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2004 SESSION

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HB 73 Contractors; certification, debarment procedures.

Introduced by: Gary A. Reese | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Virginia Public Procurement Act; Contractor Fraud Debarment Act of 2004. Requires a public body to institute a three-year debarment from all types of contracting of a contractor if it finds that the contractor or any managerial officer of such contractor has been subjected to: (i) a felony conviction for criminal violations of securities laws; (ii) imposition of a civil penalty of $500,000 or more for civil violation of securities laws; (iii) any final award, by either judgment or settlement, of monetary damages equal to or exceeding $5 million, stemming from alleged violations of securities laws; or (iv) a filing of bankruptcy under the federal bankruptcy statutes whenever the underlying cause for the condition of bankruptcy has resulted in whole or in part from the commission of fraud in accounting practices or corporate governance. The bill also defines "securities laws" and "contractor." In addition, the bill requires all contracts of public bodies over $10,000 to contain a certification by the contractor that the contractor is not barred from being awarded a contract pursuant to debarment provisions of the Virginia Public Procurement Act.


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