SURETY BOND AMENDMENTS.

SEC. 203. SURETY BOND AMENDMENTS.(a) Clarification of Maximum Surety Bond Guarantee.—Section 411(a)(1) of the Small Business Investment Act of 1958 (15 U.S.C. 694b(a)(1)) is amended by striking “contract up to” and 118 STAT. 3466 inserting “total work order or contract amount at the time of bond execution that does not exceed”.(b) Audit Frequency.—Section 411(g)(3) of the Small Business Investment Act of 1958 (15 U.S.C. 694b(g)(3)) is amended by striking “each year” and inserting “every three years”.(c) Repeal.—Section 207 of the Small Business Reauthorization and Amendment Act of 1988 (15 U.S.C. 694b note) is repealed.