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e-CFR data is current as of September 25, 2020

Title 31Subtitle BChapter IISubchapter APart 223 → §223.18


Title 31: Money and Finance: Treasury
PART 223—SURETY COMPANIES DOING BUSINESS WITH THE UNITED STATES


§223.18   Revocation.

(a) A revocation proceeding against a Treasury-certified company can be initiated by Treasury in either of two ways:

(1) Treasury, of its own accord, under §223.19, may initiate revocation proceedings against the company when it has reason to believe that the company is not complying with 31 U.S.C. 9304-9308 and/or the regulations under this part, or

(2) Treasury, under §223.20, may initiate revocation proceedings against the company upon receipt of a complaint from an agency that the company has not paid or satisfied one or more administratively final bond obligations due the agency.

(b) A revocation of a company's certificate of authority under §223.19 or §223.20 precludes the company from underwriting or reinsuring additional bonds for any agency, and therefore revokes the company's opportunity to have its bonds presented to any agency bond-approving official for acceptance.

[79 FR 62001, Oct. 16, 2014]

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