language to be deleted (2) new language
CHAPTER 76-H.F.No. 489 An act relating to commerce; providing for the procurement of surety bonds; proposing coding for new law in Minnesota Statutes, chapter 574. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: Section 1. [574.39] [SURETY BONDS; PUBLIC ENTITIES.] The state or a county, town, home rule charter or statutory city, school district, or other municipal corporation or political subdivision of this state shall not require a contractor to procure a surety bond from a particular insurance or surety company, agent, or broker on a public improvement which is or has been competitively bid or negotiated. Nothing in this section prohibits a public entity from requiring customized features in its surety bond coverage as considered appropriate and necessary by the public entity or from requiring that the insurer issuing the bond have a minimum financial rating as specified by the public entity. Presented to the governor May 3, 2001 Signed by the governor May 7, 2001, 10:31 a.m.
Official Publication of the State of Minnesota
Revisor of Statutes