Concerns with HB 2129, legislation to increase surety bond threshold

On behalf of the members of the National Association of Surety Bond Producers (NASBP), a national trade organization of professional surety bond producers, whose membership includes resident and non-resident firms employing licensed surety bond producers placing bid, performance, and payment bonds throughout the U.S., including Washington, I am contacting you regarding our strong opposition to House Bill 2129, which increases the statutory bond threshold on contracts awarded from $35,000 to $150,000. Such an increase would mean that many more taxpayer funded construction contracts would be procured without the vital assurance of performance and payment guarantees.

Read more…