Iowa Attorney General Tom Miller has proposed a new law requiring contractors to file a $75,000 surety bond with the state after contractor complaints rise 28% in the last year. This new law could be a big win for consumers in Iowa because surety bonds provide a valuable service in the economy by:
• screening out bad actors,
• providing a risk transfer mechanism, and
• through subrogation, incent licensed individuals to act lawfully.
For more information visit the Iowa Attorney General’s website.