HB 1388

Joint Budget Committee. Under existing law, the department of personnel administers the 'state procurement equity program', which includes a bond assistance program to help historically underutilized businesses that are small businesses offset the costs of obtaining a surety bond that is required for a solicitation for a state procurement opportunity. The bond assistance program is funded through the bond assistance program cash fund. The bill transfers the balance of the bond assistance program cash fund to the general fund on June 30, 2026, and repeals the bond assistance program, effective December 1, 2027. (Note: This summary applies to this bill as introduced.)