Text of the Security in Bonding Act of 2012

This bill was introduced in a previous session of Congress and was passed by the House on May 15, 2012 but was never passed by the Senate. The text of the bill below is as of Dec 1, 2011 (Introduced).

This is not the latest text of this bill.

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Source: GPO



1st Session

H. R. 3534


December 1, 2011

(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.


Short title

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)—


by striking may not require and inserting may require; and


by striking or through and inserting , but not through;


by adding at the end the following:


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—


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).

; and


in the table of contents for such chapter, by adding at the end the following:

9310. Individual sureties.