Surety Bond Articles

SFAA Addressing Proposed Bond Threshold Increase and P3 Pilot Program in Vermont

SFAA is addressing HB 917, which would increase the bond threshold from $100,000 to $500,000.  As drafted, the bill would have provided for a $1 million bond threshold.  The bill also would provide for a pilot program for the Agency of Transportation to enter into public-private partnerships (P3s) for transportation infrastructure projects.  The state legislature would set the requirements and would have to approve each P3 project, unless the project will have a project lifetime cost that is less than $2 million or the project has been approved in the most recently adopted Transportation Program.  The bill does not specify a bonding requirement for this P3 program.  The program would expire on July 1, 2023.

Members should visit Government Relations / General Info (Members) for more information.

SFAA Working on Oklahoma Bill that Prohibits Retainage When Bonds are in Place

SFAA and AIA are working with the local surety association in Oklahoma to address HB 2676, which would prohibit the withholding of retainage from the general contractor on public buildings and public works projects if bonds under the Little Miller Act are in place. Oklahoma’s bond threshold is $50,000, and existing law provides that not more than 5% of the contract price may be withheld. For subcontractors, the bill provides that either retainage of not more than 5% may be withheld or performance and maintenance bonds could be required as a condition of the subcontract.

Members should visit Government Relations / General Info (Members) for more information.

Case Summary Reports have been posted for Members, Subscribers, Claims Advisors and Case Summary Subscribers: 2003-2018 Surety and Fidelity Cases Indexed by State/Topic 2003-2018 Surety Cases Indexed by Topic 2003-2018 Fidelity Cases Indexed by Topic 2003-2018 Bail Cases by State

Members should navigate to the Claims page.
Subscribers should navigate to the Home / Subscriber Home Page.
Claims Advisors should navigate to the Home / Claims Advisors Home Page.
Case Summary Subscribers should navigate to Home / Case Summary Subscriber Home Page.

2018 Public Private Partnership (P3) State Legislation

Members should visit Government Relations / General Info (Members) for more information.

End of 2018 Legislative Session reports have been added for Oregon and updated for New Mexico for Members only.

Navigate to Government Relations / End of Legislative Session Reports

Meeting Materials for upcoming meetings have been posted for Members:

Upcoming:

• Government Affairs Advisory Committee (March 27, 2018)

Past:

• Diversity & Human Resources Advisory Committee (March 8, 2018)
• Contract Bonds Advisory Committee (January 29, 2018)
• Fidelity Claims Advisory Committee (January 24, 2018)
• Surety Claims Advisory Committee / Corporate Counsel Advisory Committee (January 24, 2018)
• Communications Advisory Committee (January 11, 2018)
• Board of Directors (December 7, 2017)
• Commercial Surety Advisory Committee (December 6, 2017)
• International Advisory Committee (December 6, 2017)
• Actuarial Advisory Committee (November 8, 2017)
• eBusiness Advisory Committee (October 4, 2017)
• Annual Meeting General Session (May 11, 2017)
• Congressional Action Day (May 10, 2017)
• Fidelity Advisory Committee (May 10, 2017)
• Young Professionals Group (May 9, 2017)
• Joint Fidelity Advisory Committee / Fidelity Claims Advisory Committee (November 9, 2016)
• Statistical Advisory Committee (September 21, 2016)

Members may register online for upcoming meetings or get more meeting details  at http://www.surety.org/events/event_list.asp. 

SFAA Promotes the Value of License Bonds as Federal and State Governments Explore Occupational Licensing Reform

Members should visit Government Relations / General Info (Members) for more information.

SFAA’s Bill in Indiana to Require Bonding in P3s Goes to Study

Indiana HB 1301 would direct the Legislative Council to form an interim study committee to examine requiring performance and payment bonds for future public private partnership (P3) projects for the three P3 laws that SFAA sought to amend. As introduced, HB 1301 contained the amendments that SFAA drafted to require 100% bonds in all three P3 laws. The bill was amended twice to reduce the bond requirements from 100% to 50% and then down to 25% before it was amended again to send the issue to another study committee. HB 1301 has been sent to the Governor. There also are study provisions on bonding for any kind of P3 project in HB 1374 that the Governor has signed. HB 1374 also revises the existing law for the Indiana Finance Authority.

Members should visit Government Relations / General Info (Members) for more information.