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Illinois Bonded Title Process

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Illinois title bond needs. Learn more about the Illinois bonded title process, below. What Is a Bonded Title? A bonded title will allow you to do the same things you can do with a standard title: insure, register, or transfer ownership of a vehicle. You’ll need to obtain one if you did not receive a valid certificate of title from the party who sold you the vehicle, or if the title you received was lost or stolen before you were able to register the vehicle in your name. An Illinois bonded title is secured by a surety bond, an Illinois title bond, which is your guarantee that you are the vehicle’s rightful owner. If it turns out that you are not, the bond ensures compensation for the true owner or lienholder who files a claim during the three years that it’s in force. It also provides a way to pay damages to anyone you may have sold the vehicle to during that time....

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Colorado Bonded Title Process

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Colorado title bond needs. Learn more about the Colorado bonded title process, below. What Is a Bonded Title? A Colorado bonded title is the solution for someone who purchased a vehicle through a private sale and either did not receive a title, received one that was improperly assigned or otherwise defective, or that was lost or stolen before the vehicle could be registered in the new owner’s name. Without a valid certificate of title, there is no way to insure, register, or transfer ownership of a vehicle to someone else. All of those things can be done with a Colorado bonded title—a title that is backed by a surety bond that indemnifies the state if it later turns out that a bonded title should not have been issued. The bond also guarantees payment of damages to a lienholder or other individual who comes forward with proof of ownership while the Colorado title bond is in force or to a subsequent purchaser who incurs...

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Arizona Bonded Title Process

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Arizona title bond needs. Learn more about the Arizona bonded title process, below. What Is a Bonded Title? If you want to register a vehicle you have purchased or been given but do not have a title for it, there is a process that will enable you to obtain a bonded title. A title with a surety bond attached is required to protect the MVD and the rightful owner if it turns out that someone else has a legitimate ownership interest in the vehicle.  Follow the steps in this article to obtain a bonded title that will enable you to register your vehicle. Who Is Eligible for a Bonded Title? People generally seek a bonded title because they bought a vehicle from a private seller and did not receive a valid title or received one that was lost or stolen before they were able to register the vehicle in their own name. Your local MVD office can tell you if the vehicle in...

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Texas Bonded Title Process

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Texas title bond needs. Learn more about the Texas bonded title process, below. What Is a Texas Bonded Title? Have you recently purchased a vehicle in a private sale but are unable to insure, register, or re-sell it due to a lack of a valid certificate of title? Perhaps you never received a title from the seller, received an improperly assigned or damaged title, or the title was lost or stolen before you could register the vehicle. If you qualify, you can get a Texas bonded title that will allow you to do the same things as a standard title. The surety bond securing the bonded title relieves the Texas Department of Motor Vehicles (DMV) of any legal responsibility if it turns out, during the bond’s three-year term, that you should not have been issued a bonded title. Who is Eligible for a Texas Bonded Title? If you want to register a vehicle for which you don’t have a title or transfer ownership...

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Florida Bonded Title Process

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Florida title bond needs. Learn more about the Florida bonded title process, below. What Is a Bonded Title? Under certain circumstances, the Florida Department of Highway Safety and Motor Vehicles (DHSMV) will issue a bonded title to a person who has purchased a vehicle but lacks a valid certificate of title. For example, the vehicle’s seller may have not provided a title, gave the buyer a title that was improperly assigned or otherwise defective, or the title was lost or stolen before the buyer could get the vehicle registered. Without a valid title, a vehicle cannot be registered, insured, or sold. A bonded title allows a vehicle owner to do all of those things. The bond securing a bonded title indemnifies DHSMV if it turns out that no bonded title should have been issued and provides a way to compensate the rightful owner or a lienholder. Who Is Eligible for a Bonded Title? Florida allows bonded titles to be issued for automobiles, trucks...

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Surety Bond Professionals Celebrates 5th Year Anniversary

Surety Bond Professionals (SBP) has reached an exciting milestone as the company celebrates 5 years of providing surety bonds to the construction and commercial industries. Our Origins Mark Leskanic, President, founded the agency in 2015 after years of working for large bonding companies and insurance agencies. Mark recognized the need for a bond-only agency that treats clients, employees, and underwriters as a “business family.” This approach has allowed the company to meet the needs of contractors, clients, and insurance agencies by streamlining the bonding process, offering the most competitive bonding limits, rates, and the best hands-on service. Serving All 50 States The company is headquartered in Massachusetts with a regional office in Mississippi and now employs 8 people. SBP began writing bonds primarily in the New England area, but in the last couple of years their efforts have expanded to routinely write surety bonds in all 50 states. A Note From Mark Leskanic, President Mark reflected on the company’s 5th anniversary by saying, “These have been an amazing 5 years. We started out with a philosophy of keenly listening to the marketplace, delivering a high-quality products, and providing the most attentive customer service. Our founding beliefs remain our top...

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What Contractors Can Do During the Coronavirus Pandemic – A Bonding Agent’s Recommendations

In a world turned upside-down by a global pandemic, contractors are likely working extra hard to make sure their business is braving the storm. They may be experiencing a variety of struggles, including a shortage of labor & supplies, cash flowing payroll and liabilities, and completing contracts on schedule. During a time like this, it’s important for contractors to turn to their trusted advisors who can provide reliable information and guidance. Here are five measures from a bonding perspective to ensure your business can continue to run smoothly, while staying out of trouble with the surety company: 1. Have a construction attorney review your current contract(s) to avoid performance bond issues. Understand what rights you may have in this situation, especially related to force majeure. Force majeure is a contract provision that allows you to call a stoppage on work during a crisis like the Coronavirus pandemic, without incurring performance bond claims. If your contract was signed after the President declared a State of Emergency on March 13, however, the owner/GC could state that COVID-19 was a known risk, and any delays could be the responsibility of your company and result in liquidated damages. This is not legal advice...

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Mortgage Broker Bonds

The mortgage industry is highly regulated, and the people who work in it are held to high standards. Mortgage brokers must be licensed by the states they work in, and most states require the purchase of a mortgage broker surety bond as part of the licensing process. Learn more about these bonds below, and request a quote from Surety Bond Professionals today. What Are They? As the “middlemen” linking borrowers and potential lenders, mortgage brokers handle a lot of sensitive personal information. A mortgage broker bond serves as a broker’s guarantee to operate entirely within the law in obtaining and handling that information and carrying out all duties of the position. The bond is intended to ensure the availability of funds to compensate any party who suffers a financial loss due to the broker’s unlawful or unethical actions. Who Needs Them? In all but a few states, anyone seeking to obtain or renew a license as a mortgage broker is required to purchase this type of bond. It a type of license and permit surety bond. How Do They Work? The agency that licenses mortgage brokers in each state is known as the bond’s obligee. The obligee determines the...

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Freight Broker Bonds (BMC-84 Bonds)

Freight Broker Bonds (BMC-84 Bonds) Learn more about BMC-84 bonds below, and contact Surety Bond Professionals today to request a quote. Our experienced surety agents are ready to help you get the bonds you need. What Are They? The Federal Motor Carrier Safety Administration (FMCSA), which is an agency of the U.S. Department of Transportation, requires freight brokers and forwarders to put up $75,000 in funds to provide financial protection for shippers and carriers. This provides funds to pay shippers’ or carriers’ claims who are owed money from a freight broker or freight forwarder. This requirement can be met by either: Purchasing a $75,000 surety bond, known as a BMC-84 bond Putting up cash or line of credit (LOC)—or some combination of cash and LOC Because purchasing a BMC-84 bond is part of the process of obtaining an operating license, it’s categorized as a license and permit bond. Who Needs Them? Any freight broker or forwarder seeking a license to operate within the United States must purchase a BMC-84 bond or put up $75,000 in cash and/or an LOC. Many brokers and forwarders choose to purchase a bond rather than tie up their cash or credit and pay a...

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