State

Many matters of importance to surety bond producers occur at the state or local levels. Each state has enacted various statutory and regulatory requirements for surety bonds. Modification or amendment of these requirements along with the introduction of new requirements impacting suretyship maybe the subject of action by legislators in a particular jurisdiction in any given year. NASBP tracks and monitors such legislation and regulations and, where appropriate, initiates action.

For example, during the 2005-2006 state legislative sessions, legislatures proposed a number of measures directly impacting suretyship, such as the following:

• Increases in statutory bonding thresholds
• Waivers of statutory bonding requirements for small businesses
• Waivers of statutory bonding requirements for large construction projectssuch as stadiums and transportation projects, and
• Funding of state bonding guarantee programs.

In 2005-2006, state legislatures also proposed measures that impacted the risk and payment environments of contractors and subcontractors, therefore implicating the interests of suretyship, such as the following:

• Use of reverse auctions to procure construction
• Statutes of repose for contractor liability
• Performance penalties/contractor immigration compliance and
• Elimination of retainage.

State Resources

For your convenience, NASBP is providing access to the official site for all 50 states. These state sites are an immense resource and usually provide links to the official Governor's Site, the state's legislature, and the state's laws (statutes and codes). 

Click here to select your state's site.