NASBP has been engaged heavily in Maryland to prevent the passage of a bill that would extend the effective date of the individual surety law another five years and would create a registration process for individual sureties. SB 851 would have been detrimental to the industry by removing the sunset of the existing individual surety law and by permitting registration of individual sureties, which would not offer protection to consumers or taxpayers. NASBP testified in opposition to SB 851 on February 21. Following the hearing, NASBP presented the Maryland Senate Finance Committee with additional information to clarify the potential detriments of the bill and to publicize the work NASBP has done to educate small and disadvantaged businesses in the State. NASBP’s efforts in Maryland were successful and the bill was killed in Committee on Monday, March 17.
NASBP was able to engage other associations on this important issue through the introduction of several NASBP State Government Affairs Reps, who connected NASBP with the local chapters of ABC and ASA.
Despite this victory, NASBP is still actively engaged to prevent passage of SB 377, a second bill, which would extend the Maryland sunset date for individual sureties to write surety bonds for prime contractors on state and local public works contracts.