H.R.776 - Security in Bonding Act of 2014113th Congress (2013-2014)
|Sponsor:||Rep. Hanna, Richard L. [R-NY-22] (Introduced 02/15/2013)|
|Committees:||House - Judiciary; Small Business|
|Committee Reports:||H. Rept. 113-462,Part 2|
|Latest Action:||House - 05/21/2014 Placed on the Union Calendar, Calendar No. 342. (All Actions)|
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Summary: H.R.776 — 113th Congress (2013-2014)All Information (Except Text)
Reported to House amended, Part II (05/21/2014)
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.