13 CFR 115.14 - Loss of Principal's eligibility for future assistance.

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There is 1 rule appearing in the Federal Register for 13 CFR 115. View below or at eCFR (GPOAccess)
§ 115.14 Loss of Principal's eligibility for future assistance.
(a) Ineligibility. A Principal and its Affiliates lose eligibility for further SBA bond guarantees if any of the following occurs under an SBA-guaranteed bond issued on behalf of the Principal:
(1) Legal action under the guaranteed bond has been initiated.
(2) The Obligee has declared the Principal to be in default under the Contract.
(3) The Surety has established a claim reserve for the bond of at least $1000.
(4) The Surety has requested reimbursement for Losses incurred under the bond.
(5) The guarantee fee has not been paid by the Principal.
(6) The Principal committed fraud or material misrepresentation in obtaining the guaranteed bond.
(b) Reinstatement of Principal's eligibility. Prior Approval Sureties should refer to § 115.36(b) for provisions on reinstatement of the Principal's eligibility. A PSB Surety may reinstate a Principal's eligibility upon the Surety's determination that reinstatement is appropriate.

Title 13 published on 2014-01-01

The following are only the Rules published in the Federal Register after the published date of Title 13.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2014-01-13; vol. 79 # 8 - Monday, January 13, 2014
    1. 79 FR 2084 - Surety Bond Guarantee Program
      GPO FDSys XML | Text
      SMALL BUSINESS ADMINISTRATION
      Final rule.
      This rule is effective February 12, 2014.
      13 CFR Part 115

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United States Code
Statutes at Large
Public Laws

Title 13 published on 2014-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 13 CFR 115 after this date.

  • 2014-01-13; vol. 79 # 8 - Monday, January 13, 2014
    1. 79 FR 2084 - Surety Bond Guarantee Program
      GPO FDSys XML | Text
      SMALL BUSINESS ADMINISTRATION
      Final rule.
      This rule is effective February 12, 2014.
      13 CFR Part 115