{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-85.47e","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-85.47e","heading":"Requirements to obtain surety bond guaranty -","body":"Applications.\n\nA. To qualify for a surety bond guaranty pursuant to the\n\nprogram, a surety and principal shall meet the requirements of this\n\nsection.\n\nB. A surety shall meet the following requirements:\n\n1. Be a company which writes bid, payment, defect or\n\nmaintenance, or performance bonds in its normal course of business;\n\n2. Has not refused to provide said bonds for which the\n\nprincipal is submitting application to the program; and\n\n3. Has been licensed to do surety business in the State of\n\nOklahoma prior to July 1, 1991.\n\nC. The principal shall satisfy the Administrator that:\n\n1. As determined from creditors, employers and other\n\nindividuals who have personal knowledge of the principal, the\n\nprincipal has a reputation for financial responsibility;\n\n2. The principal is a resident of this state;\n\n3. The principal is unable to obtain adequate bonding on\n\nreasonable terms and conditions through normal channels and has been\n\ndenied such bonding by two sureties that write contract bonds.\n\n4. Bonding is required in order for the principal to bid on\n\npublic construction contracts or to serve as a prime contractor or\n\nsubcontractor on such contracts.\n\nD. The surety and principal shall submit to the Administrator\n\nan application for each contract on the form that the Administrator\n\nprovides. The application for each contract shall include:\n\n1. A detailed description of the project for which the contract\n\nis to be let;\n\n2. An itemization of known and estimated costs;\n\n3. The total amount of investment required to perform the\n\ncontract;\n\n4. The funds available to the principal for working capital;\n\n5. The amount of bonding assistance sought from the program;\n\n6. Information that relates to the financial status of the\n\nprincipal, including:\n\na. a current balance sheet,\n\nb. a profit and loss statement, and\n\nc. credit references;\n\n7. A schedule of all existing and pending contracts and the\n\ncurrent status of each; and\n\n8. Any other relevant information that the Administrator\n\nrequests.\n\nE. After receipt of an application for assistance from the\n\nOklahoma Small Business Surety Bond Guaranty Program, the\n\nAdministrator may require that a principal shall provide an audited\n\nbalance sheet before the Administrator makes a decision on the\n\napplication.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"f93889f226dac88ee9ef8f34e21c562681af7d131df1e921ee9b196822a1120f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-85.47d","next":"us-ok/okla.-stat.-tit.-74-74-85.47f"},"notice":"GroundRules: Original legal text. Not legal advice."}