 490 – Appraisal Management Companies. Regulates real estate appraisal management companies, requiring licensure and a $20,000 surety bond to secure the licensee's obligations under the law. Status: 2/2/10 – In Senate; introduced, referred to Governmental Affairs
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| 2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
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H 2310 – Performance and Payment Bonds. Would make provisions in construction contracts void against public policy to the extent that they require the indemnification of another party for the indemnitee's own negligence; provides that this would not apply to agreements for the indemnification of a surety on a payment or performance bond by its principal or indemnitors. Status: 2/17/10 – In House; failed in Commerce
H 2642 – Retainage. Revises existing law for private construction projects; caps retainage at no more than 3% of the contract value if the owner required the contractor to obtain payment and performance bonds. If a contractor required his subcontractors to obtain bonding, then the contractor would have to pay the subcontractor any retained sums that the owner released which pertained to the subcontractor's work. Status: 2/1/10 – In House; introduced
H 2680 –Retainage. Revises existing law for private construction projects; caps retainage at no more than 2.5% of the contract value if the owner required the contractor to obtain payment and performance bonds. If a contractor required his subcontractors to obtain bonding, then the contractor would have to pay the subcontractor any retained sums that the owner released which pertained to the subcontractor's work. Status: 2/17/10 – In House; from Commerce, do pass
S 1177 – Cemetery Salespersons and Brokers. Would appear to repeal the bond requirement for cemetery salespersons and brokers. Current law requires a bond ($100,000 maximum) from such persons if they have committed violations of the law, been convicted of a felony or misdemeanor for fraud or any conviction involving real estate transactions, or if they had an administrative order entered against them. Status: 1/25/10 – In Senate; referred to Rules; read second time
S 1218 – Contractors. Would allow contractors to post a $30,000 surety bond if the Registrar suspended or revoked his/her license. The bond would stay the revocation or suspension of the license and allow the contractor to appeal the decision in court, and would be for the benefit of the Registrar and the complainant and be used to pay any claims in lieu of any money from the recovery fund. Status: 2/23/10 – In Senate; failed in Commerce and Economic Development
S 1296 – Energy Savings Contracts. Would provide for energy and water saving measures for municipalities; would authorize the municipality's agent to contract for the installation of energy and water saving equipment with a qualified provider, who would have to post a surety bond to secure performance of the installation of the measures. Status: 2/2/10 – In Senate; read first time, referred to Committees on Natural Resources, Infrastructure and Public Debt, Government Institutions, and Rules; read second time
S 1351 – Appraisal Management Companies. Regulates appraisal management companies, requiring registration and a $50,000 surety bond. The bond details would be determined by regulations. Status: 3/1/10 – In Senate; in Rules, proper for consideration amended |
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2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
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A 2267 – Contractor's License Bond. Caps the amount that a material supplier could recover under the bond at $4,000. 2/21/10 – In Assembly; from printer, may be heard in committee 3/23
A 2496 – Tobacco Manufacturers. Requires nonparticipating tobacco manufacturers to post a bond in the amount of $50,000 or the amount the manufacturer would be required to deposit due to its previous year's sales in the state, whichever would be greater, in order to be listed in the state's directory of tobacco manufacturers and cigarette brands. 2/22/10 – In Assembly; read first time, may be heard in committee 3/23
S 189 – Mechanics' Liens. An extensive rewrite of the current Mechanics Lien Law based on the proposal that the CLRC issued in 2006. Status: 2/4/10 – In House; from Judiciary with author's amendments; read second time, amended, re-referred to Judiciary
S 1098 – Athlete Agents. Regulates the activities of an athlete agent in soliciting or contracting to represent a student or professional athlete. The bond requirement does not appear to be affected. 2/25/10 – In Senate; referred to Committees on Business, Professions and Economic Development and Judiciary; may be acted upon on or after 3/20 |
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| H 1018 – Waste Tire Facilities. Would impose financial responsibility requirements for closure and reclamation of waste tire facilities. Status: 2/2/10 – In House; refer amended to Appropriations
H 1062 – Crime Insurance in Lieu of Bonds. Would permit various county public officials (county officers, commissioners, clerks and recorders, sheriffs, coroners, treasurers, assessors, and surveyors) to purchase crime insurance in lieu of the surety bond required under current law. Status: 2/4/10 – Passed House; introduced in Senate, assigned to Local Government and Energy
H 1125 – Waste Grease Handling. Would require persons, facilities, and vehicles engaged in the collection, transportation, storage, processing, or disposal of grease to be registered and post a surety bond or other debt instrument or method of financial assurance. Status: 3/2/10 – In House; amended by Transportation and Energy; referred to Appropriations
H 1162 – Retainage-Private Contracts. Would permit and regulate the use of retainage in private contracts; provides that not more than 5% of the progress payments could be withheld until the project reaches 50% completion in a private construction agreement. After a project reaches 50% completion, 2.5% retainage would be withheld. Retainage would be released when the project reaches substantial completion or when it's certified for occupancy. Status: 2/24/10 – In House; heard in Business Affairs and Labor, witness testimony and/or committee discussion only
H 1230 – Debt Management Service Providers. Amends provisions of the Uniform Debt-Management Services Act; repeals the requirement that a person applying to register as a provider be insured against the risks of misconduct. 2/23/10 – In House; from Business Affairs and Labor; postponed indefinitely |
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H 5029 – Third-Party Administrators. Adopts the NAIC model law for third-party administrators of insurance benefits. Such persons would have to be licensed, and those administering governmental or church self-insured plans would have to post a surety bond for $100,000 or 10% of the aggregate amount of self-funded coverage under these plans handled in Connecticut and all additional states in which the third-party administrator is authorized to conduct business. Status: 2/4/10 – to Joint Committee on Insurance and Real Estate
H 5090 – Third-Party Administrators. Adopts the NAIC model law for third-party administrators of insurance benefits. Such persons would have to be licensed, and those administering governmental or church self-insured plans would have to post a surety bond for $100,000 or 10% of the aggregate amount of self-funded coverage under these plans handled in Connecticut and all additional states in which the third-party administrator is authorized to conduct business. Status: 2/11/10 – Public hearing scheduled for 2/18
H 5381 – Mechanics' Liens. Clarifies provisions concerning the award of costs and attorneys' fees in an action of foreclosure of a mortgage or lien, or an action on a bond that has been substituted for a mechanic's lien. 2/25/10 – To Joint Committee on Judiciary
S 131 – Retainage. Reduces the maximum amount of retainage that can be withheld on commercial construction contracts from 7.5% to 5%. Status: 2/11/10 – In Senate; public hearing scheduled for 2/16
S 414 – Motor Vehicle Dealers. Increases the dealer bond from $20,000 to $50,000. 3/5/10 – In Joint Committee on Transportation; public hearing scheduled for 3/10 |
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2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
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| B 635 – Threshold. Provides that the threshold for bid, payment and performance bonds for public construction contracts is $500,000. Status: 1/19/10 – Introduced; referred to Council Committee on Government Operations |
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H 311/S 938 – Debt Settlement Services. Would require debt settlement service providers to be licensed and obtain an insurance policy or post a surety bond of at least $10,000; would authorize the OFR to increase the bond amount based on certain conditions of the licensee's business; however, not more than $50,000. Status: 3/2/10 – In House; introduced, referred to Insurance, Business and Financial Affairs Policy, Civil Justice and Courts Policy, Government Operations Appropriations, and General Government Policy Council
S 938/H311 – Debt Settlement Services. Would require debt settlement service providers to be licensed and obtain an insurance policy or post a surety bond of at least $10,000; would authorize the OFR to increase the bond amount based on certain conditions of the licensee's business; however, not more than $50,000. Status: 3/2/10 – In Senate; introduced, referred to Banking and Insurance, Judiciary, Governmental Oversight and Accountability, and General Government Appropriations |
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H 989 – State Employees’ Health Insurance Plan. Would permit the Board of Community Health to contract with municipalities to include municipal employees in health plans offered by the state to its employees. The bill would direct the Board to require any entity with which it contracts under the bill's provisions to post a surety bond to guarantee the faithful performance of the contract. Status: 1/28/10 – In House Second Readers
H 1050 – Appraisal Management Companies. Requires real estate appraisal management companies to post a surety bond or other security in connection with registration to secure compliance. Status: 2/18/10 – In House; favorably reported from Regulated Industries Committee
S 310 – Pharmacy Benefit Managers. Would require pharmacy benefit managers to be licensed and post a $100,000 surety bond. A minimum $250,000 errors and omissions insurance policy or “other appropriate liability insurance” also would be required. Status: 2/18/10 – In Senate; in Insurance and Labor, read second time
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H 2021/S 2200 – Hotel or Resort Development. Would require a bond in connection with a development agreement for a hotel or resort. The bond would secure the full and faithful performance of the agreement. Status: 1/20/10 – In House; introduced and referred to Water, Land and Ocean Resources; additionally referred to Tourism, Culture and International Affairs
H 2278/S 2603 – Mortgage Loan Origination. Would replace the current mortgage loan originator license bond requirements enacted in 2009 with a recovery fund. Status: 1/22/10 – To House Committee on Consumer Protection and Commerce; additionally referred to Judiciary
H 2336/S 2011 – Professional Employer Organizations (PEOs). Would require PEOs to maintain a positive working capital of not less than $100,000. A negative working capital would require the posting of a bond, letter of credit, cash or securities in an amount that would make up the deficiency. The bond would secure the payment of any tax, wage, benefit, or other entitlement. Status: 1/22/10 – To House Committee on Labor and Public Employment; additionally referred to Economic Revitalization, Business and Military Affairs
H 2506 – Public Procurement Code - Threshold. Would increase the threshold at which bonds are required for public construction contracts from $25,000 to $50,000. Status: 1/27/10 – In House Committee on Economic Revitalization, Business and Military Affairs
H 2544/S 2697 – Managing General Agents. Would require an insurer's managing general agent to post a surety bond in an amount equal to $100,000 or 10% of the agent's total annual premiums written nationwide for the insurer in the previous calendar year, whichever would be greater, but not to exceed $500,000. A $1,000,000 errors and omissions policy is also required. Status: 2/4/10 – In House Committees on Consumer Protection and Commerce and Judiciary; recommend that the measure be deferred
S 2011/H 2336 – Professional Employer Organizations (PEOs). Would require PEOs to maintain a positive working capital of not less than $100,000. A negative working capital would require the posting of a bond, letter of credit, cash or securities in an amount that would make up the deficiency. The bond would secure the payment of any tax, wage, benefit, or other entitlement. Status: 1/20/10 – In Senate; referred to Commerce and Consumer Protection, and Labor
S 2200/H 2021 – Hotel or Resort Development. Would require a bond in connection with a development agreement for a hotel or resort. The bond would secure the full and faithful performance of the agreement. Status: 1/21/10 – In Senate; passed first reading, referred to Water and Land and Ways and Means
S 2603/H 2278 – Mortgage Loan Origination. Would replace the current mortgage loan originator license bond requirements enacted in 2009 with a recovery fund. Status: 3/2/10 – Passed both Houses; received from Senate in amended form (SD 2)
S 2697/H 2544 – Managing General Agents. Would require an insurer's managing general agent to post a surety bond in an amount equal to $100,000 or 10% of the agent's total annual premiums written nationwide for the insurer in the previous calendar year, whichever would be greater, but not to exceed $500,000. A $1,000,000 errors and omissions policy is also required. Status: 3/2/10 – Passed Senate; received in House in amended form (SD 1) |
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2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
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H 4682 – Debt Management. Would amend the Debt Management Service Act; would require debt relief service providers to post a $25,000 bond, and debt settlement service providers to post a $75,000 bond, or such additional amount as required by the director based on the amount of disbursements made by the licensee in the previous year. Status: 1/4/10 – In House; referred to Rules
H 4781 – Debt Settlement Providers. Would require debt settlement providers to be licensed and post a bond in an amount of at least $1,000,000. Status: 1/27/10 – In House; referred to Consumer Protection
H 5526 – Cigarette/Tobacco Retailers. Regulates retailers of cigarettes and tobacco products; requires retailers to be licensed and post a surety bond in an amount not less than $2,500. 2/9/10 – In House; first reading, referred to Rules
H 6181 – Structured Settlement Protection. Regulates persons who acquire structured settlement payment rights through a transfer as a transferee; requires them to be licensed and post a $125,000 surety bond. 2/23/10 – In House; assigned to Judiciary I - Civil Law Committee
S 2621 – Public-Private Transportation Act. Would authorize the state and its political subdivisions to enter into public-private partnerships (PPP) for the construction of transportation facilities; provides that the PPP agreement would have to provide for performance and payment bonds for the development and/or operation of the facility in an amount that the public entity determined to be satisfactory. Status: 2/24/10 – In Senate; postponed in Executive
S 3682 – Driver Exam Training Schools. Amends the Vehicle Code; changes the amount of the bond that a qualified driver exam training school must hold to $10,000 for a non-accredited school, $40,000 for a CDL or teenage accredited school, $60,000 for a CDL accredited and teenage accredited school, $50,000 for a CDL or teenage accredited school with three or more licensed branches, $70,000 for a CDL accredited and teenage accredited school with three or more licensed branches. Current law requires a $20,000 bond that applies to all driver exam training schools. 2/24/10 – In Senate; assigned to Transportation |
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H 1035 – Farm Winery Permit Holders. Would provide for an exemption from the direct wine seller permit requirement for those holding both a farm winery permit and a partial ownership interest in a wine wholesaler permit, and for those holding supplemental direct wine seller's permit. This would include an exemption from the $1,000 surety bond (or cash) requirement. Status: 1/5/10 – In House; introduced and referred to Public Policy
H 1226 – Medicaid Providers. Would require Medicaid providers to submit a $50,000 surety bond along with their Medicaid provider agreements when they enroll, renew or purchase or transfer ownership. An additional $50,000 bond would be required for each adverse judgment or final order related to Medicaid provider services within the 10 years preceding enrollment, renewal, or the purchase or transfer of ownership. Status: 2/16/10 – In Senate; referred to Health and Provider Services; co-sponsor added
H 1240/S 357 – Professional Employer Organizations (PEOs). Requires PEOs to maintain a positive working capital; a negative working capital would require the posting of a bond, letter of credit, cash or securities in an amount sufficient to cover the deficit, plus $100,000. Status: 2/23/10 – In Senate; from Insurance and Financial Regulations, amend do pass, adopted
H 1247/S 176 – Tobacco Manufacturers. Would require "nonparticipating tobacco manufacturers" to post a bond in the amount of $50,000, or the amount the manufacturer would be required to deposit due to its previous calendar year's sales in Indiana, whichever is greater, in order to be listed in the State's directory of tobacco manufacturers and cigarette brands. Status: 1/12/10 – In House; introduced and referred to Public Policy
S 35 – Retainage Threshold. Increases the threshold at which retainage may be withheld on public works contracts from $150,000 to $1 million. Status: 2/8/10 – In House; referred to Labor and Employment
S 176 – Tobacco Manufacturers. Would require "nonparticipating tobacco manufacturers" to post a bond in the amount of $50,000, or the amount the manufacturer would be required to deposit due to its previous calendar year's sales in Indiana, whichever is greater, in order to be listed in the State's directory of tobacco manufacturers and cigarette brands. Status: 2/25/10 – In House; signed by the Speaker
S 328 – Various Financial Institution Matters. Would make various changes to the laws concerning: (1) financial institutions; (2) debt management companies; (3) pawnbrokers; (4) money transmitters; (5) check cashers; (6) persons licensed under the Uniform Consumer Credit Code; (7) first lien mortgage lenders; and (8) rental purchase agreements. Status: 2/25/10 – Passed the House; returned to Senate without amendments
S 357/H 1240 – Professional Employer Organizations (PEOs). Requires PEOs to maintain a positive working capital; a negative working capital would require the posting of a bond, letter of credit, cash or securities in an amount sufficient to cover the deficit, plus $100,000. Status: 2/24/10 – In House; second reading, amended
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HB 559/SB 3076 – Mechanics’ Liens. Would revise existing law concerning bonds for the discharge of mechanics’ liens by eliminating the specifications for who can post the bond. Current law provides that the owner, principal contractor, or intermediate subcontractor can post the bond. Status: 2/4/10 – In House Judiciary; 4:00 p.m.; House Lobbyist Lounge Judiciary
HB 629/SB 3155 – Real Estate Closing Agents. Would require real estate closing agents to be licensed and post a $250,000 surety bond. A $250,000 errors and omissions policy is also required. Status: 2/10/10 – In House; 8:30 a.m.; House Lobbyist Lounge Commerce
HB 2273 – Bid Bonds. Reduces the amount of the bid bond required for contracts for improvements in a county drainage district from 10% of the bid amount to 5%; eliminates the $10,000 cap on the amount of the bond. Status: 2/22/10 – In Senate; Agriculture Committee report, recommend passage
HB 2421 – Prevailing Wage Law. This is an onerous prevailing wage bill that would permit the public entity to terminate a contractor or subcontractor found not to be paying the prevailing wage, and would require the contractor to pay for any excess costs resulting from failure to pay the prevailing wage. The performance bond would have to include a provision guaranteeing payment of the prevailing wage rates under the contract, and workers would be given a private cause of action against the contractor or subcontractor to recover the difference between wages paid and the prevailing wage, plus reasonable attorneys' fees. Status: 2/25/10 – In House; amendment filed (H-8116); fiscal note to amendment
HB 2477 – Mechanics' Liens. Relates to mechanics' liens, including the establishment of a state construction registry for residential construction property and provides an effective date; changes all references to principal contractor and contractor to general contractor. Status: 3/2/10 – In House; amendment filed (H-8325)
SB 2256 – Home Inspectors. Regulates home inspectors, requiring licensure and a surety bond and a public liability insurance policy. Status: 2/10/10 – In Senate; introduced and referred State Government
SB 2283 – Solar Panel Contractors. Regulates solar panel professionals and contractors, subjecting them to the existing licensing and bonding requirements for plumbing, HVAC, refrigeration and hydronic contractors (bond or insurance as a condition of licensure). 2/11/10 – In Senate; introduced and referred to State Government
SB 2348 – Real Estate Closing Agents. Requires real estate closing agents to be licensed and post a $25,000 surety bond; allows the Superintendent of the Division of Banking to require a larger bond amount. 3/2/10 – In Senate; amendment filed (S-5176) |
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2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
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H 166 – Debt Adjusters. Would require debt adjusters to post a $25,000 bond for the benefit of any person suffering an injury or loss resulting from a violation of the law; would require the bond to remain in effect for two years after the debt adjuster ceases doing business. Status: 2/22/10 – In Senate; referred to Banking and Insurance
H 233 – Public Adjusters. Would require public adjusters to post a surety bond or an irrevocable letter of credit in a minimum amount of $20,000. The bond would be for the benefit of any person sustaining damage as a result of erroneous acts, failure to act, conviction of fraud, or conviction of unfair trade practices. Status: 2/5/10 – In Senate; referred to Banking and Insurance
H 264 – Financial Institutions. Would change the depository bond requirements for depositories of local boards of education in the Commonwealth. Status: 2/25/10 – In House; second reading, to Rules; posted for passage in Consent Orders of the Day for 3/3/10
S 66 – Real Estate Appraisal Management Companies. Would require real estate appraisal management companies to be registered and to post a surety bond to secure the faithful performance of duties. The bond amount would be determined by regulations, but could not exceed $500,000. Status: 1/6/10 – In Senate; referred to Licensing, Occupations and Administrative Regulations
S 130 – Securities Brokers-Dealers. Appears to rewrite the law for brokers-dealers, agents and investment advisors, eliminating the $25,000 surety bond and the fidelity bond. Status: 2/4/10 – In Senate; to Banking and Insurance
S 133 – Advertising Devices. Requires owners of advertising devices located along highways to obtain a permit and post a $2,500 bond each time they trim vegetation around the device. Also requires a $2,500 permit bond for owners making repairs to non-conforming advertising devices. Status: 2/17/10 – In Senate; passed over and retained in the Orders of the Day; recommitted to Transportation |
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2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
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H 1149 – Service Contract Providers. Would require providers to maintain a funded reserve account and a financial security deposit (bond) in an amount of not less than $25,000. Status: 1/6/10 – In House; introduced and referred to Joint Committee on Insurance and Financial Services |
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H 654 – Towing Companies - Harford Co. Requires towing companies removing vehicles from private property in Harford County or storing such vehicles to post a $20,000 bond. Status: 2/23/10 – In House; in Environmental Matters; hearing scheduled for 3/2
H 1120/S 788 – Towing Company Bond. Provides for the statewide application for provisions of law governing the towing or removal of vehicles from parking lots. Status: 2/17/10 – In House; referred to Environmental Matters; first reading
H 1136 – Nondepository Trust Companies. Requires a nondepository trust company to pledge securities or a surety bond to the Commissioner of Financial Institutions to defray the costs of receivership in the event the trust company fails; authorizes the Commissioner to determine the amount of the securities or bond, subject to a specified maximum amount. Status: 2/17/10 – In House; referred to Economic Matters; hearing scheduled for 3/4
S 788/H 1120 – Towing Company Bond. Provides for the statewide application for provisions of law governing the towing or removal of vehicles from parking lots. Status: 2/12/10 – In Senate; referred to Judicial Proceedings; hearing scheduled for 3/17 |
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H 4367 – Various Tax Bonds. Would require various licensees to file a bond in such amount as the commissioner may determine to secure the payment of any tax, including any interest or penalty thereon, due or which may become due; provided, however, that the bond amount shall not exceed the amount of the vendor's tax liability for a six-month period or $1,000,000. Status: 11/23/09 – In House; reported favorably by Joint Committee on Revenue and referred to House Ways and Means |
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H 5772 – Pharmacy Benefit Managers. Would regulate pharmacy benefit managers and require them to obtain a fidelity bond in an amount equal to 10% of the funds handled annually. Status: 1/27/10 – In House; introduced and referred to Health Policy |
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H 2600/S 2643 – Mortgage Loan Originators. Would regulate mortgage loan originators pursuant to federal standards, requiring them to be covered by a surety bond. Status: 2/9/10 – In House; referred to Labor and Consumer Protection Division
H 2654 – Electrical Contractors. Reduces the bond amount for electrical contractors from $25,000 to $5,000. Status: 2/9/10 – In House; referred to Labor and Consumer Protection Division
H 2780/S 2547 – Well Contractors. Modifies license, bond, and registration requirements for well contractors. Status: 2/9/10 – In House; referred by Chair of Commerce and Labor to Labor and Consumer Protection Division
H 2781/S 2510 – Miscellaneous Licenses. Revises several license bond requirements; eliminates the existing exemption for plumbers employed by master plumbers from the bond requirement. Plumbers must post a minimum bond of $25,000 under current law. The bill also provides that the current bond required for manufactured home installers and residential roofers must be a "biennial" surety bond. Status: 2/9/10 – In House; referred to Labor and Consumer Protection Division
S 2510/H 2781 – Miscellaneous Licenses. Revises several license bond requirements; eliminates the existing exemption for plumbers employed by master plumbers from the bond requirement. Plumbers must post a minimum bond of $25,000 under current law. The bill also provides that the current bond required for manufactured home installers and residential roofers must be a "biennial" surety bond. Status: 3/1/10 – In Senate; from Business, Industry and Jobs, pass as amended, and re-refer to Finance
S 2547/H 2780 – Well Contractors. Modifies license, bond, and registration requirements for well contractors. Status: 2/11/10 – In Senate; introduced, first reading, referred to Business, Industry and Jobs
S 2643/H 2600 – Mortgage Loan Originators. Regulates mortgage loan originators pursuant to federal standards, requiring them to be covered by a surety bond. Status: 2/16/10 – In Senate; introduced, first reading, referred to Commerce and Consumer Protection |
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H 763/S 2800 – Lien Laws. Would permit rental and lease equipment dealers to file lien claims on construction projects; payment bonds would be extended to provide protection to these dealers. Status: 2/25/10 – In Senate; in Judiciary - Division A; title sufficient, do pass
H 945 – Contractors, Remodelers and Rebuilders. Would provide for the licensing and regulation of residential builders and remodelers; would revise certain license requirements. Status: 2/2/10 – In House; from Judiciary B, do pass with substitute
H 955 – Builders and Contractors. Would create the Home Improvement Guaranty Fund and provide for its administration. Status: 1/18/10 – Introduced in House; referred to Judiciary B
H 1121/S 2652 – Money Transmitters (Sellers of Checks). Would require a bond in the amount of $25,000 or an amount equal to the amount of outstanding money transmissions, and would increase the bond cap from $250,000 to $1,000,000. Status: 1/18/10 – Introduced in House; referred to Banking and Financial Services
H 1161/S 2757 – Small Loan Lenders. Would regulate small loans ($1,000 or less and made at locations other than a financial institution), and require such lenders to be licensed and post a $10,000 surety bond or other security to secure compliance and prompt payment of any judgment which may be recovered against the licensee for violations. Status: 1/18/10 – Introduced in House; referred to Banking and Financial Services
H 1509 – Bonds for Contractors. Would prohibit contractors from obtaining surety bonds for state and municipal contracts from a company or other entity in which the contractor or his or her spouse has a financial interest. Status: 1/18/10 – In House; introduced and referred to Judiciary B
S 2232 – Prepaid Ambulance Service. Would increase the surety bond amount required for subscription programs for prepaid ambulance services from $5,000 per 1,000 subscribers to $20,000 per 1,000 subscribers. Status: 1/6/10 – In Senate; referred to Insurance
S 2584 – Short-Term Lenders. Would require short-term lenders to be licensed and post a $100,000 surety bond ($50,000 bond if the lender is a nonprofit corporation). Loans could not exceed $500 or have a term of more than 31 days. Status: 1/14/10 – Introduced in Senate; referred to Business and Financial Institutions
S 2652/H 1121 – Money Transmitters (Sellers of Checks). Would require a bond in the amount of $25,000 or an amount equal to the amount of outstanding money transmissions, and would increase the bond cap from $250,000 to $1,000,000. Status: 3/2/10 – In House; in Banking and Financial Services; passed as amended
S 2757/H 1161 – Small Loan Lenders. Would regulate small loans ($1,000 or less and made at locations other than a financial institution), and require such lenders to be licensed and post a $10,000 surety bond or other security to secure compliance and prompt payment of any judgment which may be recovered against the licensee for violations. Status: 1/18/10 – Introduced in Senate; referred to Banking and Financial Services
S 2800/H 763 – Lien Laws. Would permit rental and lease equipment dealers to file lien claims on construction projects; payment bonds would be extended to provide protection to these dealers. Status: 2/25/10 – In House; in Judiciary B; title sufficient, do pass
S 2828 – Wine Distributors. Would require wine distributors to obtain a permit and post a bond in an amount not to exceed $100,000, conditioned on compliance and payment of all taxes due to the state. Status: 1/18/10 – Introduced in Senate; referred to Finance |
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H 1440 – Real Estate Appraisal Management Companies. Would require registrants to file a $250,000 bond to secure the faithful performance of the obligations in connection with the activities of real estate appraising; an irrevocable letter of credit may be filed in lieu of the bond. Status: 1/6/10 – Introduced
H 1636/S 781 – Motor Vehicle Auctions. Would regulate special event motor vehicle auctions that take place over the course of three days; would require licensure and the posting of a $100,000 surety bond or an irrevocable letter of credit. Status: 2/16/10 – In House Special Standing Committee on Infrastructure and Transportation Fund; public hearing completed
H 1763 – Debt Management Service Providers. Would enact the Uniform Debt Management Services Act; would require debt-management service providers to post a $50,000 bond, which amount could be increased or decreased by the AG based on certain conditions of the licensee. Status: 1/25/10 – In House; read second time
H 2058/S 934 – Mechanics' Liens. Provides for the release of a mechanic's lien if a bond for not less than 1.5 times the amount of the lien claim is posted. Status: 2/24/10 – In House; in Insurance Policy; public hearing completed
H 2087 – Motor Vehicle Auctions. Regulates special event motor vehicle auctions that take place over the course of three days; requires licensure and the posting of a $100,000 surety bond or an irrevocable letter of credit. Status: 2/10/10 – In House; read second time
H 2152 – Appraisal Management Companies. Requires real estate appraisal management companies to post a $250,000 surety bond. Status: 3/3/10 – In House; referred to Financial Institutions
S 781/H 1636 – Motor Vehicle Auctions. Would regulate special event motor vehicle auctions that take place over the course of three days; would require licensure and the posting of a $100,000 surety bond or an irrevocable letter of credit. Status: 3/3/10 – In Senate; amended; perfected
S 934/H 2058 – Mechanics' Liens. Provides for the release of a mechanic's lien if a bond for not less than 1.5 times the amount of the lien claim is posted. Status: 2/23/10 – In Senate; in General Laws Committee; hearing conducted |
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2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
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LB 552 – NEW LAW: Prompt Payment of Retainage. Would apply to both public and private construction contracts; would give owners 30 days to pay contractors any periodic or final payments, and contractors and subcontractors would have 10 days from the date that the periodic or final payment was received to pay their subcontractors. Status: 2/16/10 – Approved by the Governor on 2/11/10
LB 579 – Professional Employer Organizations (PEOs). Would require PEOs to maintain a positive working capital; if it does not, it would have to obtain a bond, letter of credit or securities in an amount that would make up the deficiency plus an additional $100,000. Status: 3/1/10 – Placed on Final Reading Second with ST9077
LB 722 – NEW LAW: Public Officials. Would revise existing bond requirements for all state employees; would eliminate the specified bond amount and confer authority to the state’s risk manager to determine the amount required. Status: 3/3/10 – Approved by the Governor |
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2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
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H 598 – Auctioneers. Would increase the bond requirement for auctioneers from $10,000 to $25,000. Status: 1/6/10 – In Senate Executive Departments and Administration; passed/adopted with amendment
H 660 – Life Settlement Providers and Producers. Would establish the Life Settlements Act; would require licensees to demonstrate evidence of financial responsibility through either a surety bond or a deposit of cash, certificates of deposit or securities or any combination thereof in the amount of $250,000. Status: 2/17/10 – In House Ways and Means; passed, adopted with amendment
H 1519 – Meals and Rentals Tax. Would establish a bond committee that would determine which meals and rentals operators present a risk of nonpayment of the tax and which must post a $5,000 bond. Status: 3/3/10 – In House Commerce and Consumer Affairs; passed/adopted with amendment
H 1611 – Sales Tax Bond. Would require vendors to post a bond in an amount fixed by the commissioner to secure the payment of any tax, interest, or penalties due, or which may become due. Bonds may be required in situations such as, but not limited to, failure to file returns, failure to make payments with returns at the time required by law, tender by a vendor of checks returned for insufficient funds, failure to pay interest and penalties assessed, etc. Status: 2/17/10 – In House Ways and Means; inexpedient to legislate
S 339 – Mortgage Loan Originators. Would exclude certain governmental and nonprofit entities from certain licensing requirements as mortgage loan originators. Status: 2/17/10 – In House Commerce and Consumer Affairs Committee |
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A 359 – Foreclosure Consultants. Would regulate foreclosure consultants and require them to post a surety bond in an amount determined by the Director of the Division of Consumer Affairs through regulations. Status: 3/4/10 – In Assembly; reported out of Financial Institutions and Insurance, second reading
A 1127 – Charitable Organizations and Independent Fundraisers. Would expand current law to further regulate charitable organizations and independent fundraisers if they place unattended donation containers; would require an organization's employees or volunteers and independent fundraisers who are responsible for collecting and counting funds from donation containers to register with the Attorney General and obtain a $1,000 fidelity bond. Status: 1/12/10 – Introduced in Assembly; referred to Consumer Affairs
A 1423 – Contractors. Would require all construction trade contractors to post a $3,000 license bond in addition to any other bond that may be required by contract; conditioned on faithful performance. Status: 1/12/10 – Introduced in Assembly; referred to Regulated Professions and Independent Authorities
A 1719/S 775 – Elevator Contractors. Would require elevator contractors to file a $3,000 bond in addition to any other bonds that may be required pursuant to contract. Status: 1/12/10 – Introduced in Assembly; referred to Regulated Professions and Independent Authorities
A 1949 – Debt Management Service Providers. Enacts the Uniform Debt Management Services Act; requires debt-management service providers to post a surety bond in an amount determined by regulation, which amount could be increased or decreased by the Commissioner of Banking and Insurance based on certain conditions of the licensee. Sureties are required to have an "A" rating. Status: 2/8/10 – In Assembly; introduced, referred to Financial Institutions and Insurance
A 2131 – Third-Party Disbursement Service Organizations. Requires third-party disbursement service organizations that contract with local government units or boards of education to post a bond against failure to meet obligations. Status: 2/11/10 – Introduced in Assembly; referred to Housing and Local Government
A 2219/S 1428 – Public Officials. Permits surety companies to issue blanket bonds for municipal treasurers and tax collectors, and municipal court judges and administrators. Status: 3/4/10 – In Assembly; reported out of Financial Institutions and Insurance, second reading
S 243 – Uniform Trust Code. Would adopt a new trust code based on the model act; bond requirement is “opt in” rather than “opt out.” Status: 1/12/10 – Introduced in Senate; referred to Judiciary
S 384 – Tobacco Distributors. Would require tobacco distributors selling tobacco products at two or more places to obtain a separate license for each place of business and file a surety bond in the amount of at least $6,000, to run concurrently with the license period. Status: 1/12/10 – Introduced in Senate; referred to Budget and Appropriations
S 392 – Tobacco Distributors. Requires tobacco distributors selling tobacco products at two or more places to obtain a separate license for each place of business and file a surety bond in the amount of at least $6,000, to run concurrently with the license period. Status: 1/12/10 – Introduced in Senate; referred to Budget and Appropriations
S 775/A 1719 – Elevator Contractors. Would require elevator contractors to file a $3,000 bond in addition to any other bonds that may be required pursuant to contract. Status: 1/12/10 – Introduced in Senate; referred to Community and Urban Affairs
S 1428/A 2219 – Public Officials. Permits surety companies to issue blanket bonds for municipal treasurers and tax collectors, and municipal court judges and administrators. Status: 2/11/10 – Introduced in Senate; referred to Commerce |
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H 175 – Debt Management Service Providers. Would adopt the Uniform Debt Management Services Act; would require debt-management service providers to post a $50,000 surety bond, which amount could be increased or decreased by the Director of the Financial Institutions Division based on certain conditions of the licensee. Status: 2/16/10 – In Senate Judiciary
S 138 – Appraisal Management Companies. Would require real estate appraisal management companies to post a surety bond in a minimum amount of $25,000 or other security. Status: 2/17/10 – Senate concurred with House amendments
S 243 – Beverage Excise Tax. Imposes an excise tax on sweetened beverages; requires persons subject to the tax to post a surety bond or other security to secure the payment of the tax and the filing of the tax reports, as well as payment of any penalties or interest due. Status: 2/2/10 – In Senate; from Committees, do pass germane |
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A 3926 – Debt Collection Agencies. Would regulate debt collection agencies, requiring a surety bond, contract of indemnity, or an irrevocable letter of credit in an amount based on the number of persons employed; $10,000 for 1-4 employees; $25,000 for 5-9 employees; $50,000 for 10 or more employees. Status: 1/6/10 – Died in Senate; returned to Assembly; ordered to third reading
A 9471 – Municipal Reciprocal Insurers. Would permit statewide municipal reciprocal insurers to issue public official bonds. The bill essentially carves out an exception to the prohibition against writing surety and fidelity bonds. Status: 1/6/10 – In Assembly; introduced and referred to Insurance
A 9707/S 6607 – State University Construction Projects - Threshold. Would increase the threshold at which performance and payment bonds are required for state university construction projects from $50,000 to $250,000. Status: 2/17/10 – In Assembly; amended and recommitted to Ways and Means; print number 9707a
S 6607/A 9707 – State University Construction Projects - Threshold. Would increase the threshold at which performance and payment bonds are required for state university construction projects from $50,000 to $250,000. Status: 2/17/10 – In Senate; amended and recommitted to Finance; print number 6607a |
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2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
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2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
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H 216 – Professional Employer Organizations (PEOs). Would require PEOs to maintain a positive working capital; if they don't, they would be permitted to post a bond, letter of credit, or securities in an amount that would make up the deficiency. Status: 3/3/10 – In House; passed third consideration
H 412 – Prevailing Wage Law. Would change the prevailing wage law so that it only applies to new construction projects, and would increase the threshold at which the rates apply to $1,000,000. Status: 1/20/10 – In House; from Rules and Reference; recommended referral to Commerce and Labor
S 165 – Oil and Gas Well Plugging. Provides that after a third renewal, an owner may be required to provide a bond in an amount not to exceed $10,000 for each well that has been approved for temporary inactive well status. Status: 12/16/09 – In House; assigned to Agriculture and Natural Resources |
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H 3106 – Debt Management Service Providers. Would enact the Uniform Debt Management Services Act; would require debt-management service providers to post a $50,000 bond, which amount could be increased or decreased by the AG based on certain conditions of the licensee. Status: 2/2/10 – In House; to Judiciary
S 1303 – Bid Bond Waivers. Would permit the State Construction Administrator to waive the bid bond requirements for any or all bids on public construction contracts awarded for a construction management project by the Construction and Properties Division. A bid bond or other security in an amount equal to 5% of the bid is currently required on public construction contracts exceeding $50,000. Status: 3/2/10 – Passed Senate; engrossed to House; first reading
S 1602 – Retainage. Would provide that in lieu of retainage, a prime contractor, subcontractor or sub-subcontractor would be able to post a release of retainage bond in an amount equal to 10% of the contract or subcontract price. Status: 2/2/10 – In Senate; referred to Business and Labor
S 1606 – Threshold. Would increase the bond threshold from $50,000 to $100,000. Status: 3/2/10 – Passed Senate; engrossed to House; first reading
S 1903 – Service Contract Providers. Would regulate home service contracts; would require providers to meet certain financial requirements, including posting a surety bond or other security. The bond amount would be not less than 5% of the gross premium received, less claims paid, on the sale of the service contract for all contracts issued and in force in the state; not less than $25,000. Status: 2/24/10 – Passed Senate; engrossed to House; first reading
S 1946 – Roofing Contractors. Would regulate roofing contractors, requiring registration and a surety bond or an approved alternative in the amount of $500,000. Status: 2/16/10 – Failed in Senate Business and Labor Committee
S 2029 – Commercial Contractors. Would regulate commercial contractors, requiring licensure and a $1,000,000 surety bond or cash bond prior to performing any services in the state. Status: 2/2/10 – In Senate; second reading, referred to Business and Labor
S 2030 – Residential Contractors. Would regulate residential contractors, requiring licensure and a $1,000,000 surety bond or cash bond prior to performing any services in the state related to residential construction; would impose penalties for violations which could include jail time or a civil penalty, and would require the contractor to post an additional bond of $300,000. Status: 2/2/10 – In Senate; second reading, referred to Business and Labor
S 2180 – Roofing Contractors. Regulates roofing contractors; requires registration. The bond requirement was amended out; however, we are working with our lobbyist to see if we can get it put back in at a reasonable amount. Status: 2/22/10 – Reported do pass as amended by Business and Labor; author changes |
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H 3624 – Appraisal Management Companies. Requires appraisal management companies to register and provide a $25,000 surety bond or letter of credit. Status: 2/25/10 – Passed both Houses
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H 2140 – Procurement Code. Would direct the Department of General Services to create a "statewide bonding program" based on the best practices in procurement that the bill would outline. The program would be for enabling "small businesses and disadvantaged businesses to build capacity and to competitively bid on state and other public contracts." Status: 1/19/10 – In House; introduced and referred to State Government
H 2142 – Procurement Code. Would direct the Department of General Services to create a "statewide bonding program" based on the best practices in procurement that the bill would outline. The program would be for enabling "small businesses and disadvantaged businesses to build capacity and to competitively bid on state and other public contracts." Status: 1/19/10 – In House; introduced and referred to State Government
S 1155 – Public Officials. Would revise current law for bonding county officers and employees; consolidates the County Code and the Second Class County Code in existing law; provides that a bond, blanket bond, or "crime-fidelity insurance policy" could be provided to secure faithful performance of duties. Status: 2/2/10 – In Senate; re-referred to Appropriations |
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H 7063 – Alarm Service Businesses. Would repeal current law which includes a license bond requirement. Status: 2/4/10 – In House Corporations Committee; recommended measure be held for further study
H 7255 – Co-Venturers. Subjects commercial co-venturers to the existing law for professional fundraisers and solicitors for charitable organizations. Current law requires registration and a $10,000 surety bond. Status: 2/24/10 – In House Corporations Committee; scheduled for hearing and/or consideration
H 7543 – Limited Towing Vehicles. Requires each limited towing motor carrier to file a $100,000 bond. Status: 2/24/10 – Introduced in House, referred to Corporations
S 2386 – Employment Agencies. Increases the bond required of employment agencies that maintain intelligence and employment offices from $50,000 to $100,000. The purpose of the bond is to secure payment of the payroll and all taxes. Also subjects temporary employment agencies to the bond requirement, which currently are exempt. Status: 2/11/10 – Introduced in Senate; referred to Labor
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H 4228 – Debt Collection Agencies. Would require licensees to file and maintain a surety bond in an amount based on the total value of accounts in their possession in the previous year; bond amounts range from $15,000 to $150,000. Bonds must be maintained for three years after revocation, denial, or failure to renew the agency's license. Status: 2/16/10 – In House Committee on Labor, Commerce and Industry
H 4284 – Personal Property Recovery Agencies and Agents. Would require an agency to provide a bond in the penal sum of at least $150,000, increased by $10,000 for each branch office, conditioned for the faithful performance of the duties and obligations of the business. Status: 2/16/10 – In House Committee on Labor, Commerce and Industry |
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2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
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H 2697/S 2634 – Health Club Operators. Would repeal the $25,000 bond requirement. Status: 2/16/10 – In House; action def. in sub-committee Consumer Affairs of Consumer Affairs of Consumer and Employees Affairs Committee to last calendar
H 3191/S 3155 – Appraisal Management Companies. Regulates real estate appraisal management companies, requiring registration and a $50,000 surety bond. Status: 2/1/10 – In House; passed second reading, referred to Government Operations for review
S 2634/H 2697 – Health Club Operators. Would repeal the $25,000 bond requirement. Status: 1/20/10 – Introduced
S 3155/H 3191 – Appraisal Management Companies. Regulates real estate appraisal management companies, requiring registration and a $50,000 surety bond. Status: 3/4/10 – Placed on Senate Government Operations Committee calendar for 3/10
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2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
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H 404 – Motor Vehicle Dealers. Expands the current requirements for the bond to secure compliance with the existing law, which requires payoff of liens on motor vehicles that have been traded in. Status: 3/3/10 – House to Printing with fiscal note
S 83 – Bail Recovery Agents. Would require bail recovery agents to post a $10,000 bond for the benefit of persons injured by the licensee, and would allow for direct third-party liability. Status: 2/17/10 – Passed Senate; in House Rules |
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H 461 – Probate Bonds. Provides that the judge of probate would determine the amount of the bond that could be posted in connection with an application for the appointment of an administrator or executor of an estate. Current law requires a bond of not less than $300. Status: 1/29/10 – Passed House; transmitted to Senate; read first time, referred to Judiciary
S 287 – Loan Servicers. Requires loan servicers to be licensed and post a $100,000 surety bond conditioned on compliance and payment of all funds due to any person and the state. Status: 2/19/10 – Passed Senate; transmitted to House; read first time, referred to Commerce and Economic Development |
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H 414/S 424 – Motor Vehicle Equity Loan Lenders. Would regulate motor vehicle equity loans, which are fixed term, closed-end loans secured by an interest in a motor vehicle; lenders would have to be licensed and post a minimum $50,000 surety bond. Status: 2/16/10 – In House; left in Commerce and Labor
H 1258 – Indemnification Provisions in Construction Contracts. Would clarify existing law, which prohibits indemnification clauses in any contract or agreement for construction work that to indemnify or hold harmless another party to the contract against liability for damage arising out of bodily injury to persons or property suffered in the course of performance of the contract resulting from negligence; closes the loophole by prohibiting such clauses from being placed in the performance bond, payment bond or other documents related to the construction contract. Status: 2/9/10 – In House; passed by in General Laws with letter by voice vote
H 1363/S 375 – Vehicle Title Lenders. Would regulate motor vehicle title lenders, requiring licensure and a surety bond an the amount of $50,000 per office, not to exceed $500,000. Status: 2/16/10 – In House; left in Commerce and Labor
S 250 – Credit Plan Loans. Would regulate open-end credit plan lenders, requiring a license and a $10,000 surety bond for each location, not to exceed $50,000. Status: 2/15/10 – In Senate; continued to 2011 in Commerce and Labor
S 375/H 1363 – Vehicle Title Lenders. Would regulate motor vehicle title lenders, requiring licensure and a surety bond an the amount of $50,000 per office, not to exceed $500,000. Status: 2/15/10 – In Senate; incorporated by Commerce and Labor
S 424/H 414 – Motor Vehicle Equity Loan Lenders. Would regulate motor vehicle equity loans, which are fixed term, closed-end loans secured by an interest in a motor vehicle; lenders would have to be licensed and post a minimum $50,000 surety bond. Status: 2/17/10 – In Senate; left in Commerce and Labor
S 606 – Vehicle Title Lenders. Would regulate motor vehicle title lenders, requiring licensure and a surety bond an the amount of $50,000 per office, not to exceed $500,000. Status: 3/5/10 – In House; reported from Commerce and Labor with substitute, printed; read second time |
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H 2564/S 6405 – Escrow Agents. Would revise existing bond amounts; would provide that if the fidelity bond coverage was not available a surety bond would be required. The director would promulgate rules for the bond amount, which would be based on the average monthly balance of client trust funds handled by the agent; $25,000 minimum, $250,000 maximum. Status: 3/5/10 – In House; speaker signed
H 2608/S 6406 – Residential Mortgage Loan Servicers. Would require servicers to post a bond in a minimum amount of $30,000, based on the annual dollar amount of loans serviced. Status: 3/4/10 – In House; speaker signed
H 2636/S 6371 – Money Transmitters. Would revise the amount of the bond required for money transmitters, which currently ranges from $10,000 to $50,000, plus $10,000 per location; provides that the bond amount would be based on the dollar volume of the prior year's money transmissions and the dollar volume of the prior year's payment instruments; $10,000 minimum, $550,000 maximum. Status: 2/12/10 – In Senate; first reading, referred to Financial Institutions, Housing and Insurance
H 3040 – Appraisal Management Companies. Would require licensees to file and maintain a surety bond in the minimum amount of $25,000 and based on the annual volume of appraisal orders in the state. Status: 3/3/10 – Committee amendment adopted as amended; Rules suspended, placed on third reading; passed
S 6371/H 2636 – Money Transmitters. Would revise the amount of the bond required for money transmitters, which currently ranges from $10,000 to $50,000, plus $10,000 per location; provides that the bond amount would be based on the dollar volume of the prior year's money transmissions and the dollar volume of the prior year's payment instruments; $10,000 minimum, $550,000 maximum. Status: 3/4/10 – Passed both Houses
S 6405/H 2564 – Escrow Agents. Would revise existing bond amounts; would provide that if the fidelity bond coverage was not available a surety bond would be required. The director would promulgate rules for the bond amount, which would be based on the average monthly balance of client trust funds handled by the agent; $25,000 minimum, $250,000 maximum. Status: 2/26/10 – Senate Rules "X" file
S 6406/H 2608 – Residential Mortgage Loan Servicers. Would require servicers to post a bond in a minimum amount of $30,000, based on the annual dollar amount of loans serviced. Status: 2/26/10 – Senate Rules "X" file
S 6852 – Child Protective Service Workers. Requires child protective service workers to be licensed and bonded. Status: 2/9/10 – In Senate; introduced, referred to Human Services and Corrections |
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H 2479 – Private Investigators and Security Guards. Would increase the amount of the license bond for security guards and security guard firms from $2,500 to $20,000. Status: 1/13/10 – In House; introduced and referred to Judiciary
H 2923 – Disclosure of Subcontractors. This is an anti-bid shopping measure that would require the general contractor to submit a list of all subcontractors to be used on a public construction contract. It would prohibit the general contractor from substituting any subcontractors unless he or she could prove its advantage to the owner. Status: 1/13/10 – In House; introduced and referred to Energy, Industry and Labor, Economic Development and Small Business
H 4196 – Mixed Martial Arts Events Promoters. Would require promoters to post a surety bond in an amount not less than $100,000 in connection with promoting boxing, mixed martial arts and tough man contests. Status: 1/27/10 – In House; introduced and referred to Judiciary
H 4243 – Pharmacy Benefit Managers. Requires pharmacy benefit managers to be licensed, and would authorize the Insurance Commissioner to require a surety bond to secure the financial solvency of the manager. Status: 1/29/10 – In House; introduced, referred to Health and Human Resources
H 4285/S 431 – Residential Mortgage Brokers and Lenders. Allows any person not subject to the existing law's licensing requirements for mortgage lenders or brokers and who employs mortgage loan originators to provide a surety bond in the appropriate amount for its mortgage loan originators. Status: 3/4/10 – In Senate; introduced, referred to Banking and Insurance
S 205 – Private Cemeteries. Would regulate private cemeteries, requiring licensure and compliance with certain financial requirements. A bond would have to be in an amount sufficient to cover all payments for the pre-need contracts. Status: 1/13/10 – In Senate; introduced and referred to Judiciary
S 431/H 4285 – Residential Mortgage Brokers and Lenders. Allows any person not subject to the existing law's licensing requirements for mortgage lenders or brokers and who employs mortgage loan originators to provide a surety bond in the appropriate amount for its mortgage loan originators. Status: 2/1/10 – In Senate; introduced, referred to Banking and Insurance |
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A 758/S 513 – Life Settlement Providers. Requires life settlement providers to be licensed and post a surety bond or other security in the amount of $250,000. Status: 2/19/10 – In Assembly; introduced, referred to Insurance
A 765 – Mortgage Bankers and Brokers. Revises the bond amounts for mortgage brokers and mortgage bankers; the bond amounts for bankers range from $100,000 to $300,000, and the bond amounts for brokers range from $50,000 to $100,000. Status: 2/22/10 – In Assembly; introduced, referred to Financial Institutions
S 242 – NEW LAW: Future Service Contracts. Would require contractors to post a $250,000 surety bond if they enter into a “future service contract.” Status: 2/11/10 – Approved by the Governor; published on 2/25/10
S 513/A 758 – Life Settlement Providers. Requires life settlement providers to be licensed and post a surety bond or other security in the amount of $250,000. Status: 2/18/10 – In Senate; from Small Business, Emergency Preparedness, Technical Colleges, and Consumer Protection; placed on calendar for 2/23/10 |
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2010 legislative developments significant to the surety bonding industry will be posted as soon as they become available. Contact CNA Surety Public Affairs if you have information regarding legislative updates. |
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