License & Permit Bonds

are required by the United States Bankruptcy Court to ensure the auctioneer faithfully performs their duties and provides accurate accounts to the court in a timely manner. Single case bonds or annual bonds can be issued.

are required by the State of Louisiana, Office of Motor Vehicles of a condition of licensure to guarantee payment of all loss, damages and expenses due if the principal failsto obey the law. The reporting of sales taxes is included as a guarantee of the bond.

in the amount of $150,000 are required in New York City and the State of California to guarantee employees are paid fair wages and ensure they are provided ample break times, bathrooms, and other workplace basics. In California, the bond guarantees compliance with Section 2055(b)(1) of the California Labor Code, and in New York City the bond ensures performance with NYC Administrative Code Section 20–542.

are bonds required by most states to ensure the collection agency will follow the industry rules and regulations before receiving their license.

are required by some states in order to obtain their license. The bond is to ensure the payments made by the debtors are appropriately handles by the provider to the creditor.

protect a government/state against loss due to a franchise holder’s failure to complete work specified in the franchise grant. It is a consumer protection device for the benefit of the State and anyone purchasing franchise opportunities from a franchisor. The bond guarantees that franchisors will operate faithfully under any franchise disclosure acts, franchise agreements, and to offer franchises in that state within one year of registration.

guarantee compliance with state regulations by health clubs and also that pre–paid membership fees will be returned to members in the event the business closes. Bonds are not required in all states, and businesses that might be required to post these bonds include fitness centers/gyms, recreational centers, martial arts studios/academies, swim and tennis clubs, etc.

are required from Money Service Businesses (MSB) as a condition ofobtaining and maintaining state Money Transmitter licenses. The Money Transmitter bond protects the general public and government against bad actors that knowingly ignore regulations and skirt the laws, as well as companies that inadvertently break a law, statute, or rule. MSB bond requirements vary widely by state, often depend on volume, and can range from $10,000 to $10,000,000.

are required in most states as a licensing requirement to guarantee the principal dutifully performs mortgage commitments, satisfies obligations, and accounts for any funds received in its capacity as a mortgage broker. The bonds run in favor of the state for the benefit of any person injured by wrongful acts, default, fraud, or misrepresentation of the Principal. The required amounts vary by state and range from $10,000 to $500,000.

are required as a condition of obtaining and maintaining state licenses. Private Investigator bonds guarantee compliance with applicable statutes, laws and regulations.

are required as a condition of becoming an IRS Certified Professional Employer Organization, and bond amounts range from $50,000.00 to $1,000,000.00. CPEO bonds guarantee payment of FUTA/SUTA, and other co–employment related tax obligations.

are required by the State of Louisiana, Office of Motor Vehicles as a condition of licensure. Public Tag Agents act as a privatized arm of the DMV.

ensure that franchised talent agencies associated with the Screen Actors Guild (SAG) and the American Federation of Television and Radio Artists (AFTRA) adhere to rules and regulations set forth by the organization. The bond amount is $20,000, but is less if your state already has statutory Talent Agency bond requirement.

are required from retails applying for sales tax licenses and guarantee to the state the collection and remittance of sales taxes, along with ensuring compliance with applicable statutes, laws, and regulations.

are state requirements for obtaining and maintaining TPA licenses. These bonds guarantee faithful compliance with state licensing laws and statutes.

guarantee the payment of utilities by a Principal, and are typically used in lieu of a deposit to secure electrical or water service, some companies will accept a Utility Bond.