California Code of Regulations
Title 16 - Professional and Vocational Regulations
Division 8 - Contractors' State License Board
Article 6 - Bonds
Section 858.4 - Blanket Performance and Payment Bond Biennial Certification and Financial Reporting Requirements
Current through Register 2024 Notice Reg. No. 12, March 22, 2024
(a) Except as otherwise provided under this Article, a licensee that maintains a blanket bond under this Article shall comply with the following:
(b) The due date for the qualifier's certification statement and any reports required under this section shall coincide with the license renewal period of the license for which blanket bond approval has been granted. For each subsequent renewal cycle, the certification statement and reports of financial statements shall be submitted to the Registrar no later than the date the license is due to expire.
(c) The Registrar may rescind approval of the blanket bond based on information in the reviewed report or in the supplemental information that demonstrates the licensee's business may not be able to meet its current liabilities.
(d) If a licensee fails to submit the certification statement or comply with the financial reporting requirements as specified by this section, the Registrar may rescind approval of the blanket bond in accordance with the provisions of Section 858.8 of this Article.
1. New section filed 11-22-2011; operative 12-22-2011 (Register 2011, No. 47).
Note: Authority cited: Section 7008, Business and Professions Code. Reference: Sections 7068, 7068.1 and 7159.5, Business and Professions Code.