Section 221.04 - Assignment of Funds to the DepartmentAfter approval, an applicant shall assign funds to the department in the manner described in this section.
(a) The applicant shall assign one or more cash deposits or savings accounts that accumulatively contain the monetary amounts specified in Vehicle Code section 34631.5, subdivision (a), paragraphs (1) and (2).(b) The assignment of the monetary amount may be accepted on more than one assignment form, an Assignment for a Motor Carrier Certificate of Self-Insurance form [DMV 133 MCP (REV. 8/2002)].(c) In addition to the statutorily required amount, the applicant shall deposit an additional $5,000 to offset potential administrative costs. Administrative costs that exceed $5,000 shall be paid out of the principal.(d) An account shall be held in a bank(s) guaranteed by the Federal Deposit Insurance Corporation (FDIC); a savings association(s) guaranteed by the Savings Association Insurance Fund (SAIF); and/or a credit union(s) guaranteed by the National Credit Union Administration (NCUA). The financial institutions holding the funds assigned to the department shall have a physical office located in California.(e) The applicant shall instruct the financial institution(s) to prepare and forward to the department an Assignment for a Motor Carrier Certificate of Self-Insurance, [DMV 133 MCP (REV. 8/2002)] assigning the above described funds to the department.Cal. Code Regs. Tit. 13, § 221.04
1. New section filed 4-10-98 as an emergency; operative 4-10-98 (Register 98, No. 15). A Certificate of Compliance must be transmitted to OAL by 8-10-98 or emergency language will be repealed by operation of law on the following day.
2. Repealed by operation of Government Code section 11346.1(g) (Register 98, No. 34).
3. New section filed 8-17-98 as an emergency; operative 8-17-98 (Register 98, No. 34). A Certificate of Compliance must be transmitted to OAL by 12-15-98 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 8-17-98 order, including amendment of section, transmitted to OAL 10-16-98 and filed 12-2-98 (Register 98, No. 49).
5. Amendment of section heading and section filed 12-23-2003; operative 1-22-2004 (Register 2003, No. 52). Note: Authority cited: Sections 1651 and 34604, Vehicle Code. Reference: Sections 34630 and 34631.5, Vehicle Code.
1. New section filed 4-10-98 as an emergency; operative 4-10-98 (Register 98, No. 15). A Certificate of Compliance must be transmitted to OAL by 8-10-98 or emergency language will be repealed by operation of law on the following day.
2. Repealed by operation of Government Code section 11346.1(g) (Register 98, No. 34).
3. New section filed 8-17-98 as an emergency; operative 8-17-98 (Register 98, No. 34). A Certificate of Compliance must be transmitted to OAL by 12-15-98 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 8-17-98 order, including amendment of section, transmitted to OAL 10-16-98 and filed 12-2-98 (Register 98, No. 49).
5. Amendment of section heading and section filed 12-23-2003; operative 1-22-2004 (Register 2003, No. 52).