[Federal Register Volume 61, Number 104 (Wednesday, May 29, 1996)]
[Rules and Regulations]
[Pages 26839-26840]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-13412]



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DEPARTMENT OF THE TREASURY

Fiscal Service

31 CFR Part 224

RIN 1510-AA49


Federal Process Agents of Surety Companies

AGENCY: Financial Management Service, Fiscal Service, Treasury.

ACTION: Final rule.

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SUMMARY: This action amends the regulation governing surety companies 
doing business with the United States. Specifically, it eliminates the 
requirement that surety companies doing business with the United States 
report their Federal process agent appointments to the Department of 
the Treasury, Financial Management Service (FMS). FMS no longer needs 
or collects this information. This amendment makes the regulation 
consistent with current practice.

EFFECTIVE DATE: June 28, 1996.

FOR FURTHER INFORMATION CONTACT: Dorothy E. Martin, (202) 874-6850 
(Manager, Surety Bond Branch).

SUPPLEMENTARY INFORMATION: This regulation eliminates the requirement 
that surety companies report their Federal Process Agent appointments 
to the Financial Management Service. This action does not eliminate the 
requirement for surety companies to designate a person to serve as a 
Federal Process Agent and register that person with the clerk of the 
district court for the district in which a surety bond is to be given.
    The final rule includes several editorial changes and a realignment 
of the sections as a result of eliminating Sec. 224.5, ``Filing process 
agent appointment information with the Treasury.''

[[Page 26840]]

    The revision to 31 CFR Part 224 appeared on November 9, 1995, at 60 
FR 56551 and was open for comment through December 11, 1995. During the 
comment period, only one comment was received from a trade association. 
They indicated support for the revision.
    This regulation is not a significant regulatory action as defined 
in Executive Order 12866. Accordingly, a regulatory assessment is not 
required. It is hereby certified that this revision will not have a 
significant economic impact on a substantial number of small entities. 
Accordingly, a regulatory flexibility analysis is not required. This 
change clarifies a regulation and reduces the reporting requirements 
for surety companies doing business with the United States. Therefore, 
there is no significant economic impact.

List of Subjects in 31 CFR Part 224

    Insurance, Surety bonds.

    Accordingly, part 224 of title 31 is amended as follows:
PART 224--FEDERAL PROCESS AGENTS OF SURETY COMPANIES
    1. The authority citation continues to read as follows:

    Authority: 31 U.S.C. 9306

    2. Section 224.1 is revised to read as follows:


Sec. 224.1  Statutory provision.

    The rules and regulations in this part are prescribed for carrying 
into effect 31 U.S.C. 9306.


Sec. 224.5--[Removed]

    3. Section 224.5 is removed, and Sec. 224.6 is redesignated as 
Sec. 224.5.


Sec. 224.7--[Redesignated as Sec. 224.6]

    4. Section 224.7 is redesignated as Sec. 224.6, and revised to read 
as follows:


Sec. 224.6  United States district courts; location of divisional 
offices.

    A list of the divisional offices of the court in each judicial 
district where powers of attorney should be filed may be obtained from 
the Surety Bond Branch, Financial Management Service, Department of the 
Treasury, 3700 East-West Highway, Room 6F04, Hyattsville, MD 20782.

    Dated: May 14, 1996.
Russell D. Morris,
Commissioner.
[FR Doc. 96-13412 Filed 5-28-96; 8:45 am]
BILLING CODE 4810-35-P