California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 11.3 - Debt Collection Licensing Act
Article 4 - Surety Bond
Section 1850.50 - Surety Bond

Universal Citation: 10 CA Code of Regs 1850.50

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

(a) All surety bonds, amendments, cancellations, notices of claims, and information related to surety bonds such as riders and endorsements shall be filed with NMLS for transmission to the Commissioner.

(b) The surety bond shall be in the form of the "electronic surety bond form," titled "SURETY BOND, DEBT COLLECTION LICENSING ACT LICENSEE BOND," ESB Form Version 1 Effective 07/01/2021, NMLS Version: CA-DFPI - 07/01/2021, incorporated herein by reference in its entirety.

(c) For purposes of obtaining a license, an applicant shall initially file a surety bond of at least $25,000.

(d) The surety bond shall not be cancelled, in whole or in part, without at least sixty (60) calendar days' notice to the Commissioner by the surety, bonding, or insurance company.

(e) The surety bond shall provide that the surety, bonding, or insurance company issuing the bond provide notice to the Commissioner within ten (10) calendar days of service of any action.

Note: Authority cited: Section 100003, Financial Code. Reference: Section 995.320, Code of Civil Procedure; and Sections 100006.3 and 100019, Financial Code.

Disclaimer: These regulations may not be the most recent version. California may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.