Security in Bonding Act of 2014

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.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 776 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 776

 To amend title 31, United States Code, to revise requirements related 
         to assets pledged by a surety, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 15, 2013

   Mr. Hanna (for himself and Mr. Graves of Missouri) introduced the 
 following bill; which was referred to the Committee on the Judiciary, 
and in addition to the Committee on Small Business, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
  of such provisions as fall within the jurisdiction of the committee 
                               concerned

_______________________________________________________________________

                                 A BILL


 
 To amend title 31, United States Code, to revise requirements related 
         to assets pledged by a surety, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Security in Bonding Act of 2013''.

SEC. 2. SURETY BOND REQUIREMENTS.

    Chapter 93 of subtitle VI of title 31, United States Code, is 
amended--
            (1) by adding at the end the following:
``Sec. 9310. Individual sureties
    ``If another applicable law or regulation permits the acceptance of 
a bond from a surety that is not subject to sections 9305 and 9306 and 
is based on a pledge of assets by the surety, the assets pledged by 
such surety shall--
            ``(1) consist of eligible obligations described under 
        section 9303(a); and
            ``(2) be submitted to the official of the Government 
        required to approve or accept the bond, who shall deposit the 
        assets with a depository described under section 9303(b).''; 
        and
            (2) in the table of contents for such chapter, by adding at 
        the end the following:

``9310. Individual sureties.''.

SEC. 3. SBA SURETY BOND GUARANTEE.

    Section 411(c)(1) of the Small Business Investment Act of 1958 (15 
U.S.C. 694b(c)(1)) is amended by striking ``70'' and inserting ``90''.
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