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 and demolition projects within Philadelphia. Four of these bills were signed into law by Mayor Michael Nutter on February 20, 2014. The fifth bill, requiring licensure of demolition contractors, was not signed into law until August 6, 2015.

This new City of Philadelphia Demolition Contractor License law takes effect on November 1, 2015.  In addition to obtaining a license, all demolition contractors in the City of Philadelphia will be required to comply with the following regulations:

  • Identify at least one demolition supervisor with proof of successful completion of the Demolition Exam
  • Identification of at least one site safety manager with proof of completion of OSHA 30 training
  • License Bond
  • A certificate of insurance complying with the City’s insurance requirements

There will be two license categories:

  • Class A: Demolition of major buildings – Requires a $25,000 License Bond
  • Class B: Demolition of smaller buildings – Requires a $10,000 License Bond

Contact us to learn more about the Demolition Contractor License Bond, or Apply Online to receive a quote.

 

 

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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 were never subject to this requirement, must now also fulfill this $75,000 requirement.

The implementation date of October 1, 2013 is approaching fast, however, FMSCA will provide Freight Brokers and Freight Forwarders until October 31, 2013 to file the new bonds. On November 1, 2013, FMSCA will review its system to determine which Freight Brokers and Freight Forwarders have not yet filed the new bonds. FMSCA then will send letters to these entities, which will have 30 days from the date of the letter to file the new bond.

The new requirement will be effected by filing a new bond form (BMC-84) to replace the existing form. FMSCA is revising the form to reflect the new amount and to include Freight Forwarders. The new form will be posted to FMSCA’s website by October 1, 2013. A Freight Broker or Freight Forwarder that operates without registering could be fined as much as $10,000.

The new $75,000 Freight Broker / Freight Forwarder Bond will ensure compliance with the rules of the FMCSA, including timely payment. The law provides that the surety bond “shall be available” to pay any claims against a Freight Broker (or Freight Forwarder) for failure to pay freight charges if: 1) the broker consents; 2) the broker does not respond and the surety determines that the claim is valid; or 3) the claim is not resolved in a reasonable period of time and it is reduced to judgment against the broker.

Surety Bond Associates is a market for the new $75,000 Freight Broker / Freight Forwarder Bond. Apply now to avoid the $10,000 fine.

To receive a Quote, complete our Online Application today.

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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 law requires motor vehicle dealers to post a $10,000 bond if they sold less than 200 vehicles in a calendar year, and a $25,000 bond is required if the dealer sells more than 200 vehicles in a calendar year.

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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 violations. An insurer authorized to do business in the State would have to issue the bond.

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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 bill and later passed a conference committee report containing these bonding provisions.

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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 committed in the course of business.

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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 a minimum $100,000 surety bond mortgage brokers would have to post a minimum $50,000 bond. The initial bond would be for the licensee’s initial license for the main office. The licensee would have to obtain a bond that covers all loan originators that the licensee sponsors at all locations.

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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 to a collective bargaining agreement, the bond must cover welfare fund contributions, pension fund contributions and apprentice program contributions. The new law exempts qualifying individuals from the contractor license bond requirements if the individual held a 10% membership interest in a limited liability partnership. Current law requires a surety bond in the amount of $12,500 for contractors.

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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. Also exempted would be those licensed under the “New Jersey Licensed Lenders Act,” and those licensed as a real estate broker, broker salesperson or salesperson. The bill now has passed the Assembly and has been sent to the Senate Commerce Committee.

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Ohio Debt Settlement Provider Bond

HB 549 would require debt adjustment service providers to be licensed and post a surety bond from a bonding or insurance company authorized to do business in the State. The bond would have to be in the amount that the Director of Commerce will determine based on the licensee’s financial condition, experience and risk to consumers, among other factors. The bond could not be less than $10,000 or more than $50,000. The bond would be concurrent with the license term. It would have to be for the exclusive benefit of an individual harmed by the licensee’s failure to comply with the law.

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