CT HB05243

Board members of the Connecticut Housing Finance Authority must execute a surety bond of fifty thousand dollars, and the executive director must execute a surety bond of one hundred thousand dollars.

The board chairperson may obtain a blanket position bond or equivalent insurance product covering all board members, the executive director, and employees instead of individual surety bonds.

Any surety bond or equivalent insurance product must be conditioned upon faithful performance of duties and executed by a surety company or insurance company authorized to transact business in Connecticut.

Bonds and insurance products must be filed with the office of the Secretary of the State.

The Connecticut Housing Finance Authority shall pay all costs associated with the bonds or insurance products; effective July 1, 2020.