- Not enactedThe President has not signed this bill
- The house has not voted
- The senate has not voted
Senate Committee on Small Business and EntrepreneurshipIntroducedSeptember 23rd, 2010
- senate Committees
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A bill to reinstate the increase in the surety bond guarantee limits for the Small Business Administration.
Amends the Small Business Investment Act of 1958 to make permanent the increase from $2 million to $5 million in the surety bond guaranty limit of the Small Business Administration (SBA). Relieves the SBA from reimbursing the surety if: (1) the surety obtained such guarantee or agreement, or applied for such reimbursement, by fraud or material misrepresentation; (2) the total contract amount at the time of bond execution exceeds $5 million; (3) the surety has breached a material term or condition of such guarantee agreement; or (4) the surety has substantially violated regulations promulgated by the SBA.