Concerns with SB 1582, legislation to increase surety bond threshold requirements

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 Oklahoma, I am contacting you regarding our strong opposition to Senate Bill 1582, which increases the statutory bond threshold on contracts for the construction of buildings used by a municipality, county, state, public trust, public agency or the federal government from $50,000 to $150,000. Such an increase will mean that many more tax-payer funded construction contracts will be procured without the vital assurance of performance and payment guarantees.

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