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IN HB1372
Bill
Status
3/24/2016
Primary Sponsor
Matthew Lehman
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AI Summary
HEA 1372 Summary
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Effective July 1, 2016, defines "contractor" as an individual or entity with a contractual or fiduciary relationship to a local government unit that is not FDIC-insured.
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Allows official bonds to be filed in the county of office or employment rather than requiring filing in the county of residence.
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Establishes that contractors and employees accessing public funds exceeding $5,000 per year must file bonds for the faithful performance of duty.
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Permits local governments to use blanket bonds, name or position schedule bonds, or crime insurance policies endorsed for faithful performance as alternatives to individual surety bonds.
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Changes bond duration requirements to allow continuous bonds renewed annually with a 6-year claims period, rather than requiring separate yearly bonds.
Legislative Description
Public personnel bonds and state board of accounts. Amends the law requiring surety bonds for certain individuals having public fiscal responsibilities to: (1) define "contractor"; (2) allow for filing of the bond in the county of office or employment rather than residence; (3) set threshold amounts of public funds for which a bond is required; (4) permit the use of a schedule bond; (5) permit the use of a continuous bond; and (6) require a crime insurance policy that meets the requirement to include a faithful performance endorsement. Allows, rather than requires, the commissioner of insurance to prescribe the form
Last Action
Public Law 188
3/24/2016