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House Bill 1025

House Bill 1025

ARCHIVE (2011)

Latest Information

DIGEST OF HB1025 (Updated April 25, 2011 2:38 pm - DI 84)

Public official bonding and internal control systems of local units. Removes language requiring an annual coverage amount under an individual surety bond filed by a public official. Specifies the aggregate liability under a required bond or crime insurance policy. Requires the secretary of a 1937 firefighters' pension fund board to execute a bond conditioned upon the faithful discharge of the secretary's duties. Requires the state board of accounts to define the acceptable minimum level of internal control standards and internal control procedures for internal control systems of counties, cities, towns, and townships. If a loss is reported, requires the state board of accounts to determine the internal control weakness that caused or contributed to the loss and make recommendations for correcting the condition and modifying internal control standards and procedures to prevent a recurrence.
Current Status:
Law Enacted
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