Report Title:
Bonds; Insurance; Surety
Description:
Prohibits any person or entity that required a bid, payment, or performance bond as a security to guarantee the performance of any contract for the construction of improvements to real property from requiring another person or entity to acquire the bond from a particular surety, producer, or agent.
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THE SENATE |
S.B. NO. |
1806 |
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TWENTY-FOURTH LEGISLATURE, 2007 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to bonds.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 431, article 13, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§431:13- Favored surety, producer, agent. No person or entity, whether public or private, requiring a bid, payment, or performance bond as security to guarantee the performance of any contract for the construction of improvements to real property shall require any other person or entity to acquire any bond from a particular surety, producer, or agent."
SECTION 2. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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