Minnesota Session Laws - 2001, Regular Session

                             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.