H.R. 776: Security in Bonding Act of 2013

Introduced:
Feb 15, 2013 (113th Congress, 2013–2015)
Sponsor:
Rep. Richard Hanna [R-NY22]
Status:
Referred to Committee

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was assigned to a congressional committee on February 15, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Progress
Introduced Feb 15, 2013
Referred to Committee Feb 15, 2013
Reported by Committee ...
Passed House ...
Passed Senate ...
Signed by the President ...
Prognosis

92% chance of getting past committee.
14% chance of being enacted.

Only 11% of House bills made it past committee and only 3% were enacted in 2011–2013. [show factors | methodology]

Cosponsors
3 cosponsors (2R, 1D) (show)
Committees

House Small Business

House Judiciary

↪ Regulatory Reform, Commercial, and Antitrust Law

The committee chair determines whether a bill will move past the committee stage.

Full Title

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

Summary

No summaries available.

Text

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Last updated Feb 15, 2013.
2 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

2/15/2013--Introduced.
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.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)