HB1713

House Bill 1713 amends existing Arkansas law regarding the Self-Insured Fidelity Bond Program, which provides bonding coverage for state and local government entities against losses from dishonest or fraudulent acts by officials and employees. The bill updates definitions, clarifies the administration of the Self-Insured Fidelity Bond Trust Fund, and specifies that this program serves as a substitute for other statutorily required fidelity bonds. It details the coverage limits, specifically capping claims at $300,000 or the amount of the bond, whichever is less, and sets conditions for loss payments. Furthermore, the bill outlines the investment of fund assets and restricts the use of trust fund money to bond claims and administrative expenses. Finally, it includes a non-codified provision to ensure continuity between the old and renamed versions of the trust fund.