The Importance of Ohio Marijuana Surety Bonds

For those looking to get into the cannabis industry in Ohio with a business of their own, you’ll have to acquire an Ohio marijuana surety bond. The selling, growing, and processing of marijuana in Ohio is strictly regulated, and surety bonds are used as a way to ensure that businesses operate in adherence to local rules and regulations. This post will explore some of the basics of these surety bonds so that you can make sure your business is operating legally.

What is an Ohio Marijuana Surety Bond?

Marijuana surety bonds are used by the state of Ohio to make sure that businesses requiring marijuana licenses have the financial means to adhere to all state and local laws. The surety bonds provide a path for the state to recoup any financial losses incurred by the marijuana-related business.

 

To understand how a marijuana surety bond functions, it’s helpful to take note of the three parties involved.

 

  • First, the obligee is the entity that requires the bond. In this case, it’s the state of Ohio.
  • Next, the principal is the party that needs to be bonded. This is the marijuana business looking to set up shop in Ohio, in this scenario.
  • Last, the surety is the business that serves as the underwriter of the bond and steps in to resolve valid disputes. Viking Bond Service, Inc., has decades of experience providing surety bond solutions to business of all types.

Do I Need an Ohio Marijuana Surety Bond?

If you’re looking to open a cannabis-related business in Ohio, chances are you’ll have to be bonded. Those looking to dispense, cultivate, process, or test marijuana products will each have their own surety bond requirements that will need to be met. These surety bonds are an important part of the business licensing process.

Who Oversees Ohio Marijuana Surety Bonds?

In Ohio, every medical marijuana product has to be registered with the state Department of Commerce as well as the Board of Pharmacy. These government agencies also oversee that businesses in the marijuana industry are properly bonded.

 

As of this writing, Ohio is planning to license 24 cultivators, 60 dispensaries, and 40 marijuana processors statewide. Each of these business types has its own bond requirements and regulations to follow.

How Big of a Bond Do I Need?

Bond requirements may change as the legislature adjusts regulations. Currently, there are five levels of marijuana surety bond requirements:

 

  • Dispensary bond requirement: $50,000
  • Testing Laboratory bond requirement: $75,000
  • Level II Cultivator bond requirement: $75,000
  • Processor bond requirement: $250,000
  • Level I Cultivator requirement: $750,000

 

Be sure to check with your local governing body to determine what the current bond requirements are for your locality.

How Much Does an Ohio Marijuana Surety Bond Cost?

Bond premiums are calculated as a percentage of the bond amount. That means you don’t have to put up the entire amount of the bond to secure one. Your premium is determined by factors such as credit standing and bonding history. Viking Bond Service, Inc. also offers options for those with less-than-perfect credit through our bad credit surety bond program.

 

Viking Bond Service, Inc. is committed to providing businesses with the surety bond coverage they need at the lowest prices, so you can have the confidence to set up a marijuana business in Ohio.

What’s the Bonding Process Like?

Though operating legally within this flowering industry can be complicated and involve ample red tape, Viking Bond Service, Inc. aims to make the bond process simple for you. Our Surety Bond Experts are happy to walk you through the process, from initial application to issuance. Getting started is as easy as filling out an online application or giving us a call.

Why Should I Work with Viking Bond Service, Inc.?

Viking Bond Service, Inc. has over thirty years of experience providing superior surety bond solutions for businesses across the country. Not all surety bonds are created equal, which is why working with us is in the best interest for aspiring marijuana businesses in Ohio. Whether you’re looking to cultivate, dispense, process, or test marijuana products, Viking Bond Service, Inc. can provide you with the surety bonds you need.

 

To get started, simply fill out an online application or give us a call at (888) 278-7389. We look forward to hearing from you!

Why Would You Need a Lost Title Bond?

What are Lost Title Bonds?

Lost title bonds play an important role when it comes to transferring ownership of a vehicle which has a missing or defective title. DMV offices use lost title bonds to ensure that ownership of a vehicle can be properly registered. In this post, we’ll take a look at some of the basics surrounding lost title bonds, so you can be prepared in the event that you need one.

Why Would I Need a Lost Title Bond?

To register a vehicle with a state DMV, a title is required to establish or transfer ownership. There are some situations where verifying ownership with the presentation of a vehicle title is not possible. They include:

 

  • When a title is defective, lost, or stolen.
  • When a car is bought, but a title is not offered at the time of purchase.
  • When a title is assigned to the wrong person.

 

In all of these situations, the current vehicle owner would be required by the DMV to obtain a lost title bond before a new title with the correct information can be created.

 

If you find yourself in one of the above situations, your local DMV office can determine your eligibility for a lost title surety bond.

Who is Involved in a Lost Title Bond?

Just with any other type of surety bond, there are three parties involved in lost title motor vehicle bond. They are:

 

  • The obligee, which is the entity that requires the bond. In this case, it’s your state government, acting through the DMV.
  • The principal, which is the party that is required to be bonded. This is you if you’re looking for a lost title bond.
  • The surety, who serves as the underwriter of the bond and steps in when there’s a valid dispute against the bond. Viking Bond Service, Inc. is your go-to surety bond provider in this case.

 

With the title bond in place, the vehicle can be registered to the principal while allowing for a claim to be made on the bond in instances where the vehicle is truly owned by another party.

How Does a Lost Title Bond Work?

The bond provides protections for those that can verify true ownership of the vehicle. If a lost title bond is procured for a vehicle without a title and then another party comes in and can prove that they are the rightful owners of the vehicle, the true owners can make a claim on the bond, up to the bond amount.

 

The surety is the party that determines whether or not the claim is valid. If it is, then the surety will pay off the claim. Then, the surety will recover these funds from the principal. Ultimately, the principal is required to pay for valid claims made against the bond.

Can I Sell a Car with a Lost Title Bond?

Yes. A bonded title functions just as a normal title would. The difference is that your name may still be on the bond for the duration of the lost title bond, which is usually three to five years, even if you sell the car. You can still be liable for claims made against the bond while the bond is in place.

How Much do Lost Title Bonds Cost?

There are several factors that go into determining the price of a lost title bond. Your local DMV will provide you with the bond requirements, which relate to the established fair market value of the vehicle. Then, your bond premium is calculated as a percentage of the bond amount. This means that you do not need to put up the entire bond amount as payment.

 

Premium percentages are determined primarily by the credit standing of the person applying for the bond. Typically, lost title bond premiums range from 1% to 3% of the total bond amount. This means that for a bond requirement of $30,000, premiums prices would typically range from $300 to $900.

How Do I Get a Lost Title Bond?

Obtaining a lost title bond is a simple process with a relatively quick turnaround time — with Viking Bond Service Inc., you can get your bond within 24 hours of approval. Usually, all that’s needed to apply for this bond is a lost title bond and a credit check. The entire bonding process, from start to finish, can happen in one or two business days.

 

Viking Bond Service, Inc. has years of experience with providing lost title bonds all over the country. We realize that dealing with a lost title can be a difficult process, so we do our best to make the process as fast and easy as possible. Our Surety Bond Experts are happy to provide you with assistance every step of the way, from helping to determine your requirements to ensure that your bond holds up for the length of the requirement.

 

When you’re ready to get your surety bond needs taken care of, give us a call at 1-888-278-7389 or fill out an online application

Who Needs a Sales Tax Bond?

If you’ve been interested in opening up your own business, you may have heard of a sales tax bond. Sales tax bonds play an important role in making sure sales taxes are properly handled. Let’s take a look at some of the basics of sales tax bonds, then dive into who may be required to post such a surety bond. Continue reading “Who Needs a Sales Tax Bond?”

6 Facts to Know About Patient Trust Bonds

Relocating a loved one into a nursing home can be a challenging decision that needs to be handled with care. Patient trust bonds, also known as nursing home bonds, play an important role in the peace-of-mind that nursing home residents and family members have in the care facility that they decide to use. In this post, we’ll explore some of the important factors relating to patient trust bonds, so that your care facility can be properly equipped to support those in need. Continue reading “6 Facts to Know About Patient Trust Bonds”

What is an SDDC Bond?

If you’re a Transportation Service Provider (TSP) who is looking to transport Department of Defence (DoD) freight, you’ll want to familiarize yourself with SDDC bonds. Military Surface Deployment and Distribution Command performance bonds give financial assurance to those looking to hire TSPs for military freight distribution. In this post, we’ll explore some of the basics of this bond so you can gain a general understanding of its purpose. Continue reading “What is an SDDC Bond?”

What’s Brewing in Iowa? New Brewer’s Bond Requirements

In September of 2018, the state of Iowa enacted new surety bond requirements for those looking to craft and sell alcohol in the state. This change primarily affects “Class A” and “Special Class A” beer and wine permit holders in the state. If you’re in the craft beer, wine, or liquor business, you may want to familiarize yourself with these new rules. In this post, we’ll take a general look at these changes, so that you can make sure you’re well equipped to follow the alcohol regulations of the state. Continue reading “What’s Brewing in Iowa? New Brewer’s Bond Requirements”

3 Big Upcoming US Construction Projects in 2019

From high-speed rail lines to towering skyscrapers, 2019 is looking to be a big year for major construction projects around the country. Big-name projects like these involve massive amounts of logistics, funding and brainpower, and can have serious economic and cultural effects. In this post, we’ll take a peek at some of the most impressive jobs that are happening in 2019, so we can see what the future may hold. Continue reading “3 Big Upcoming US Construction Projects in 2019”

Cannabis Industry Insights and Predictions for 2019

The cannabis industry in California is still fledgling, yet many are looking to get a piece of the booming legal marijuana market. From Humboldt County to San Diego, entrepreneurs and big businesses are facing off to claim their stake in the face of many regulatory and economic unknowns. In order to shine some light on what cannabis dispensary trends are taking flight, we reached out to several industry leaders and got their feedback on a range of dispensary-related issues. Continue reading “Cannabis Industry Insights and Predictions for 2019”

Phony Surety Bonds: Horror Stories and How to Spot Them

Faking surety bonds has been a favorite ploy by fraudsters all over the country. Whether they’re used to sell cars without a motor vehicle dealer bond or bid for contractor work with a phony performance bond, these tricks can spell disaster for unsuspecting project owners and customers alike. Let’s take a look at some examples from recent years of phony surety bond scams, and some tips on how to avoid falling for them. Continue reading “Phony Surety Bonds: Horror Stories and How to Spot Them”

Work in Construction? Here’s What You Need to Know About the Miller Act

If you are in the construction industry, it’s important to familiarize yourself with the Miller Act. Chances are, you’ve already dealt with the Miller Act if you’re a contractor, subcontractor, or supplier who has worked on federal projects. Miller Act bonds, as they’re typically referred to, are one of the most commonly used surety bonds out there. In this post, we’ll take a look at some of the key features of the Miller Act, so you can be comfortable taking on federal construction improvement projects. Continue reading “Work in Construction? Here’s What You Need to Know About the Miller Act”