Section 1. Short title
This Act may be cited as the Bus Rolling Stock Modernization Act of 2024.
Section 2. Limitations on advanced payments for bus rolling stock
Section 5323 of title 49, United States Code, is amended by adding at the end the following:
(1) In general
Notwithstanding any provision of this chapter or part 200 of title 2, Code of Federal Regulations, or any successor regulation, a recipient may use assistance made available under this chapter to make an advance payment on a bus rolling stock vehicle without the recipient obtaining pre-approval or requiring a performance bond or other form of security from the transit vehicle manufacturer.
(2) Limitations
A recipient making an advance payment under paragraph (1)—
(A) shall have—
(i) a signed purchase order and executed contract with a transit vehicle manufacturer that includes advance payment provisions;
(ii) preaward authority; and
(iii) met the requirements under subsection (m) and section 5318(e) of this title; and
(B) shall not provide an advanced payment that is more than 20 percent of the total purchase order value.