CT SB00876

Repeals and replaces General Statutes Section 8-247 regarding surety bonds for Connecticut Housing Finance Authority personnel, effective July 1, 2021.

Board members must execute a surety bond of $50,000 and the executive director must execute a surety bond of $100,000, or alternatively the board chairperson may execute a blanket position bond or equivalent insurance product covering all board members, the executive director, and authority employees.

Surety bonds or equivalent insurance products must be conditioned on faithful performance of duties and executed by a surety company or issued by an insurance company authorized to conduct business in Connecticut.

Bonds or insurance products must be filed in the office of the Secretary of the State.

The Connecticut Housing Finance Authority shall pay all costs associated with the bonds or insurance products.