Section 858.3 - Minimum Standards for Blanket Performance and Payment Bond Approval - Cause for Denial(a) For each of the year-end financial statements for which a report is required under Section 858.2, the following standards must be met in order to qualify for blanket bond approval: (1) The quick ratio shall not be less than 1:1, or, in lieu thereof, the current ratio shall not be less than 2:1.(b) In addition to any other cause for denial, the Registrar may deny or rescind approval of the blanket bond based on information in the reviewed report or the information contained in the supplemental information required under subparagraph (a)(3) of Section 858.2 if the information demonstrates the licensee will be unable to meet current liabilities.Cal. Code Regs. Tit. 16, § 858.3
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: Section 7159.5, Business and Professions Code.
1. New section filed 11-22-2011; operative 12-22-2011 (Register 2011, No. 47).