Enrolled House Bill (H)

Authored by

DIGEST

Public personnel bonds and state board of accounts. Amends the law requiring surety bonds for certain individuals having public fiscal responsibilities to: (1) define "contractor"; (2) allow for filing of the bond in the county of office or employment rather than residence; (3) set threshold amounts of public funds for which a bond is required; (4) permit the use of a schedule bond; (5) permit the use of a continuous bond; and (6) require a crime insurance policy that meets the requirement to include a faithful performance endorsement. Allows, rather than requires, the commissioner of insurance to prescribe the form Public personnel bonds and state board of accounts. Amends the law requiring surety bonds for certain individuals having public fiscal responsibilities to: (1) define "contractor"; (2) allow for filing of the bond in the county of office or employment rather than residence; (3) set threshold amounts of public funds for which a bond is required; (4) permit the use of a schedule bond; (5) permit the use of a continuous bond; and (6) require a crime insurance policy that meets the requirement to include a faithful performance endorsement. Allows, rather than requires, the commissioner of insurance to prescribe the form of public official surety bonds and crime insurance policies. Provides that any claim under a continuous bond must be brought not later than six years after the occurrence giving rise to the claim. Specifies the following: (1) That the maximum aggregate liability of the surety or insurer for a policy year is the penal sum of the bond. (2) That in the case of a continuous bond, the maximum aggregate liability of the surety or insurer for the entire term that the bond is in effect is the penal sum of the bond for the current term of the bond and the penal sums of the bond for the five immediately preceding years. Allows, in certain circumstances, the state examiner to issue an examination final report less than 45 days after an initial exit conference. Allows certain individuals who receive state board of accounts records to divulge the records in an action with respect to the misappropriation or diversion of public funds. Removes requirements for annual audits by the state examiner of certain funds and allows the audits to be performed according to the state examiner's schedule. Makes conforming amendments. ... View more