As we approach the final months of the year, it is important to discuss the most common state license and permit bond renewal date. There are many license bonds that expire on December 31, as required by state rules and regulations. The 12/31 date is built into some bond forms and is intended to coincide with state license renewals. International Sureties makes it a priority to help our customers renew their state license bonds each year, which is why we notify our clients of their upcoming bond expiration 90 days in advance of the anniversary.
The following bonds expire or renew on December 31 every year:
- Georgia Paid Solicitor Bonds
- Kentucky Professional Solicitor Bonds
- Louisiana Used Motor Vehicle Dealer Bonds
- Florida New Motor Vehicle Dealer Bonds
- Massachusetts Professional Solicitor or Commercial Co-Venturer Bonds
- Montana Auto Dealer Bonds
- New York Public Adjuster Bonds
- Oklahoma Auto Dealer Bonds
- Mortgage Lender and Mortgage Servicer Bonds in multiple states
Renewal premiums are typically the same as the initial premiums, assuming the bond, term length, and underwriting criteria have not changed. It is critical for your business to renew your bonds before their due dates in order to remain in compliance with statutory rules and regulations. You will also want to allow yourself enough time to get your renewal paperwork together and submitted to the state regulators, and not wait until the last minute. We suggest you pay your bond renewal premium by mid-November to prevent any coverage issues. Allowing coverage to lapse could mean license suspension or revocation if your bond is not reinstated in a timely manner.
Don’t jeopardize your business license by not renewing your bond on time. Call International Sureties at 504-581-6404 or email someone from the license bond department to get your bond renewed today.
Are you looking for a quote on your upcoming bond renewal? Contact us today for a free quote.