H.R.776 - Security in Bonding Act of 2014

To amend title 31, United States Code, to revise requirements related to assets pledged by a surety, and for other purposes. view all titles (3)

All Bill Titles

  • Short: Security in Bonding Act of 2014 as reported to house.
  • Official: To amend title 31, United States Code, to revise requirements related to assets pledged by a surety, and for other purposes. as introduced.
  • Short: Security in Bonding Act of 2013 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
02/15/13
 
 
 
 
 
 
 

Official Summary

Security in Bonding Act of 2014 - Amends the Small Business Investment Act of 1958 with respect to any Small Business Administration (SBA) guarantee or agreement to indemnify a surety under the Small Business Investment Program against loss from a breach of the terms of a bid bond, payment

Official Summary

Security in Bonding Act of 2014 - Amends the Small Business Investment Act of 1958 with respect to any Small Business Administration (SBA) guarantee or agreement to indemnify a surety under the Small Business Investment Program against loss from a breach of the terms of a bid bond, payment bond, performance bond, or ancillary bonds, by a principal on any total work order or contract amount at the time of bond execution that does not exceed $6.5 million, as adjusted for inflation. Increases from 70% to 90% of the loss incurred and paid by a surety authorized to issue bonds (subject to SBA guarantee) the SBA's maximum obligation to pay the surety under the guarantee or agreement to indemnify.

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