Surety Bond Requirements by State
Surety bonds are required by all states along with many of the municipalities located within each state. However, each state and municipality have different requirements depending on your chosen license type or project. For example, California requires a different surety bond amount than Florida does to obtain a Seller of Travel Surety Bond. Please click on a state below to determine the requirements for your surety bond by state.
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LICENSE SURETY BONDS BY STATE
Every state requires some form of surety bond for certain license types. In many cases, states will require surety bonds to obtain a professional license because it’s governed by the state itself (not county, city, etc.) and the industry is riskier than others. For example: Many states experienced issues with car dealerships who would sell cars without titles, rolled back odometers, and other infractions which violated the state rules which apply to the motor vehicle dealer industry. These infractions ultimately caused financial harm to the customer who bought the vehicle but the state had no recourse other than to revoke their license. Now many states require Car Dealer Surety Bonds which offer some level of reimbursement for those losses caused by unscrupulous dealerships.
PERFORMANCE BONDS BY STATE
Performance surety bonds are required of contractors performing large construction projects which are funded by tax payer dollars. These bonds offer reimbursement for the state and its local municipalities should the selected contractor be unable to complete the project or fail to pay its subcontractors and suppliers. While they are most commonly required for public works projects such as street and road paving, they are now commonly required by banks who are financing large private projects.
COURT SURETY BONDS BY STATE
Court surety bonds are required by local and county court systems for a variety of reasons. In some cases, these bonds are require prior to issuance of an injunction against another party and, in others, they’re required to ensure proper handling of assets held in an estate. Regardless, they are commonly used to provide funds to parties who have been harmed financially for one reason or another.