A bill to amend chapter 93 of title 31, United States Code, to provide additional requirements for a surety corporation to be approved by the Secretary of the Treasury, to provide for equal access to surety bonding, and for other purposes.
Equal Surety Bond Opportunity Act of 1993 - Prohibits a company from being approved as a surety by the Secretary of the Treasury or from providing any surety bond unless it maintains full compliance with this Act.
Amends Federal law regarding Treasury-approved surety firms to require them to: (1) notify a bond applicant of the status of his or her application within ten days of its receipt; and (2) provide a statement of specific reasons to each applicant whose bond application has been denied.
Cites activities which constitute unlawful discrimination under this Act. Makes a surety corporation liable to the applicant for civil penalties for violations of this Act.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S9062)
Read twice and referred to the Committee on Judiciary.
Referred to Subcommittee on Constitution.
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