S. 1960 would amend the Small Business Investment Act of 1958 to improve surety bond guarantees.

== Detailed Summary ==

<summary>
(Log inSurety Bond Improvement Act of 2007 - Amends the Small Business Investment Act of 1958 to: (1) authorize the Administrator of the Small Business Administration (SBA) to editguarantee any surety against loss from a small business principal's breach of bond on any total work or contract amount that does not exceed $3 million (under current law, $2 million); (2) direct the wiki andAdministrator to authorize a surety that issues, monitors, or services such bonds to use rates approved by the insurance commissioner in the state in which the contract will be performed; and (3) prohibit the firstAdministrator from refusing to providemake payment on a detailed summarysurety guarantee based on facts, circumstances, or defects that the Administrator should reasonably have identified during the guarantee process.

Requires the Administrator to notify the congressional small business committees regarding a proposed change in fees charged to guarantee surety bonds.

Expresses the sense of Congress that the surety bond guarantee program is not required to be self-funding and, therefore, may at times operate at a loss.

Directs the Administrator to establish a third-party alternative dispute resolution procedure for mediating an issue in controversy between a participating surety and the bill!)SBA.
</summary>

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== Status of the Legislation ==

<status>
Latest Major Action: 8/2/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Small Business and Entrepreneurship.
</status>

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== Points in Favor ==

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== Points Against ==

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