7 U.S.C. § 940h — Bonding requirements
submitted 90 years ago by Pub. L. 110-234 to r/title-7-AGRICULTURE · 55 words · no verdicts yet
The Secretary must review Rural Utilities Service bonding requirements to ensure a bond is not required when warranties adequately protect the Secretary or when the bond’s cost or conditions exceed its benefit.
The Secretary* must review bonding requirements for every Rural Utilities Service program under this chapter. The review must ensure that a bond is not required when (1) product warranties adequately protect the Secretary, or (2) the bond’s costs or conditions exceed its benefit.
The Secretary* shall review the bonding requirements for all programs administered by the Rural Utilities Service under this chapter to ensure that bonds are not required if—
the interests of the Secretary are adequately protected by product warranties; or
the costs or conditions associated with a bond exceed the benefit of the bond.
Source credit: (May 20, 1936, ch. 432, title III, § 318, as added Pub. L. 110–234, title VI, § 6109, May 22, 2008, 122 Stat. 1198, and Pub. L. 110–246, § 4(a), title VI, § 6109, June 18, 2008, 122 Stat. 1664, 1960.)
- 1936Enacted · Pub. L. 110-234 · 122 Stat. 1198
A history note hasn’t been published yet. The record shows enactment by Pub. L. 110-234 on 1936-05-20.
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