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

§ 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 2015-01-01.

No entries appear in the Federal Register after this date, for 13 CFR Part 115.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

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United States Code
Statutes at Large
Public Laws

Title 13 published on 2015-01-01

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

  • 2015-04-14; vol. 80 # 71 - Tuesday, April 14, 2015
    1. 80 FR 19886 - Surety Bond Guarantee Program; Miscellaneous Amendments
      GPO FDSys XML | Text
      SMALL BUSINESS ADMINISTRATION
      Proposed rule.
      SBA must receive comments to this proposed rule on or before June 15, 2015.
      13 CFR Part 115