The Montana Commissioner of Securities and Insurance has added $155,000 to the tally of fines racked up by an individual surety provider accused of violating insurance statutes in eight states.
Montana had previously fined Dennis Lyon $645,561 for supplying bid bonds and a performance bond without a license and with unverifiable backing assets, in 2004 and 2010. The state issued a permanent cease-and-desist order against Lyon in 2007. Similar orders prohibiting Lyon from selling bonds also exist in Texas, Oklahoma, Florida, Nevada, Washington, Maryland, and Georgia.