PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Small Business and Entrepreneurship.
Congressional Research Service
Version 00 · Introduced in Senate · Aug 2, 2007
Surety Bond Improvement Act of 2007 - Amends the Small Business Investment Act of 1958 to: (1) authorize the Administrator of the Small Business Administration (SBA) to guarantee any surety against loss from a small business principal's breach of bond on any total work or contract amount that does not exceed $3 million (under current law, $2 million); (2) direct the Administrator to authorize a surety that issues, monitors, or services such bonds to use rates approved by the insurance commissioner in the state in which the contract will be performed; and (3) prohibit the Administrator from refusing to make payment on a surety guarantee based on facts, circumstances, or defects that the Administrator should reasonably have identified during the guarantee process.
Requires the Administrator to notify the congressional small business committees regarding a proposed change in fees charged to guarantee surety bonds.
Expresses the sense of Congress that the surety bond guarantee program is not required to be self-funding and, therefore, may at times operate at a loss.
Showing the opening paragraphs of the official summary.
Directs the Administrator to establish a third-party alternative dispute resolution procedure for mediating an issue in controversy between a participating surety and the SBA.
People & committees
Sen. Snowe, Olympia J. [R-ME] · R–ME
Legislative record
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Read twice and referred to the Committee on Small Business and Entrepreneurship.
Sponsor introductory remarks on measure. (CR S10805-10806)
Introduced in Senate
Primary sources
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Source last updated: Sep 8, 2026. Consult Congress.gov for the current record.
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