[Federal Register Volume 60, Number 217 (Thursday, November 9, 1995)]
[Proposed Rules]
[Pages 56551-56552]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-27577]
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DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Part 224
RIN 1510-AA49
Federal Process Agents of Surety Companies
AGENCY: Financial Management Service, Fiscal Service, Treasury.
ACTION: Notice of Proposed Rulemaking.
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SUMMARY: This action proposes to amend 31 CFR Part 224 (also appearing
as Treasury Department Circular 901, Revised) which governs surety
companies doing business with the United States. Specifically, it
proposes to eliminate the requirement that surety companies doing
business with the United States report their Federal process agent
appointments to the Financial Management Service (FMS). FMS no longer
needs or collects this information. This revision will make the
regulation consistent with current practice.
DATES: Comments on this proposed rule must be received on or before
December 11, 1995.
ADDRESSES: Comments or inquiries may be mailed to Surety Bond Branch,
Department of the Treasury, Financial Management Service, 3700 East-
West Highway, Room 6F04, Hyattsville, MD 20782, Attn: Laura
Harshbarger.
FOR FURTHER INFORMATION CONTACT: Dorothy Martin, (202) 874-6850,
(Manager, Surety Bond Branch).
SUPPLEMENTARY INFORMATION: This regulation proposes to eliminate the
requirement that surety companies report their Federal Process Agent
appointments to the Financial Management Service. This action does not
eliminate the requirement for the companies to designate a person to
serve as a Federal Process Agent and to register them with the clerk of
the district court for the judicial district in which a surety bond is
to be given.
The proposed rule includes several editorial changes and a
realignment of the sections as a result of eliminating Sec. 224.5,
``Filing process agent appointment information with the Treasury.''
This regulation is not a significant regulatory action as defined
in Executive Order 12866. Accordingly, a regulatory assessment is not
required. It is hereby certified that this revision will not have a
significant economic impact on a substantial number of small entities.
Accordingly, a regulatory flexibility analysis is not required. This
change will clarify the regulation.
List of Subjects in 31 CFR Part 224
Surety bonds, Insurance.
Accordingly, Part 224 of Title 31 is proposed to be amended as
follows:
PART 224--FEDERAL PROCESS AGENTS OF SURETY COMPANIES
1. The authority citation continues to read as follows:
Authority: 31 U.S.C. 9306.
2. Section 224.1 is revised to read as follows:
Sec. 224.1 Statutory provision.
The rules and regulations in this Part are prescribed for carrying
into effect 31 U.S.C. 9306.
3. Section 224.5 is removed, and Sec. 224.6 is redesignated as
Sec. 224.5 and revised to read as follows:
Sec. 224.5 Process agents; termination of authority.
Whenever the authority of a process agent is terminated by reason
of revocation, disability, removal from the district, or any other
cause, it shall be the duty of the company to immediately make a new
appointment.
Sec. 224.7 [Redesignated as Sec. 224.6]
4. Section 224.7 is redesignated as Sec. 224.6, and revised to read
as follows:
[[Page 56552]]
Sec. 224.6 United States district courts; location of divisional
offices.
A list of the divisional offices of the court in each judicial
district where powers of attorney should be filed may be obtained from
the Surety Bond Branch, Financial Management Service, Department of the
Treasury, 3700 East-West Highway, Room 6F04, Hyattsville, MD 20782.
Dated: October 12, 1995.
Russell D. Morris,
Commissioner.
[FR Doc. 95-27577 Filed 11-8-95; 8:45 am]
BILLING CODE 4810-35-P
