Georgia Insurance Commissioner John Oxendine has ordered Global Bonding, Millennium Bonding Enterprises, Robert Joe Hanson and Reve’ M. Pete to stop transacting surety insurance business in Georgia. Oxendine said his office has no record of these companies or individuals being licensed in Georgia.
The Nevada-based companies have reportedly sold, and have been advertising for sale, surety bonds to the construction industry in Georgia and other states. It is believed that these companies target low-income, minority and women-owned businesses when selling unlicensed surety bonds.
The order also calls for the immediate removal of any reference to Global Bonding or Millennium Bonding Enterprises from the contents of any Web site over which Hanson or Pete are the named registrants or over which they have control or influence.
“These unauthorized companies are preying on businesses and consumers,” Oxendine said. “They’ve been offering a product at an attractively low price, but the unlicensed status of these entities makes any product they offer illegal in the state of Georgia.”
Hanson is located in Las Vegas and Ms. Pete is in Albany, Ga.
Global Bonding, Millennium Bonding Enterprises and Robert Joe Hanson have reportedly been operating over the Internet and marketing themselves as a “federally approved alternative.” The companies also claim to be a “treasury approved provider” and state that the bonds are written according to federal guidelines.
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