§ 223.18 - Revocation.

§ 223.18 Revocation.

Cross Reference

Link to an amendment published at 89 FR 48837, June 10, 2024.

(a) A Treasury may initiate a revocation proceeding against a Treasury-certified company can be initiated by Treasury in either one 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, as amended at 89 FR 48837, June 10, 2024]