Implementation of Maryland Individual Sureties Law

On behalf of the National Association of Surety Bond Producers (NASBP), a national trade association of surety bond producers, whose membership includes licensed resident and nonresident bond producers and agents in the State of Maryland, I am contacting you to express our strong interest in the promulgation of regulations implementing 2006 Maryland Laws Ch. 299 (H.B. 169). Our hope is that the regulatory process will result in guidance on a number of matters that are left unaddressed or unclear in the new law pertaining to the use of bid, payment, and performance bonds provided by individual sureties and the types of acceptable assets backing such bond obligations to protect the interests of Maryland taxpayers and to ease the administrative burden of state contracting officers. Based on a review of an early draft of the regulations, which were provided by the Maryland Board of Public Works to an NASBP member and forwarded to me for comment, you are a long way down the path of developing such clear guidance.

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