Requires a surety to notify an applicant of action on the surety application within ten days of its filing.
Entitles an applicant against whom adverse action is taken to a statement of reasons for such action.
Subjects a surety to liability to the aggrieved applicant for both actual damages and legal costs for noncompliance with this Act.
Mandates full compliance with this Act as a condition for approval as surety by the Secretary of the Treasury.