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Rhode Island requires new Currency Transmitter Surety Bond

RHODE ISLAND – Businesses engaged in currency transmission will soon be required to submit a new surety bond form. The 2019 General Assembly enacted legislation effectively merges “Sale of Checks” and “Electronic Money Transfers” licenses into one “Currency Transmitter” license. The revisions define currency transmission as engaging in the “sale or issuance of payment instruments

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Alabama to require tax surety bond from new, noncompliant retailers

ALABAMA — Beer, wine or tobacco retailers registering for a new sales tax license will have to acquire a one-time $25,000 surety bond as of January 1, 2020. A retailer will become exempt from the bond requirements after two years as long as it remains in continuous compliance with the state’s sales tax laws, according

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New Mexico expands pharmaceutical licensing requirements

NEW MEXICO — The New Mexico Board of Pharmacy now requires drug manufacturers, outsourcing facilities, repackagers, and third-party logistics providers to be licensed and bonded. While the law previously required only nonresident pharmacies and wholesale drug distributors to be bonded, Senate Bill 271 broadened regulations after passing in June 2019. These surety bonds provide security

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Alabama ups motor vehicle dealer license bond amount

ALABAMA — Lawmakers passed updates to several state motor vehicle dealer licensing regulations, including a surety bond amount increase and violation penalty adjustments. The changes outlined in House Bill 393 will go into effect in October 2020 and will affect new and used motor vehicle dealers, motor vehicle rebuilders and motor vehicle wholesalers or wholesale

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Rhode Island now requires student loan servicers be registered, bonded

RHODE ISLAND — The new “Student Loan Bill of Rights Act” requires student loan servicers to be bonded and registered with the state. The law took effect July 15 and is meant prohibit any misleading, unfair or deceptive behavior and provide best practices for protecting consumers’ rights. In addition to requiring student loan servicer registration, the

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New Jersey passes licensing law for nonbank mortgage servicers

NEW JERSEY — Mortgage servicers must now obtain a $100,000 bond to be able to legally operate in the state, according a new law that went into effect July 28. The recently passed Bill A4997, known as the Mortgage Servicers Licensing Act, lays out the bonding requirement as well at the obligations and responsibilities of

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