Bill
Bill > H3889
MA H3889
MA H3889Creating the state guarantee fund for default on public construction surety bond payments
summary
Introduced
11/30/2015
11/30/2015
In Committee
06/30/2016
06/30/2016
Crossed Over
Passed
Dead
07/31/2016
07/31/2016
Introduced Session
189th General Court
Bill Summary
For legislation to establish the public construction surety bond state guarantee fund. State Administration and Regulatory Oversight.
AI Summary
This bill establishes a state guarantee fund to cover defaults on payments for public construction surety bonds, which are financial guarantees that a contractor will fulfill their obligations on a construction project. This fund will apply to claims made by eligible purchasers on or after January 1, 2012, providing a safety net for those who might otherwise not receive payment due to a surety bond issuer's default.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (3)
Last Action
Committee recommended bill ought to pass and referred to the committee on House Ways and Means (on 06/30/2016)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/189/H3889 |
| Bill | https://malegislature.gov/Bills/189/H3889.pdf |
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