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Small & Emerging Contractors

 

What's New: Government Affairs

Multiple Government Affairs updates posted

Friday, April 28, 2017  

Washington State Increases Bond Threshold

Washington SB 5734 increases the bond threshold from $35,000 to $150,000. Under existing law, on contracts under the bond threshold, the contractor may opt for retainage in lieu of a bond. The new law reduces the amount that can be retained in lieu of a bond from 50% to 10% of the contract amount.

Members should visit Government Relations / General Info (Members) for more information.

New Law in Washington State Eliminates Bonding Alternatives for Money Transmitters and Create New Bond for Currency Exchangers

Washington SB 5031 eliminates the other forms of security that a money transmitter may furnish in lieu of a surety bond so that only the bond can be posted to meet the license bond requirements in existing law. The new law also requires online currency exchangers to post a surety bond in connection with licensure. The bond amount is based on the previous year's currency exchange dollar volume.

Members should visit Government Relations / General Info (Members) for more information.

 

Nevada P3 Bill Moving

Nevada SB 448 would authorize the State and local governments to enter into public-private partnerships (P3) for transportation projects and various kinds of social infrastructure projects, which would include sports stadiums for use by Major League Baseball or the National Football League. The public owner could include a requirement in the P3 agreement that the private partner obtain provide performance and payment bonds or other security. SFAA and AIA are seeking amendments to clarify the bonding requirements. The bill has passed the Senate.

Members should visit Government Relations / General Info (Members) for more information.

 

Bond Threshold Increase Moving in New Hampshire

New Hampshire HB 371, as amended, would increase the bond threshold from $35,000 to $100,000. The bill passed the Senate and has been sent back to the House for concurrence.

Members should visit Government Relations / General Info (Members) for more information.



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