Security in Bonding Act of 2014

Summary

Security in Bonding Act of 2013 - Revises requirements related to assets pledged by a surety. Declares that if another applicable law or regulation permits the acceptance of a bond from a surety that is not subject to specified federal law, and is based on a pledge of assets by the surety, the assets pledged by such surety shall: (1) consist of eligible obligations given as security instead of surety bonds; and (2) be submitted to the government official required to approve or accept the bond, who shall deposit the assets with a depository (the Secretary of the Treasury, a federal reserve bank, or a depository designated by the Secretary). 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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Documents

7 official files

• Reported in House (text)

  Reported in House · EN · 21 May 2014

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• Reported in House (PDF)

  Reported in House · EN · 21 May 2014

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• Reported to House amended, Part II

  summary · EN · 21 May 2014

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• Reported to House amended, Part I

  summary · EN · 21 May 2014

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• Introduced in House (text)

  Introduced in House · EN · 15 February 2013

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• Introduced in House (PDF)

  Introduced in House · EN · 15 February 2013

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• Introduced in House

  summary · EN · 15 February 2013

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