As a notary public, you play a vital role in legal transactions by verifying signatures, administering oaths, and attesting to the authenticity of legal documents. However, with this power comes great responsibility. That’s why many states require notaries to have notary bonds. Throughout this article, we’ll cover everything you need to know about notary bonds, […]
Category Archives: Surety Bonds
03
May
May
When searching for service providers, you’ll likely come across the term “licensed and bonded” quite frequently. But what exactly does it mean, and why does it matter? In this article, we’ll explore the basics: what being licensed and bonded means, the benefits of licenses and surety bonds, and the risks involved if you either hire […]
21
Jun
Jun
Effective July 1, 2022, the Connecticut Department of Motor Vehicles (DMV) requires the following businesses to increase their current license bonds. Vehicle repair shops Motor vehicle dealers (new and used) Leasing and rental entities A license bond is required of applicants in various industries to meet state requirements to obtain a business license. In this […]
30
May
May
Various bills have recently been filed regarding the production, use, and regulation of cannabis in Oklahoma. Lawmakers are proposing many changes to the state’s marijuana industry, including a $25,000 bond requirement – regulated by the Oklahoma Medical Marijuana Authority (OMMA). The state is also considering adding marijuana rights to the Constitution. During the 2022 November […]
17
Sep
Sep
SBA bonds are surety bonds guaranteed by the Small Business Administration. Today we’ll take a deep dive into SBA bonds to help you understand what they are and if they’re suitable for your project. The Basics of Surety Bonds Contractors and construction companies often utilize surety bonds. A surety bond is a three-party agreement guaranteeing […]
10
Sep
Sep
After the underwriting process is complete and you’ve been informed of the good news – an approval on your bond request – you may be wondering what to do next. Here’s how the process generally works.
19
Aug
Aug
Understanding Surety Bonds We’ve already done an in-depth explanation of what surety bonds are, but we’ll sum it up briefly. A surety bond is a three-party agreement, a written contract between the principal, the obligee, and the surety. The document is issued by a surety and legally compels the principal to fulfill contractual services or […]
17
Aug
Aug
An instructional school bond is a type of surety bond. Many states require schools to acquire these bonds to ensure their academic institutions faithfully fulfill contracts and agreements. Colleges and private schools often handle large financial transactions and are required to abide by strict regulations. If you’re a dean, private school board member, another college […]