Section 345.66 - Deposit in Lieu of Bond(a) A TVS owner who chooses to deposit cash in lieu of a surety bond or chooses to assign to the department a certificate of deposit or a passbook savings account in lieu of a surety bond shall complete a Deposit Agreement and Assignment, form OL 25E (Rev. 7/2020), which is hereby incorporated by reference.(b) Any deposit made in lieu of a surety bond shall be held by the department for a period of three years following the date the licensee has ceased to do business or has ceased to be licensed, whichever is greater, pursuant to Vehicle Code section 11203, or three years following the replacement of the deposit by a valid surety bond as described in Section 345.65.(c) The appointment of director as the agent for service of process required by Vehicle Code section 11202(a)(6) shall be in the form required under subdivision (c) of Section of Title 13330.08 of Title 13, California Code of Regulations.Cal. Code Regs. Tit. 13, § 345.66
1. New section filed 10-26-94; operative 11-25-94 (Register 94, No. 43).
2. Amendment filed 11-3-2016; operative 1-1-2017 (Register 2016, No. 45).
3. Change without regulatory effect amending subsection (a) filed 7-27-2020 pursuant to section 100, title 1, California Code of Regulations (Register 2020, No. 31). Note: Authority cited: Sections 1651, 11202(a)(2) and 11219, Vehicle Code. Reference: Section 11203, Vehicle Code.
1. New section filed 10-26-94; operative 11-25-94 (Register 94, No. 43).
2. Amendment filed 11-3-2016; operative 1/1/2017 (Register 2016, No. 45).
3. Change without regulatory effect amending subsection (a) filed 7/27/2020pursuant to section 100, title 1, California Code of Regulations (Register 2020, No. 31).