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Surety Bond Blog

Buying a Car? Look for Bonded Auto Dealers

Buying a Car? Look for Bonded Auto Dealers

Look for Bonded Auto Dealers before Purchasing Car
As a prospective car buyer, it is your legal right to ensure an auto dealer holds a bond. We highly recommend checking an auto dealer’s license and bond before considering their business. This bond protects consumers, regardless of how you paid or whether the vehicle is new or used. Bonded auto dealers …


Disclosure of Interested Parties to Contracts WV

As of July 7, 2017, West Virginia requires The Disclosure of Interested Parties to Contracts.
Passed by the State of Virginia on April 8, 2017, House Bill 2001 requires completion of the Disclosure of Interested Parties to Contracts. This amendment requires businesses file the form if planning to enter a contract(s) at a value of $100,000 or more. It must reflect any …


A Guide to the SAFE Mortgage Licensing Act of 2008

A Guide to the SAFE Mortgage Licensing Act of 2008

For those of who are involved in the mortgage industry, the term SAFE has probably  been used many times. This is because the SAFE Mortgage Licensing Act was created in order to create minimum regulation and licensing requirements within the mortgage industry.
Back in 2008…
Some may remember back in 2008 when the economy fell to a drastic low all …


The Top 3 ERISA Fidelity Bond Questions Answered

Question 1: What is an ERISA fidelity bond and why do I need it?
The Employee Retirement Income Security Act, referred to as ERISA, provides specific guidelines and standards for employee benefit plans for the private sector and for individuals who manage and control their own assets and investments. The U.S. Department of Labor manages ERISA in order to ensure the …


barber shop surety bonds

Barber Shop Surety Bond Explained

For those who are thinking about starting up a business, many legal to-do’s must be checked off before assisting clients. If someone wants to open a barber shop, there are some steps that need to be taken first such as getting bonded.
Similar to all other surety bonds, each state has its own bonding requirements, although the three parties of the bond …


How to Handle a Lost Cashier’s Check

Lost a cashier’s check? Don’t panic. The solution may not be as straightforward as issuing a stop-payment but there are simple actions you can take to ensure the money gets where it needs to go without facing a major loss. 

First, contact the issuing bank to inform them of the situation.
You will be asked to make a …


Who needs an Electrical Contractor Surety Bond?

Almost every state requires an electrician to be bonded, licensed, and insured. Without a bond, a license will not be granted. The bond guarantees  that the contractor will comply with state requirements that protect the public. A bonded and insured electrical contractor means the public is protected from any fraud or misconduct imposed by the electrician. This bond type is an agreement …


4 Steps to a CA Immigration Consultant Bond

Any company in California that does business as an immigration consultant must file a surety bond before consulting clients. This bond must be obtained in order to file for and to receive a license. A bond must be posted as a part of the licensing process.
This surety bond protects the client that is financially and/or legally  affected  from …


A Guide to Parking Lot Tax Bond

Businesses that engage in operating parking lots are required to get a parking lot tax bond. The bond ensures that loss from theft, damage, and taking of a vehicle that is in custody of the parking lot owner/operator will be repaid to the customer. Each city and county within a state requires a particular form of a parking lot tax …


car wash surety bonds

A Car Wash Surety Bond Explained

Employees Benefit from this Bond
Car washes need to be bonded with a car wash bond in order to comply with state, city, or county laws and regulations. Employees benefit from this bond since it protects employees from their employers taking advantage of them financially and legally. With this bond, employees are guaranteed full earned wages, fringe benefits, gratuities, and interest. …