If instated, Indiana Senate Bill 108 would establish a voluntary home improvement supplier registry through the Consumer Protection Division of the Attorney General.
By creating this registry, individuals that satisfy the State’s requirements would be allowed to register with the division and would then also appear on a listing of home improvement suppliers made available to the general public. One of the registration requirements is that suppliers must post a surety bond.
If this bill becomes a law, the Consumer Protection Division will determine the minimum bond amount that needs to be posted, but the bond may not exceed the penal sum of $25,000.
The purpose of proposing this surety bond requirement is to guarantee a sense of financial safety for consumers. If the principal (supplier) conducts work in an unethical or unprofessional manner, consumers will not suffer any financial damages or unfortunate circumstances as a result of poor workmanship.
In addition to posting a surety bond, the enactment of SB 108 would require individuals who wish to register as a home improvement supplier in Indiana to also fulfill the following requirements:
- Submit an application allotted by the Division
- Obtain the proper licenses required by the applicant’s employer
- Pay all mandatory application and registration fees
- Handle at least 5 home improvement supplier contracts in a given calendar year
This bill is currently being reviewed by the committee. In the condition that this bill passes and becomes a law, the effective date of new legislation begins July 1, 2015.
If you are considering applying for a home improvement supplier bond in Indiana, Suretybonds.com is here to help. As a team of dedicated and professional surety specialists, we make your bonding needs our number one priority. Call us today at 1 (800) 308-4358 to speak to a surety expert or submit an online bond request form now. We can get you bonded quickly, easily, and accurately!
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