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California Special Lines' Broker Surety Bond

The IRS’ Push for CPEO Certification for PEOs

In 2014, the Tax Increase Prevention Act passed, requiring the IRS to create a voluntary certification program (CPEO)  for PEOs or companies that supply human resource benefits for their client’s workers.  The result of this act is an increase in the PEO’s  responsibility for complying with federal human resources and benefit rules.  

In order for the PEO to be eligible for a CPEO, they …

 

Money Transmitter

How to Become a California Motor Vehicle Dealer

There are four possible license types that applicants can apply for with the California Department of Motor Vehicles (DMV):

New/Used Auto-Commercial license
Commercial Used Auto license
Wholesale Dealer Only license
Auto Broker license

This post will focus mainly on the New/Used Commercial License and the Commercial Used Auto License. The motor vehicle dealer license only applies to the dealer, not the salespeople …

 

The History of Surety and Suretyship

A Brief History of Surety
The principles of suretyship and of surety are not new to the world. While many may not even know what a surety bond is, there is a very deep and rich history of surety and suretyship. The ideals of suretyship are widely traveled and have spread to more corners of the earth than many of us …

 

Apply for a Florida Motor Vehicle Dealer license

Apply for a Florida Motor Vehicle Dealer license

Step by step instructions on applying for your Florida Motor Vehicle Dealer License.
If you plan on selling as few as three cars or one mobile home within the span of one year, the state of Florida considers you to be a vehicle dealer. This means that you need to obtain a motor vehicle dealer license. While this may sound …

 

Claims and Motor Vehicle Dealer Bonds

Claims and Motor Vehicle Dealer Bonds

Recently, we have been receiving an increasingly higher number of inquiries regarding Motor Vehicle Dealers and Claims. Most have been questions about what exactly triggers a claim or what can be considered a valid claim. The following is a quick look at the different types of claims on these bonds, and what you need to know to protect your business …

 

The Surety Perspective of Bond Ability Letters

The Surety Perspective of Bond Ability Letters

There are several reasons why the Letters of Bondability do not satisfy the intent of the owner or obligee.  First we must look at the letter from the perspective of the surety.   Prequalification of the contractor is one of the major elements of a performance bond.  It has the same relationship as lumber has to a carpenter.  When project owners …

 

What does the Bondability letter accomplish?

What does the Bondability letter accomplish?

The letter of bondability at best shows a perspective owner that the contractor has a relationship with the surety company. Frustrated obligees have sued sureties over the letters because they would not furnish the bond later to no avail.
The following is an excerpt from a letter:
If Contractor is the successful proposer and is required to provide performance and/or payment …