H. R. 3534
IN THE HOUSE OF REPRESENTATIVES
December 1, 2011
Mr. Hanna (for himself and Mr. Mulvaney) introduced the following bill; which was referred to the Committee on the Judiciary
To amend title 31, United States Code, to revise requirements related to assets pledged by a surety, and for other purposes.
This Act may be cited as the
Security in Bonding Act of 2011.
Surety bond requirements
Chapter 93 of subtitle VI of title 31, United States Code, is amended—
in section 9304(b)—
may not require and inserting
or through and inserting
, but not
by adding at the end the following:
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—
consist of eligible obligations described under section 9303(a); and
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).
in the table of contents for such chapter, by adding at the end the following:
9310. Individual sureties.