3.0.0 3785 2023-01-12T17:52:25Z 2023-01-12T17:52:25Z Senate S S 2006-08-03 109 sssb00 Small Business and Entrepreneurship Committee Senate Standing Referred to 2006-08-03T16:42:11Z 2006-08-03 sssb00 Small Business and Entrepreneurship Committee Senate Read twice and referred to the Committee on Small Business and Entrepreneurship. IntroReferral 2006-08-03 Sponsor introductory remarks on measure. (CR S8805) IntroReferral B00100 9 Library of Congress 2006-08-03 Introduced in Senate IntroReferral 10000 9 Library of Congress S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. N Commerce Administrative fees Congress Congressional reporting requirements Economics and Public Finance Finance and Financial Sector Governmental investigations Insurance premiums Law Small business Surety and fidelity Commerce 00 2006-08-03 Introduced in Senate 2006-11-17T21:23:13Z 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.

]]> Surety Bond Improvement Act of 2006 Display Title Surety Bond Improvement Act of 2006 Official Title as Introduced A bill to amend the Small Business Investment Act of 1958 to improve surety bond guarantees, and for other purposes. Introduced in Senate IS Short Titles as Introduced Surety Bond Improvement Act of 2006 Introduced in Senate 2006-08-03T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s3785is/xml/BILLS-109s3785is.xml 2006-08-03 Read twice and referred to the Committee on Small Business and Entrepreneurship. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.