License and permit bonds in Texas cover a range of activity including selling airline tickets, facilitating the purchase of a yacht and handling the mortgage of a home. Today, Jurisco’s surety bond blog reviews three common types of license and permit bonds in Texas: mobile home installer/dealer bond, title agency surety and fidelity bond, and the airline reporting commission/seller of travel bond.
Mobile Home Installer/Dealer Bond
Texas requires mobile home installers and dealers to guarantee the installation of mobile home with a surety bond. A mobile home installer/dealer bond protects the buyer from being misled or having their funds misused. This surety bond is also an assurance that the work is completed and done correctly and that the buyer is protected in the event it is not.
Title Agency Surety and Fidelity Bond
A couple closing on a house is excited about owning their first home. They have the monthly payments all planned out and even found the right homeowners insurance policy. All that’s left is to pay the closing cost and transfer the title. They don’t expect the title company to misuse or steal the funds and without a surety bond protecting them they face a financial risk. Texas courts require a title agency surety and fidelity bond guaranteeing the title company will not mishandle funds associated with the closing of real estate.
Depending on the situation, Texas may require a title agency surety and a fidelity bond, or one or the other. If you are unsure of your requirements, contact Jurisco to speak to a surety bond expert directly. The cost of a title agency surety and fidelity bond depends on the amount of closing costs.
Airline Reporting Commission/Seller of Travel
Travel agents in Houston, Dallas and Fort Worth are required to have an airline reporting commission bond (also known as a seller of travel bond) to show compliance with their licensing statue. Texas requires the travel agent to comply with all licensing statutes and the Federal Aviation Administration. Without this bond, the agency is in violation of licensing statute, which could lead to fines, or loss of licenses.
As always, if you have a question about any of these licenses and permit bonds, or any other type of surety bond, Jurisco is here to answer your questions. Complying with license and permit requirements is imperative for every Texas business. To avoid hassles over compliance, let Jurisco assist you with all your surety bonding needs.