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e-CFR data is current as of February 25, 2021

Title 45Subtitle BChapter XVIPart 1629 → §1629.6


Title 45: Public Welfare
PART 1629—BONDING REQUIREMENTS FOR RECIPIENTS


§1629.6   What is the required minimum level of coverage?

(a) A recipient must carry fidelity bond coverage or similar coverage at a minimum level of at least ten percent of its annualized funding level for the previous fiscal year.

(b) If a recipient is a new recipient, the coverage must be at a minimum level of at least ten percent of the initial grant.

(c) Notwithstanding paragraphs (a) and (b) of this section, recipients must not carry coverage under this part at a level less than $100,000.

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