South Carolina Reclamation Bond South Carolina has about 500 active mine operating permits. In 1974, the S.C. Mining Act was passed to ensure all mined lands would be returned to some useful purpose and for the protection of people and the environment. The Act and regulations outline the application process, how to conduct mine operations, and minimum reclamation standards. The Act defines mining as the removal of ores from the ground for sale (i.e., granite quarries) or for use in a business (i.e., brick manufacturing). There are several types of surface mining done in South Carolina: open pit (i.e., granite, vermiculite), strip mines (i.e., sand, clay, gravel) and sand dredging from river bottoms.
An ERISA fidelity bond is a type of insurance that protects the plan against losses caused by acts of fraud or dishonesty. Fraud or dishonesty includes, but is not limited to, larceny, theft, embezzlement, forgery, misappropriation, wrongful abstraction, wrongful conversion, willful misapplication, and other acts. Deductibles or other similar features are prohibited for coverage of losses within the maximum amount for which the person causing the loss is required to be bonded. In addition, it is important to make sure that the plan is named (or otherwise specifically identified) as an insured party on the bond so that the plan can recover losses covered by the bond. The surety bond must be 10% of the current investment amount.
Tennessee Public Automobile Auction Bond ($50,000) In the State of Tennessee a Surety Bond is required, by the Tennessee Motor Vehicle Commission for any person(s) engaging in the business of buying, auctioning, selling, offering, or displaying motor vehicles for sale. This Bond guarantees that the applicant (Principal) will faithfully perform their duties in accordance with the law and will save harmless the State of Tennessee for any losses incurred.
Tennessee Motor Vehicle Dealer Bond ($50,000) The Tennessee Motor Vehicle Commission requires motor vehicle dealers obtain this $50,000 Surety Bond for the license period for protection of any person who suffers loss because of either: A) Nonpayment by the dealer of a retail customer’s prepaid title, registration other related fees or taxes. B) The dealer’s failure to deliver in conjunction with the sale of a vehicle a valid vehicle title certificate free and clear of any prior owner’s interests and all liens except a lien created by or expressly assumed in writing by the buyer of the vehicle.
Louisiana Specialty Motor Vehicle Dealer bond ($20,000) This bond is required by the Louisiana used Motor Vehicle commission.
Louisiana Recreational Products Dealer Bond ($20,000) This bond is required by the Louisiana Motor Vehicle Commission. For a definition of what classifies as a “Recreational Product” please visit the LMVC website and click “Laws and Rules” and scroll to law 1252.
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