Accept Cookies?
Print Page   |   Contact Us   |   Sign In   |   Register
Search
Small & Emerging Contractors

 

What's New: Government Affairs

SFAA Comments on Bond Form for Commercial Driver's License Test Administrators (Illinois)

Friday, June 12, 2015  
SFAA submitted comments to the Illinois Secretary of State (Secretary) on the proposed regulations to require non-governmental entities administering skills tests for a commercial driver’s license (CDL) to post a $10,000 surety bond. The bond would secure the costs of retesting drivers if the entity or its safety officers are involved in fraudulent activities for the skills testing. The bond could be cancelled with 30 days written notice to the Secretary. While the proposed rules include a limitation on the surety’s aggregate liability to the bond amount, the provision is not included in the proposed bond form. SFAA recommended that the provision be added to the bond form so that the surety will have clarity on its maximum financial exposure. Without this provision in the form, the surety may not initially know this when the bond is written. Adding the provision to the bond form would provide clarity to the bond obligation and would provide a larger market for the bond. SFAA recommended language to include in the bond form that would accomplish this.
Members should visit Government Relations / General Info (Members) for more information.

Sign In


Forgot your password?

Haven't registered yet?

What's New
Events

1/18/2017
Surety Claims/Corporate Counsel Advisory Committee Meeting

1/18/2017
Fidelity Claims Advisory Committee Meeting

1/30/2017
Contract Bond Advisory Committee Meeting / AGC Conference on Surety Bonding & Construction Risk Mgmt

1140 19th Street, NW, Suite 500 · Washington, DC 20036-6617
Phone: 202-463-0600 · Fax: 202-463-0606

Contact Us

 

Follow SFAA: TwitterFacebookLinkedInRSS FeedSFAA NewsFlash

- Legal Notices and Disclaimers -

 

Copyright © 2016 The Surety & Fidelity Association of America