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Forty-nine US states (sans Montana [4] [5]) regulate (i.e., require licensure for) money transmitters, although the laws vary from one state to the other. [6] Most of the states require a money transmitter surety bond with widely ranging amounts from as little as $25,000 to over $1 million and maintain a minimum capital requirement.
In total, Thompson made over 50 changes to the bill, around half of which were substantive. The changes were influenced by the Illinois Municipal League, along with a state judge. James Zagel, director of the Illinois State Police, proposed changes that expanded the types of records excluded from FOIA, mainly involving police. Internal audits ...
A surety bond is defined as a contract among at least three parties: [1] the obligee: the party who is the recipient of an obligation; the principal: the primary party who will perform the contractual obligation; the surety: who assures the obligee that the principal can perform the task; European surety bonds can be issued by banks and surety ...
A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money , intended to secure a futures contract , commonly known as margin .
The first modern bail bonds business in the United States was established by Peter P. McDonough in San Francisco in 1898. [4] However, clay tablets from ca. 2750 BC describe surety bail bond agreements made in the Akkadian city of Eshnunna, located in modern-day Iraq.
The court in many jurisdictions, especially states that as of 2012 prohibited surety bail bondsmen – Oregon, Nebraska, Wisconsin, Illinois, Kentucky and Maine [29] – may demand a certain amount of the total bail (typically 10%) be given to the court, which is known as surety on the bond and unlike with bail bondsmen, is returned if the ...
Bail laws in Australia are similar to the laws of New Zealand and Canada, but are different in each state. Each state holds that there is a prima facie entitlement to bail for most charges upon application by a defendant. However, there is an exception when the charges are especially serious, such as drug trafficking, family violence or murder.
Florida state law also requires that a notary public post bond in the amount of $7,500.00. A bond is required in order to compensate an individual harmed as a result of a breach of duty by the notary. Applications are submitted and processed through an authorized bonding agency.
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