HI SB2843

Changes protest bond requirements from flat fees to percentage-based amounts: 0.5% of estimated contract value for contracts under $500,000; 1% for contracts $500,000-$999,999; and 2% for contracts $1,000,000 or more.

Removes the previous $10,000 cap on maximum protest bond amounts, allowing bonds to scale with larger contract values.

Requires annual reports from the comptroller of the department of accounting and general services, superintendent of education, and director of transportation on protest numbers and outcomes resulting from this change.

Implements the changes effective January 1, 2050, with a sunset provision repealing Section 1 and restoring the prior protest bond structure effective July 1, 2025.