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- Title 31. MONEY AND FINANCE
- Subtitle VI. Miscellaneous
- Chapter 93. Sureties and Surety Bonds
31 U.S.C. § 9305 - Authority and revocation of authority of surety corporations
Cite as | 31 U.S.C. § 9305 |
(a) Before becoming a surety under section 9304 of this title, a surety corporation must file with the Secretary of the Treasury-
(1) a copy of the articles of incorporation of the corporation; and
(2) a statement of the assets and liabilities of the corporation signed and sworn to by the president and secretary of the corporation.
(b) The Secretary may authorize in writing a surety corporation to provide surety bonds under section 9304 of this title if the Secretary decides that-
(1) the articles of incorporation of the corporation authorize the corporation to do business described in section 9304(a)(2) of this title;
(2) the corporation has paid-up capital of at least $250,000 in cash or its equivalent; and
(3) the corporation is able to carry out its contracts.
(c) A surety corporation authorized under subsection (b) of this section to provide surety bonds shall file with the Secretary each January, April, July, and October a statement of the assets and liabilities of the corporation signed and sworn to by the president and secretary of the corporation.
(d) The Secretary-
(1) shall revoke the authority of a surety corporation to do new business if the Secretary decides the corporation is insolvent or is in violation of this section or section 9304 or 9306 of this title;
(2) may investigate the solvency of a surety corporation at any time; and
(3) may require additional security from the person required to provide a surety bond if the Secretary decides that a surety corporation no longer is sufficient security.
(e) A surety corporation providing a surety bond under section 9304 of this title may not provide any additional bond under that section if-
(1) the corporation does not pay a final judgment or order against it on the bond; and
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