Bill > H31

This bill amends various sections of Massachusetts law related to surety bonds. The key provisions are: 1. It allows for the use of "acceptable bond documentation" in addition to a physical surety bond, giving more flexibility in how the bond requirement can be met. 2. It changes the approval process, where the bond or bond documentation must now be examined and approved by the Commissioner of Banks, and then made accessible to the State Treasurer, rather than requiring approval by the State Treasurer directly. 3. It requires the State Treasurer to maintain a public record of the approved bonds or bond documentation, making the information more transparent. 4. It updates the language across several chapters of Massachusetts law to reflect these changes, ensuring consistent treatment of surety bond requirements. Overall, the bill aims to modernize and streamline the surety bond process in Massachusetts, providing more options for businesses and organizations while maintaining appropriate oversight and transparency.

Business and Industry

https://malegislature.gov/Bills/191/H31