Current through Register 2024 Notice Reg. No. 12, March 22, 2024
(a) A
certificate of deposit, submitted pursuant to Section
7071.12(a) of the
code, shall:
(1) When filed in lieu of a
contractor's bond
(A) by an applicant, show
the name style as set out on page one of the application.
(B) by a licensee, show the name style as
currently recorded in the official files of the Board.
(2) When filed in lieu of a bond of
qualifying individual, show the name style as in (1) above and the name of the
responsible managing individual.
(3) Be made payable to the Contractors State
License Board. The word "trustee" shall not be included.
(4) Be issued for a period of not less than
one year.
(5) Be automatically
renewable at each maturity date.
(6) Provide that any interest earned shall be
paid to the depositor.
(b) Assignment of a savings and loan
association investment certificate or share account, or of a credit union
certificate for funds or share account shall be upon a form prescribed and
approved by the Registrar.
(1) The form shall
show:
(A) The assignment of the account to the
board.
(B) The name style as
prescribed in subsection (a) above.
(C) The current address of the applicant or
licensee.
(D) The name and address
of the savings and loan association or credit union having custody of such
funds.
(E) A declaration signed by
an officer of the savings and loan association or the credit union that it
received written notice of the assignment. This declaration shall include the
title of the officer signing it.
(F) A receipt for the assignment from the
Board with direction to the savings and loan association or the credit union
that the earnings on the assigned account or certificate shall be paid to the
assignor.
(2) The
assignment form shall be accompanied by the savings and loan association pass
book or investment certificate, the credit union certificate for funds or share
account pass book of the assignor which shall show the name of the
depositor-investor, that of the licensee or applicant, and the responsible
managing individual, if applicable, and the amount of the assignment required
by law.
(c) Eligible
bearer bonds submitted pursuant to Section
7071.12(c) of the
code shall be delivered to a bank in Sacramento, California, which shall act as
agent for the applicant, licensee or responsible managing employee. The bank
shall deliver the bonds to the Treasurer of the State of California only on
order of the Registrar or an employee designated by the Registrar.
(1) The Registrar shall prescribe and approve
the forms for the deposit or withdrawal of bearer bonds.
(2) Interest coupons shall remain attached to
bearer bonds deposited with the Treasurer until such bonds are permanently
withdrawn from the depository, not be resubmitted for deposit.
(3) In order to insure that sufficient
security is on deposit, the bid price of bearer bonds, as recorded in the bond
securities listed on the Pacific Coast Stock Exchange or some other
authoritative source on the first day of the month in which such bonds are
submitted for deposit, shall be at least 25% in excess of the amount of the
surety bond or cash deposit required to be submitted.
The Registrar shall prescribe such procedures and forms, and
issue such orders as necessary to accept and process any cash deposit submitted
pursuant to Section
7071.12(d) of the
code. Personal checks shall not be accepted as cash.
1. Change
without regulatory effect amending section heading filed 11-9-95 pursuant to
section 100, title 1, California Code of
Regulations (Register 95, No. 45).
Note: Authority cited: Section
7008,
Business and Professions Code. Reference: Sections
7071.5,
7071.6,
7071.8,
7071.9,
7071.10
and
7071.12,
Business and Professions Code.