SURETY COMPANIES - S.B. 494: COMMITTEE SUMMARY
Senate Bill 494 (as introduced 5-17-01)
Sponsor: Senator Bill Bullard, Jr.
Committee: Financial Services
Date Completed: 5-22-01
CONTENT
The bill would repeal Public Act 266 of 1895, which provides that when a bond is required to be given with surety it may be executed by a qualified surety company; establishes requirements for a company to act as surety; requires the Commissioner of the Office of Financial and Insurance Services to issue a certificate of authority to a company that meets the requirements; and allows a surety to seek a release from liability.
MCL 550.101-550.109 - Legislative Analyst: L. Arasim
FISCAL IMPACT
The bill would have no fiscal impact on State or local government.
- Fiscal Analyst: M. TyszkiewiczS0102\s494sa
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.