License Bonds

NEW City of Philadelphia Demolition Contractor License Bond

NEW City of Philadelphia Demolition Contractor License Bond

In June 2013, a Philadelphia building undergoing demolition collapsed onto a neighboring building, killing six people and injuring 14. Philadelphia’s construction and demolition regulations were closely scrutinized in the wake of the collapse. In response, the Philadelphia City Council passed five bills in February 2014, imposing additional permitting, inspection, construction and licensing requirements for building …

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New $75,000 Freight Broker Bond (formerly $10,000 ICC Broker Bond)

When Congress recently passed the “Moving Ahead for Progress in the 21st Century, this sweeping legislation included extensive changes regulating the activities of Freight Brokers by the Federal Motor Carrier Safety Administration (FMSCA), including replacement of the former $10,000 ICC Broker Bond (BMC-84) with a new $75,000 Freight Broker Bond. In addition, Freight Forwarders, who …

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New York Motor Vehicle Dealer Bond

SB 2913 would subject mobility dealers to the existing licensing and bond requirements for motor vehicle dealers. Mobility dealers are those who sell more than five mobility vehicles in a year. Such vehicles are specially equipped to transport a person with a disability and include mechanical devices such as wheel chair lifts or ramps. Current …

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California Debt Service Provider Bond

SB 708 would require debt settlement service providers to be licensed and post a $200,000 surety bond conditioned on the licensee’s compliance with the proposed law. The bond would secure the payment of any funds owed to persons damaged by the provider s noncompliance with the law or any funds owed to the State for …

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Maryland Debt Service Provider Bond

SB 741/HB 1022 would require debt settlement service providers to register and obtain a $50,000 surety bond. The bond would have to be issued by a surety company authorized to do business in the State. The bond would be conditioned on compliance with the applicable state and federal laws and regulations. Both chambers passed a …

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Delaware Mortgage Loan Modification Service Provider Bond

SB 42 bill pending would require mortgage loan modification service providers (service provider) to register and post a $100,000 surety bond. The bond would run to the State for the benefit of the Attorney General and any consumer suffering damages as a result of the service provider s wrongful act, omission, default, fraud or misrepresentation …

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Connecticut Mortgage Broker Bond

SB 1110 would revise the existing licensing laws for mortgage lenders, brokers and originators. Existing law requires a minimum $40,000 surety bond. The law requires the bond amount to reflect the licensee’s loan origination volume and is to be set by regulations. Instead, the bill would require mortgage lenders and correspondent mortgage lenders to post …

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California Contractors LLC Business Licence Bond

SB 392 requires contractors organized as limited liability companies (LLCs) to post a $100,000 bond as a condition of an LLC business license. The bond is for the benefit of any employee damaged by his or her employer’s failure to pay wages, interest on wages or fringe benefits. Further, if the licensee is a party …

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New Jersey Foreclosure Consultants Bond

AB 359 would regulate foreclosure consultants. The bill would require such consultants to post a surety bond in the amount that the Director of the Division of Consumer Affairs prescribed by regulations. Such consultants would not include banks, savings banks, savings and loan associations, credit unions or other federally insured financial institutions or insurance companies. …

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