Source: https://uscode.house.gov/view.xhtml?path=&req=granuleid%3AUSC-prelim-title15-section694b&f=&fq=&num=0&hl=false&edition=prelim
Timestamp: 2020-08-12 04:03:52
Document Index: 422190137

Matched Legal Cases: ['§ 694', '§411', '§911', '§6', '§111', '§115', '§18014', '§202', '§206', '§604', '§1', '§805', '§203', '§508', '§1695', '§874', '§1701', '§1695', '§1695', '§508', '§203', '§202', '§6', '§874', '§206', '§207', '§216', '§302', '§7', '§503', '§1', '§805', '§203', '§209', '§205', '§206', '§216']

[USC02] 15 USC 694b: Surety bond guarantees
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15 USC 694b: Surety bond guarantees Text contains those laws in effect on August 10, 2020
From Title 15-COMMERCE AND TRADECHAPTER 14B-SMALL BUSINESS INVESTMENT PROGRAMSUBCHAPTER IV-A-GUARANTEESPart B-Surety Bond Guarantees
(4) No such guarantee may be issued, unless-
Subject to the provisions of this section, in connection with the issuance by the Administration of a guarantee to a surety as provided by subsection (a), the Administration may agree to indemnify such surety against a loss sustained by such surety in avoiding or attempting to avoid a breach of the terms of a bond guaranteed by the Administration pursuant to subsection (a): Provided, however-
Any guarantee or agreement to indemnify under this section shall obligate the Administration to pay to the surety a sum-
(3) equal to 90 per centum of the loss incurred and paid in the case of a surety requiring the administration's 1 specific approval for the issuance of a bond, if-
(B) the bond was issued to a small business concern owned and controlled by socially and economically disadvantaged individuals as defined by section 637(d) of this title, or to a qualified HUBZone small business concern (as defined in section 632(p) 2 of this title); or
Pursuant to any such guarantee or agreement, the Administration shall reimburse the surety, as provided in subsection (c) of this section, except that the Administration shall be relieved of liability (in whole or in part within the discretion of the Administration) if-
(Pub. L. 85–699, title IV, §411, as added Pub. L. 91–609, title IX, §911(a)(4), Dec. 31, 1970, 84 Stat. 1813 ; amended Pub. L. 93–386, §§6(a)(3), 11, Aug. 23, 1974, 88 Stat. 747 , 749; Pub. L. 95–507, title I, §111, Oct. 24, 1978, 92 Stat. 1758 ; Pub. L. 96–302, title I, §115, July 2, 1980, 94 Stat. 839 ; Pub. L. 99–272, title XVIII, §18014, Apr. 7, 1986, 100 Stat. 370 ; Pub. L. 100–590, title II, §§202–204, Nov. 3, 1988, 102 Stat. 3007–3009 ; Pub. L. 104–208, div. D, title II, §206(a), Sept. 30, 1996, 110 Stat. 3009–738 ; Pub. L. 105–135, title VI, §604(d), Dec. 2, 1997, 111 Stat. 2633 ; Pub. L. 106–554, §1(a)(9) [title VIII, §805(a)], Dec. 21, 2000, 114 Stat. 2763 , 2763A-705; Pub. L. 108–447, div. K, title II, §203(a), (b), Dec. 8, 2004, 118 Stat. 3465 , 3466; Pub. L. 111–5, div. A, title V, §508(a), (b), Feb. 17, 2009, 123 Stat. 158 ; Pub. L. 112–239, div. A, title XVI, §1695(a), (b), Jan. 2, 2013, 126 Stat. 2089 , 2090; Pub. L. 114–92, div. A, title VIII, §874(b), Nov. 25, 2015, 129 Stat. 941 .)
Section 632(p) of this title, referred to in subsec. (c)(3)(B), was redesignated section 657a(b) of this title by Pub. L. 115–91, div. A, title XVII, §1701(a)(2), Dec. 12, 2017, 131 Stat. 1795 .
2015-Subsec. (c)(1). Pub. L. 114–92 substituted "90" for "70".
2013-Subsec. (a)(1). Pub. L. 112–239, §1695(a), designated existing provisions as subpar. (A), substituted "does not exceed $6,500,000, as adjusted for inflation in accordance with section 1908 of title 41." for "does not exceed $2,000,000.", and added subpar. (B).
Subsec. (e). Pub. L. 112–239, §1695(b)(1), added subsec. (e) and struck out former subsec. (e). Prior to amendment, text read as follows: "Pursuant to any such guarantee or agreement, the Administration shall reimburse the surety, as provided in subsection (c) of this section, except that the Administration shall be relieved of all liability if-
2009-Subsec. (a)(1). Pub. L. 111–5, §508(a), (f), temporarily amended par. (1) by designating existing provisions as subpar. (A), substituting "$5,000,000" for "$2,000,000", and adding subpar. (B) which read as follows: "The Administrator may guarantee a surety under subparagraph (A) for a total work order or contract amount that does not exceed $10,000,000, if a contracting officer of a Federal agency certifies that such a guarantee is necessary." See Termination Date of 2009 Amendment note below.
"Pursuant to any such guarantee or agreement, the Administration shall reimburse the surety, as provided in subsection (c) of this section, except that the Administration shall be relieved of liability (in whole or in part within the discretion of the Administration) if-
2004-Subsec. (a)(1). Pub. L. 108–447, §203(a), substituted "total work order or contract amount at the time of bond execution that does not exceed" for "contract up to".
2000-Subsecs. (a)(1), (e)(2). Pub. L. 106–554 substituted "$2,000,000" for "$1,250,000".
1997-Subsec. (c)(3)(B). Pub. L. 105–135 inserted ", or to a qualified HUBZone small business concern (as defined in section 632(p) of this title)" before semicolon.
1988-Subsec. (a). Pub. L. 100–590, §202, amended subsec. (a) generally, substituting pars. (1) to (4) for former pars. (1) to (6).
1986-Subsecs. (a), (e)(2). Pub. L. 99–272 substituted "$1,250,000" for "$1,000,000".
1980-Subsec. (c). Pub. L. 96–302 struck out "to or on behalf of the obligee, or to labor and materialmen, in fulfilling the terms of the contract" after "paid by the surety" in cl. (1).
1978-Subsec. (a). Pub. L. 95–507 amended subsec. (a) generally, striking out requirement that the Administration consult with the Secretary of Housing and Urban Development, and inserting authority to vary the terms and conditions of guarantees on the basis of experience with a particular surety and authority to guarantee bonds ancillary and conterminous with the other named bonds.
1974-Subsec. (a). Pub. L. 93–386, §6(a)(3), substituted "$1,000,000" for "$500,000".
Pub. L. 114–92, div. A, title VIII, §874(c), Nov. 25, 2015, 129 Stat. 941 , provided that: "The amendments made by this section [enacting section 9310 of Title 31, Money and Finance, and amending this section] shall take effect 1 year after the date of the enactment of this Act [Nov. 25, 2015]."
Pub. L. 104–208, div. D, title II, §206(b), Sept. 30, 1996, 110 Stat. 3009–739 , provided that: "The amendments made by subsection (a) [amending this section] shall apply with respect to applications received (or pending substantive evaluation) on or after October 1, 1995."
Pub. L. 100–590, title II, §207, Nov. 3, 1988, 102 Stat. 3009 , as amended by Pub. L. 101–574, title II, §216(a), Nov. 15, 1990, 104 Stat. 2822 ; Pub. L. 103–403, title III, §302, Oct. 22, 1994, 108 Stat. 4188 ; Pub. L. 104–36, §7, Oct. 12, 1995, 109 Stat. 297 ; Pub. L. 105–135, title V, §503, Dec. 2, 1997, 111 Stat. 2624 ; Pub. L. 106–554, §1(a)(9) [title VIII, §805(b)], Dec. 21, 2000, 114 Stat. 2763 , 2763A-706, which provided that the provisions contained in section 694b(a)(3) of this title would cease to be effective after Sept. 30, 2003, was repealed by Pub. L. 108–447, div. K, title II, §203(c), Dec. 8, 2004, 118 Stat. 3466 .
Pub. L. 100–590, title II, §209, Nov. 3, 1988, 102 Stat. 3010 , provided that: "Except as otherwise provided in this title, the provisions of this title [amending this section and section 694c of this title and enacting provisions set out as notes under this section], shall become effective upon expiration of one hundred and eighty days after the date of its enactment [Nov. 3, 1988]."
Pub. L. 100–590, title II, §205, Nov. 3, 1988, 102 Stat. 3009 , provided that: "The Administration shall promulgate final regulations to implement the amendments made by this title [amending this section and section 694c of this title] not later than one hundred and eighty days after the date of the enactment of this Act [Nov. 3, 1988]."
Pub. L. 102–366, title III, subtitle A, Sept. 4, 1992, 106 Stat. 1002–1005 , known as the Small Business Access to Surety Bonding Survey Act of 1992, directed Comptroller General to conduct a comprehensive survey of business firms, from a statistically valid sample of business firms developed from the most recent list of construction firms maintained by Dun and Bradstreet Company and using a questionnaire with specifically designated questions, to obtain data on the experiences of such firms, and especially the experiences of small business concerns, in obtaining surety bonds from corporate surety firms and to submit a report to Congress, not later than 18 months after Sept. 4, 1992, which report was to contain a summary of responses of business firms to the survey and a description of any trends found by Comptroller General in such responses, which specific information on responses and trends of small business concerns, small business concerns owned and controlled by women, and small business concerns owned and controlled by socially and economically disadvantaged individuals.
Pub. L. 100–590, title II, §206, Nov. 3, 1988, 102 Stat. 3009 , as amended by Pub. L. 101–574, title II, §216(b), Nov. 15, 1990, 104 Stat. 2823 , directed Comptroller General, not later than 3 years after Nov. 3, 1988, to transmit a report to Congress evaluating the preferred surety bond guarantee program, with such report to be transmitted not later than Mar. 1, 1994, and cover the period Oct. 1, 1990, through Sept. 30, 1993.