legislation: 109-s-3785

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
109-s-3785 109 s 3785 Surety Bond Improvement Act of 2006 Commerce 2006-08-03 2006-08-03 Read twice and referred to the Committee on Small Business and Entrepreneurship. Senate Sen. Snowe, Olympia J. [R-ME] ME R S000663 0 Surety Bond Improvement Act of 2006 - Amends the Small Business Investment Act of 1958 to: (1) authorize the Administrator of the Small Business Administration (SBA) to guarantee any surety against loss from a small business principal's breach of bond on any total work or contract amount that does not exceed $3 million (currently, $2 million); (2) allow the Administrator to authorize a surety that issues, monitors, or services such bonds to use rates approved by the insurance commissioner in the state in which the contract will be performed; and (3) prohibit the Administrator from refusing to make payment on a surety guarantee based on facts, circumstances, or defects that the Administrator should reasonably have identified during the guarantee process. Requires the Administrator to notify the congressional small business committees regarding a proposed change in fees charged to guarantee surety bonds. Expresses the sense of Congress that the surety bond guarantee program is not required to be self-funding and, therefore, may at times operate at a loss. 2023-01-12T17:52:25Z  

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