Section 1 Short title
This Act may be cited as the “Security in Bonding Act of 2013”.
Security in Bonding Act of 2013
A BILL
To amend title 31, United States Code, to revise requirements related to assets pledged by a surety, and for other purposes.
Sec. 2 Surety bond requirements
Chapter 93 of subtitle VI of title 31, United States Code, is amended—
by adding at the end the following:
“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).”
in the table of contents for such chapter, by adding at the end the following:
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”.