{"identifier":"/us/usc/t31/s9305","title":31,"num":"\u00a7\u202f9305.","heading":"Authority and revocation of authority of surety corporations","text":"\u00a7\u202f9305.\nAuthority and revocation of authority of surety corporations\n(a) Before becoming a surety under\n(1) a copy of the articles of incorporation of the corporation; and\n(2) a statement of the assets and liabilities of the corporation signed and sworn to by the president and secretary of the corporation.\n(b) The Secretary may authorize in writing a surety corporation to provide surety bonds under\n(1) the articles of incorporation of the corporation authorize the corporation to do business described in\nsection 9304(a)(2) of this title\n(2) the corporation has paid-up capital of at least $250,000 in cash or its equivalent; and\n(3) the corporation is able to carry out its contracts.\n(c) A surety corporation authorized under subsection (b) of this section to provide surety bonds shall file with the Secretary each January, April, July, and October a statement of the assets and liabilities of the corporation signed and sworn to by the president and secretary of the corporation.\n(d) The Secretary\u2014\n(1) shall revoke the authority of a surety corporation to do new business if the Secretary decides the corporation is insolvent or is in violation of this section or section 9304 or 9306 of this title;\n(2) may investigate the solvency of a surety corporation at any time; and\n(3) may require additional security from the person required to provide a surety bond if the Secretary decides that a surety corporation no longer is sufficient security.\n(e) A surety corporation providing a surety bond under\n(1) the corporation does not pay a final judgment or order against it on the bond; and\n(2) no appeal or stay of the judgment or order is pending 30 days after the judgment or order is entered.","url":"https://projectusc.org/usc/t31/s9305.html","content":[{"t":"sec","id":"/us/usc/t31/s9305","children":[{"t":"num","text":"\u00a7\u202f9305."},{"t":"heading","text":"Authority and revocation of authority of surety corporations"},{"t":"subsec","id":"/us/usc/t31/s9305/a","children":[{"t":"num","text":"(a)"},{"t":"chapeau","text":" Before becoming a surety under ","children":[{"t":"ref","text":"section 9304 of this title","href":"/us/usc/t31/s9304","tail":", a surety corporation must file with the Secretary of the Treasury\u2014"}]},{"t":"para","id":"/us/usc/t31/s9305/a/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" a copy of the articles of incorporation of the corporation; and","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t31/s9305/a/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" a statement of the assets and liabilities of the corporation signed and sworn to by the president and secretary of the corporation.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t31/s9305/b","children":[{"t":"num","text":"(b)"},{"t":"chapeau","text":" The Secretary may authorize in writing a surety corporation to provide surety bonds under ","children":[{"t":"ref","text":"section 9304 of this title","href":"/us/usc/t31/s9304","tail":" if the Secretary decides that\u2014"}]},{"t":"para","id":"/us/usc/t31/s9305/b/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" the articles of incorporation of the corporation authorize the corporation to do business described in ","children":[{"t":"ref","text":"section 9304(a)(2) of this title","href":"/us/usc/t31/s9304/a/2","tail":";"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t31/s9305/b/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" the corporation has paid-up capital of at least $250,000 in cash or its equivalent; and","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t31/s9305/b/3","children":[{"t":"num","text":"(3)"},{"t":"content","text":" the corporation is able to carry out its contracts.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t31/s9305/c","children":[{"t":"num","text":"(c)"},{"t":"content","text":" A surety corporation authorized under subsection (b) of this section to provide surety bonds shall file with the Secretary each January, April, July, and October a statement of the assets and liabilities of the corporation signed and sworn to by the president and secretary of the corporation.","tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t31/s9305/d","children":[{"t":"num","text":"(d)"},{"t":"chapeau","text":" The Secretary\u2014"},{"t":"para","id":"/us/usc/t31/s9305/d/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" shall revoke the authority of a surety corporation to do new business if the Secretary decides the corporation is insolvent or is in violation of this section or section 9304 or 9306 of this title;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t31/s9305/d/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" may investigate the solvency of a surety corporation at any time; and","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t31/s9305/d/3","children":[{"t":"num","text":"(3)"},{"t":"content","text":" may require additional security from the person required to provide a surety bond if the Secretary decides that a surety corporation no longer is sufficient security.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t31/s9305/e","children":[{"t":"num","text":"(e)"},{"t":"chapeau","text":" A surety corporation providing a surety bond under ","children":[{"t":"ref","text":"section 9304 of this title","href":"/us/usc/t31/s9304","tail":" may not provide any additional bond under that section if\u2014"}]},{"t":"para","id":"/us/usc/t31/s9305/e/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" the corporation does not pay a final judgment or order against it on the bond; and","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t31/s9305/e/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" no appeal or stay of the judgment or order is pending 30 days after the judgment or order is entered.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}