The Secretary is authorized to provide a supplemental surety bond guarantee, not to exceed 20 percent of any loss, for any Indian individual or economic enterprise eligible for a surety guarantee under section
694b of title
15, so that the aggregate of the two guarantees is 100 percent.
The Secretary may provide a supplemental guarantee under this section only if the Secretary determines that—
(1)the Indian individual or economic enterprise has secured or will likely secure a surety bond guarantee under section
694b of title
(2)the supplemental guarantee is necessary for the Indian individual or economic enterprise to secure a surety bond;
(3)no more than 25 percent of the surety’s business is comprised of bonds guaranteed pursuant to this section; and
(4)the surety will provide appropriate technical assistance and advice to, and monitor the performance of, the Indian individual or economic enterprise for the prevention or mitigation of a loss.
(c) Fees and charges
The rules and regulations promulgated by the Secretary to carry out this section shall include the setting of reasonable fees to be paid by the Indian individual or economic enterprise and reasonable premium charges to be paid by sureties. In setting fees and charges, the Secretary may take into consideration the cost to the surety of providing the services required by paragraph (4) of subsection (b) of this section. The receipts from the fees and charges shall be deposited in the Fund established by section
1497(a) of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
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