§ 21-2-703 — Coverage in lieu of statutory fidelity bonds

(a) (1) The fidelity bond coverage provided under this subchapter shall be in lieu of all statutorily required fidelity bonds for any fraudulent or dishonest act or acts committed by the various public officers, officials, and employees of a participating governmental entity participating in the Self-Insured Fidelity Bond Program. (2) The various laws specifically requiring fidelity bonds or fidelity blanket bonds for the respective public officials, officers, and employees shall not be applicable so long as the fidelity bonds as provided in this subchapter are in effect covering the officials, officers, and employees. (b) In the event coverage ceases to be provided for any fraudulent or dishonest act or acts committed by any public officials, officers, or employees pursuant to this subchapter, the laws currently in effect providing for fidelity bonds or fidelity blanket bonds shall again become applicable to the public officials, officers, and employees.

Legislative History

Amended by Act 2023, No. 826,§ 3, eff. 8/1/2023. Amended by Act 2021, No. 367,§ 3, eff. 7/28/2021. Acts 1987, No. 728, § 14.