Massachusetts SB 2020 authorizes the use of co-sureties on a bond. The sureties would be jointly and severally liable. The bill recently has begun to move in the Senate.
Massachusetts HB 931: License Bond
STATUS: 10/10/2007 In Joint Committee on Financial Services: Heard. Eligible for Executive Session. SFAA position: supportive
"New Bonding Opportunity HB 931 would require travel agents to post a surety bond in the amount of $250,000 as a condition of engaging in business. The bond would have to be from a licensed surety and it would have to be approved by the Commissioner with respect to the issuer and its form and contents. The bond could not be cancelled without 30 day notice to the Commissioner. If a travel agent were to cease doing business in the Commonwealth, satisfactory proof would have to be submitted to Commissioner that he or she had discharged all obligations to customers. Upon such notice, the surety bond would have to be released."
Massachusetts HB 156: Public Officials and Depository Bonds STATUS: 06/11/2007 In Joint Committee on Community Development and Small Businesses: Heard. Eligible for Executive Session. SFAA Position: Support
New Opportunity HB 156 would create the Overlook Ridge Improvement District (District) and a governing body for the district known as the Prudential Committee (Committee). The bill would require each member of the Committee to post a $250,000 surety bond in connection with issuing revenue bonds or notes for the District. In lieu of an individual bond, the Committee would be able to obtain a blanket position bond covering any member or officer of the Committee. The surety bond would be conditioned upon the faithful performance of the duties of office. The bonds would have to be executed by a surety company licensed in the Commonwealth and approved by the Committee. The bill also would require any bank acting as depository of the proceeds for revenue bonds to furnish indemnifying bonds" or pledging securities as the Committee would require for acting as a depository.
Massachusetts HB 1137/SB 703: Public Officials INTRODUCED: 01/10/2007 STATUS: 07/18/2007 In Joint Committee on Health Care Financing: Heard. Eligible for Executive Session. SFAA position: Support
New Opportunity HB 1137/SB 703 would create a Universal Health Care Trust Fund (Trust) for the Commonwealth. Officers and employees of the Trust that have access to its funds would be required to post a surety bond in the amount the Board of Trustees of the Trust would require. Blanket and schedule bonds would be acceptable for covering such persons who would be required to be bonded.
Massachusetts SB 1199: Public Official INTRODUCED: 01/10/2007 STATUS: 04/10/2007 In Joint Committee on Municipalities and Regional Government: Heard. Eligible for Executive Session. SFAA position: Support
New Bonding Opportunity SB 1199 would establish the Metrowest Regional Planning and Economic Development District. The executive director, treasurer and assistant treasurer would be required to post a bond to secure the faithful performance of their duties. The bond would have to be from a surety company licensed in the Commonwealth and in an amount that the District’s Commission would require.
Massachusetts SB 53: Public Official Status:06/21/2007 In Joint Committee on Bonding, Capital Expenditures and State Assets: Heard. Eligible for Executive Session. SFAA Position: Support
New Opportunity SB 53 would establish a regional education, training and skills center in the city of Taunton that would serve as an education collaborative for the community. The bill would require the treasurer of the Board of Directors for the new education collaborative to post a bond for his or her faithful performance, in the form and at least in the amount that the Department of Revenue (Department) would require. The Board would have the
authority to fix the amount of the bond so long as it is at least in the amount that the Department requires.
Massachusetts SB 146/HB 159: Public Official INTRODUCED: 01/10/2007 STATUS: 06/11/2007 In Joint Committee on Community Development and Small Businesses: Heard. Eligible for Executive Session. SFAA position: Support
New Opportunity SB 146/HB 159 would authorize municipalities to create local development districts (District) and a governing body for the district known as the Prudential Committee (Committee). The bill would require each member of the Committee to post a surety bond in the sum of $250,000 in connection with issuing revenue bonds or notes for the District. In lieu of an individual bond, the Committee would be able to obtain a blanket position bond covering any member or officer of the Committee. The surety bond in any case would be conditioned upon the faithful performance of the duties of office. The bonds would have to be executed by a surety company licensed in the Commonwealth and approved by the Committee.
Massachusetts SB 220: Irrigation Contractors STATUS: 07/17/2007 In Joint Committee on Consumer Protection and Professional Licensure: Heard. Eligible for Executive Session. SFAA Position: Support
New Opportunity SB 220 would require irrigation contractors to obtain a business permit in order to operate. As condition of obtaining such a permit, the contractor would have to provide proof of liability and workers compensation insurance policies, a surety bond and letter of credit. Nothing in the bill discusses what the surety bond and letter of credit will guarantee.
Massachusetts SB 955: Public Officials INTRODUCED: 01/10/2007 STATUS: 05/08/2007 In Joint Committee on Judiciary: Heard. Eligible for Executive Session. SFAA position: Support
SB 955 would establish the Medical Injury Court Department (Department). Court clerks would be required to post a bond to secure the faithful performance of their duties from a surety company licensed in the Commonwealth. The Chief Justice of the Department would have to approve the required amount of the bond, but it could not be less than $5,000.
Massachusetts SB 1116: Public Officials INTRODUCED: 01/10/2007 STATUS: 07/02/2007 From Joint Committee on Mental Health and Substance Abuse: Ought to Pass. SFAA position: Support
New Opportunity SB 1116 would establish the Public Guardianship Commission (Commission). The bill would require the Commission or a fiduciary agency to post a bond for the joint benefit of all persons for whom the Commission or agency was appointed to act as a guardian. Neither the Commission nor an agency would be required to file a bond for individual cases. The surety bond would have to be in an amount not less than the value of all assets that the Commission and such contracted agencies hold as of the last day of the most recent fiscal year. In no case could the bond be in an amount less than $50,000.
Massachusetts SB 2335: License Bond STATUS: 09/13/2007 Introduced. POSITION: Support
New Bonding Opportunity SB 2335 would require consumer credit counselors to post a surety bond in the amount of $250,000, or in the amount that the Commissioner of the Division of Banks (Commissioner) established. The bond would have to be in the form that the Commissioner approved. The bill would permit the Commissioner and any person(s) having a cause of action against the applicant to make a claim on the bond. The bill replaces SB 206 as a new draft however; the bonding provisions of each are identical. SFAA had been tracking SB 206 and will continue to track the new draft.
Massachusetts SB 2344: Public Official STATUS: 09/26/2007 Introduced. SFAA POSITION: Support
New Bonding Opportunity SB 2344 would create the Whitin Reservoir Watershed District within the Town of Douglas. The bill would require the District's treasurer to post a surety bond in the amount that the District's Management Committee determines to be sufficient. The Commissioner of Revenue would have to approve the form. Failure to post the bond within ten days after election or appointment to this office or failure to renew the bond within ten days of its expiration would preclude the treasurer from taking office or result in his or her removal from office.
Filed under: Surety Legal Issues, Surety Legislation
