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Learn more about Georgia hemp processor and grower license bonds, and apply today. Single Source Insurance offers surety bonds nationwide through a convenient online application system.
Georgia�s legislature recently passed the Georgia Hemp Farming Act, which permits the cultivation and processing of hemp, as well as the production and dispensing of hemp oil. Georgia�s Department of Agriculture has established a surety bond requirement as part of the licensing of hemp processors and growers. Georgia hemp processor and grower license bonds protect the state against liability in the event of a financial loss resulting from the unlawful or unethical practices of licensees.
Applicants for a hemp processing license are legally required to post a surety bond in the amount of $100,000. In Georgia, hemp growing is officially referred to as �hemp production,� and rules are being established to regulate their licensing and operation. It is likely that in the near future, there will be licensing and bonding requirements for hemp production facilities similar to those already on the books for hemp processing operations.
A Georgia Hemp Processor surety bond is a legally binding contract among three parties:
A claim can be filed against a Hemp Processor Bond by the state if any party is �aggrieved or adversely affected� by the principal�s failure to abide by the law and comply with all of the terms and conditions of the bond contract. The surety will verify the validity of the claim before paying it�but that payment is made on behalf of the principal, who is then legally obligated to reimburse the surety.
By paying a claim, the surety is in essence advancing money to the principal, giving the principal some breathing room to liquidate assets and pull together the needed funds.
The premium a given applicant will pay for a Georgia Hemp Processor bond is a small percentage of the $100,000 required bond amount. That percentage is determined by the surety on a case-by-case basis. Given the large amount of the required hemp processor bond, the surety may consider factors such as financial statements and the principal�s personal credit score when determining the premium cost.
Those with good credit can expect to pay and annual premium of between 1% and 5% of the $100,000 bond amount.
Our bonding professionals are staying on top of all licensing and bonding requirements as they are established for this rapidly developing industry. We�ll gladly help answer your questions and get you the bonds you need at competitive rates.
