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

HR 776 IH

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

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

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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