HI SB1280

Amends Hawaii Revised Statutes Section 103D-324 to establish additional requirements for surety companies executing performance and payment bonds under the Hawaii Public Procurement Code.

Requires surety companies to be independent from all parties of the awarded contract, including any individuals or companies involved with the contract.

Mandates that surety bonds cannot be revoked or dismissed until ninety days after project completion and settlement of all claims, torts, and liens.

Requires surety companies to be included in the United States Department of the Treasury's listing of approved sureties as found in Department Circular 570.

Effective date July 1, 2050.