PA Trading Assistant Bonds

Governor Rendell signed a law on October 8, 2008 amending the Auctioneer and Auction Licensing Act to include the Trading Assistant Registration Act. This law went into effect December 8, 2008. Anyone selling personal property on behalf of others as a Trading Assistant or Consignment Broker on ebay or any other online internet bidding platform for a commission or fee is required to comply with this new law.

Trading Assistants must now register with the State Board of Auctioneer Examiners. This process is much simpler than traditional Auctioneers, and involves completing the registration application and obtaining a $5,000 surety bond. Trading Assistants will also be required to place monies in escrow, disclose their registration number on all transactions, provide written receipts, and will be subject to fines and penalties for failure to register or comply with the new law. A registered Trading Assistant appointed by the Governor will represent Trading Assistants on the State Board of Auctioneer Examiners.

We understand failure to be registered as a Trading Assistant carries a potential fine of up to $500, a prison term of up to three months, or both. A second offense or conviction carries a fine of up to $2,000 to $5,000, imprisonment of not less than one to two years, or both. The civil penalty includes a fine of up to $1,000.

Surety Bond Associates believes this relatively new law is a positive step, and will add a level of legitimacy and professionalism to the Trading Assistant industry, while at the same time give their trading partners peace of mind that online transactions are handled in a safe and secure manner.

For more information, check out our Trading Assistant Bond page, or Contact Us.

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Importance of Subcontractor Bonding

The Owner Prequalifed You…Did You Prequalify the Subcontractors?

Good question. The answer could mean the difference between a job well done and a job done well over budget. A well thought out policy for bonding subcontractors provides the general contractor with many benefits, including the prequalification services of the surety; the effects of indemnity; a positive impact on their own surety relationship; and the ultimate performance and payment protection offered by the bonds.

Surety Bond Associates provides bonds for qualified small contractors and subcontractors, including minority, women and veteran-owned companies and those seeking their first bond. We have access to a number of special programs for emerging contractors, including the U.S. Small Business Administration’s Surety Bond Guarantee Program for contracts up to $5 million.

If your subcontractors are currently having a difficult time obtaining bonds, please have them Contact Us TODAY! Our customers achieve amazing results and we want to share ideas with both you and your subcontractors that we think you’ll find immediately helpful. Our advice is free.

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SBA Surety Bond Guarantee Program Increases

President Obama’s Economic Stimulus Plan is bringing billions of dollars to government agencies for spending, along with surety bonding assistance to enhance contractor’s bidding capacity. In addition, the limit on the US Small Business Administration’s (SBA) surety bond guarantee has increased from $2 million to $5 million under the Economic Stimulus Plan, and can be increased to as much as $10 million for certain federal contracts.

Airport, highway, road and transit projects funded by the stimulus plan represent an important opportunity for construction firms all over the country to create jobs and literally build a stronger economy. Contractors who have surety bonding will be in a better position to benefit from the stimulus spending.

If you’re having difficulty getting the surety bonds you need to support your projects, if future growth depends on expanding your bonding capacity, or if you simply need better service and turn around, you should know that Surety Bond Associates specializes in helping contractors like you. We also have access to a number of special programs for emerging contractors, including the SBA Surety Bond Guarantee Program.

It’s easy to get started. Simply Apply Online, or Contact Us TODAY!

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