Surety Association of Massachusetts News » Surety Legislation

Protected: SFAA Opposition to current Congressional Bills and other updates

webauthor — Thu, 24 Mar 2011 20:05:18 +0000

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Protected: Monthly State Legislative Reports – June

webauthor — Mon, 12 Jul 2010 20:27:19 +0000

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Protected: Comprehensive Legislative Reports – June 2010

webauthor — Wed, 23 Jun 2010 14:08:03 +0000

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Surety Update – Maine – Performance/Payment Bonds

webauthor — Fri, 16 Apr 2010 16:05:13 +0000

MAINE UPDATE (LD1639/HP1167)

John Murphy, AIA’s Northeast Regional Vice President, reports that LD1639/HP1167 was signed by the Governor on Tuesday April 13th and will take effect on July 12, 2010. The amendment sought by SFAA and AIA is included in the final version. As reported below the amendment requires performance and payment bonds or irrevocable letters of credit for any contractor performing construction work required by a public-private agreement with the Department of Transportation. The bond or letter of credit shall be in an amount equal to the cost of the construction work. Public Act Ch. 648 can be found at:

http://www.mainelegislature.org/legis/bills/display_ps.asp?PID=0&snum=124&paper=&ld=1639

Protected: March 2010 Legislative Reports

webauthor — Fri, 16 Apr 2010 13:32:29 +0000

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Protected: SFAA Legislative Reports for February 2010

webauthor — Fri, 26 Feb 2010 15:54:20 +0000

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Protected: Surety and Fidelity Legislative Report – January 2010

webauthor — Thu, 18 Feb 2010 17:09:03 +0000

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Protected: Federal – End of First Session Report for 111th Congress

webauthor — Thu, 14 Jan 2010 14:54:51 +0000

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Protected: SFAA Legislative report – Oct/Nov ’09

webauthor — Thu, 12 Nov 2009 15:39:14 +0000

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State of MA to support small-biz surety bonds

webauthor — Wed, 11 Nov 2009 14:51:18 +0000

State to support small-biz bonds

By Jay Fitzgerald | Tuesday, November 10, 2009 | http://www.bostonherald.com | Business & Markets

The state plans to help small businesses land federal stimulus contracts by backing up their required bond deposits.

Under federal construction-contract laws, companies bidding for projects have to put up a surety bond to ensure that projects get finished.

Some small business owners either can’t raise enough money for bonds or are so desperate that they take out second mortgages on their personal homes.

But Gov. Deval Patrick announced yesterday his administration is now working with the Massachusetts Community Development Finance Corp. to help small minority- and women-owned firms get CDFC guarantees for bonds.

Eligible businesses would be able to get up to $250,000 in bond help, the administration said yesterday.

“Small minority-owned and women-owned businesses are the backbone of our economy,” said Patrick in a statement. “Our collaboration with CDFC relieves what was previously a huge challenge that kept many of these companies from competing for construction projects.”

The administration said the CDFC program was an idea floated during last month’s economic summit hosted by Patrick. The state is still working on plans for a small-business “micro-loan” program for firms, a spokeswoman said.

Article URL: http://www.bostonherald.com/business/general/view.bg?articleid=1210792