H.R. 776 · 113th Congress
Security in Bonding Act of 2014
- Stage
- Reported from committee
- Sponsor
- Richard Hanna
- Introduced
- 2013-02-15
- Latest action
- 2014-05-21 · Reported (Amended) by the Committee on Judiciary. H. Rept. 113-462, Part I.
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.