Cal. Code Regs. Tit. 22, § 86025 - Bonding
(a) The licensee
shall submit an affidavit, on a form provided by the licensing agency, stating
whether the licensee safeguards or will safeguard cash resources of
participants and the maximum amount of cash resources to be safeguarded for all
participants or each participant in any month.
(b) All licensees who are entrusted to care
for and control participants' cash resources shall file or have on file with
the licensing agency, a bond issued by a surety company to the State of
California as principal.
(c) The
amount of the bond shall be according to the following schedule:
Amount Safeguarded Per Month
$750 or less
$751 to $1,500
$1,501 to $2,500
Every further increment of $1,000 or fraction thereof shall require an additional $1,000 on the bond.
(d) The licensee shall submit a new affidavit
and bond to the licensing agency prior to the licensee safeguarding amounts of
participants' cash resources in excess of the current bond.
(e) Whenever the licensing agency determines
that the amount of the bond is insufficient to provide necessary protection of
participants' cash resources, or whenever the amount of any bond is impaired by
any recovery against the bond, the licensing agency shall have the authority to
require the licensee to file an additional bond in such amount as the licensing
agency determines to be necessary to protect the participants' cash
resources.
(f) The provisions of
this section shall not apply if the licensee meets the requirements specified
in Section 1560 of the Health and Safety Code.
Notes
Note: Authority cited: Section 1530, Health and Safety Code. Reference: Sections 1560 and 1561, Health and Safety Code.
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