Required by the Wyoming Department of Workforce Services, a Wyoming nonresident surety bond guarantees all the employees are paid in full and on time by their employer. The bond also assures the nonresident employers will pay OSHA– assessed penalties as well as obligations following the Wyoming Workers’ Compensation Act. Other fees required under Title 27 Wyoming Statutes or by the Department of Workforce Services will be paid by employers. In most cases, a surety bond must be filed in order to obtain a business license and have clients.
After the passage of House Bill 221, an increased bond amount is required for nonresident employers who have not lived for at least one year in Wyoming before opening a business. Effective July 2017, the surety bond will be increased for nonresident employers that plan on paying more than $10,000 a month in wages or $120,000 a year in wages. Currently, a $10,000 bond is required for the first $120,000 in wages and $1,000 for every $120,000. However, this July all those costs will increase.
Beginning in July 2017, The initial bond amount will increase from $10,000 to $20,000. Currently, an employer paying $300,000 will need a $12,000 bond. However, in July, the bond amount will increase to $24,000. The minimum bond amount is $11,000, although the exact bond amount depends on the amount of payroll a company expects to have.
HB 221 has also made the maximum fine greater for nonresident employers that do not comply with the law. Starting in July, the fine will be $750 to $1,000. Up to one year of prison could be a result of law violations.
Contact the Department of Workforce Services at (307) 777-6736 for more information on Wyoming bonding requirements.
Experienced and friendly Surety 1 agents work to find the best possible price for clients. The price of the bond depends on the applicant’s credit as well as the bond amount.