South Carolina HB 3790 requires mortgage loan originators to comply with the new bonding requirements enacted in 2009, which means that originators must be covered by a bond in an amount based on the loan origination volume. A bond in an amount ranging from $50,000 to $150,000 currently is required for lenders and $25,000 to $55,000 for brokers. The new law became effective upon enactment. ENACTED: 06/29/2010

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Rhode Island HB 7606/SB 2632 requires discount medical plan organizations to register and obtain a minimum $50,000 surety bond. The new law authorizes the Health Insurance Commissioner to use the bond at his or her discretion to protect the financial interest of the organization’s members, including refunds to consumers if the organization’s registration was revoked. An insurance company licensed to do business in the State must issue the bond. Cash or securities also are accepted in lieu of the bond. As introduced, the bill would have required a $100,000 bond, but it was reduced when the bill was revised in a substitution. The new law became effective upon enactment. ENACTED: 06/25/2010

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Ohio SB 165 provides procedures for obtaining a temporary inactive status for an oil or gas well. Upon the third renewal of this status, a surety bond of not more than $10,000 per inactive well is required. Further, the law provides for an additional bond to be required in connection with the forfeiture of bond required under existing law for oil and gas wells. Bonds are subject to forfeiture under current law for failures to properly restore or plug well according to the law’s requirements, or for failure to meet the conditions of the permit. If the bond is forfeited, the new law provides that the person forfeiting the bond may be required to post a new surety bond in the amount of $15,000 for a single well, $30,000 for two wells and for $50,000 for three or more wells. ENACTED: 03/31/2010

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HB 519 creates the Ohio Casino Control Commission (Commission) and authorizes casino gaming in the State. The new law requires casino operators to post a $1 million surety bond conditioned on compliance with the applicable laws and regulations. The bond must be from a surety licensed to do business in the State. The surety’s total aggregate liability is limited to the amount specified in the bond. The surety must give ten days notice to cancel the bond for nonpayment of premium and must give 30-days notice to cancel for any other reason. Further, the Executive Director of the Commission must post a $25,000 surety bond conditioned on the faithful performance of the duties of his or her office. The bond must be issued by a surety authorized to do business in the State; and it may be an individual, schedule or a blanket bond. Each member of the Commission must post a $10,000 bond as well. Finally, the new law provides procedures for placing a casino into a conservatorship under certain conditions. The conservator must post a surety bond to secure the faithful performance of his or her duties. The Commission will determine the amount required. ENACTED: 06/10/2010

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