Month: June 2019
Why We Need Collection Agency Bonds
A collection agency’s job is to collect debts. As a result, they often deal with sensitive information, such as personal and financial data of the general public. This can open the possibility of serious theft and a misdemeanor if a collection agency uses sensitive information maliciously. Therefore, collection agencies are high-risk companies. Collection agency bonds are an important instrument to protect against any fraudulent behavior done by the agency.
The Bond
Like all surety bonds, th read more
All About Tobacco Tax Bonds
Tobacco Tax Bonds are required from companies dealing with the sale, manufacturing, and warehousing of tobacco products. These are required by local, state, and federal bodies as a requirement of the business license.
Tobacco Tax Bonds are a type of license and permit surety bond.
The purpose of the bond is to ensure that businesses dealing with tobacco products pay all the required taxes and comply with the law. However, do check if your state requires this bond for busin read more
All About Lost Securities Bonds
What do you do if you lose an important financial instrument like a check, bond or stock certificate? These kinds of documents carry significant value, and in some cases, a person’s entire financial security. Should one be penalized for an unintentional error? To protect against this kind of misfortune, lost securities bonds are put in place.
What is a Lost Securities Bond?
When approaching legal institutions for replacement of any of the above-mentioned documents, you will most likely be as read more
Why You Need Collection Agency Bond
Collection agency bonds are required from all collection agencies. An agency must buy the bond as a prerequisite to getting licensed. The bond promises that the agency will follow the rules and regulations of the state. But is a collection agency bond necessary? Yes, and here are the reasons:
Inspiring trust: Collection agencies are often viewed in a negative light. Because their job is basically to coerce debtors to pay, they often end up earning a bad reputation. The collection agency bond is read more
What You Should Know About Fuel Tax Bonds
Fuel tax bond is required of fuel sellers in order to get licensed. It guarantees that the trader will pay the taxes on fuel. It is required of anyone who trades in gasoline, whether it is to import, export, supply or blend.
It is also known as International Fuel Tax Bonds or IFTA.
There are many types of fuel tax bonds and these are usually categorized according to the industry, such as marine, ground transportation operations, and airline.
The fuel tax bond is required of read more
Why You Need Lost Securities Bond
A lost securities bond is required by banks or other financial institutions to protect against a lost instrument. The bond is required when the original document is lost, stolen or destroyed. The bond acts in lieu of the original document. It promises the bond issuing agent that the buyer will reimburse the amount if the original is found and then sold, transferred or traded.
There are several important reasons for getting a lost securities bond:
It can save the investor from disastrous losses read more
Public Official Bonds
A public official is expected to uphold its position ethically. Many public officials deal with money or sensitive information. It is important to make sure that people in positions of power do not abuse their authority or act in a way that can threaten the public.
Public official bonds help to ensure that public officials do not abuse their positions. These bonds guarantee honest conduct and faithful performance by those appointed or elected to a position. This is a type of surety bond meant t read more
License and Permit Bonds and Why they are Needed?
License & Permit Bonds are meant to enforce businesses who require licenses and permits to adhere to specific guidelines set out for their industry. These bonds are typically required for construction businesses, distribution of products, manufacturing of products, and sales & service providers.
In the US, these bonds can consist of road cut bonds, motor vehicle dealer bonds, private investigator bonds, highway transportation bonds, electrical contractor bonds, consumer protection bond read more
Public Official Bonds and Why they are Needed
Public officials are required to have public official bonds as a guarantee that they can be trusted in their position. Public official bonds enforce public officials to act ethically and not use any sensitive information for malicious reasons. If the public official indulges in fraudulent activities, then a claim can be made against their bond. The type of public official and their position will determine what type of public official bonds they are required to get. The common types of public of read more
How to Apply for a License & Permit Bond
License and permit bonds are types of surety bonds. These bonds are required by State or Federal government agencies as a condition before they can be issued a license. These bonds are also known as commercial bonds.
A license and permit bond are usually limited to one industry, meaning that the business with the bond will adhere to the government rules and regulations. A business that operates across several industries must obtain separate bonds for each industry. If you are starting a new bus read more