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Chapter 574
Section 574.39
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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.
History: 2001 c 76 s 1
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.
History: 2001 c 76 s 1
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Revisor of Statutes