Section 858.6 - Authorization and Procedures for Ordering the Amount of Blanket Performance and Payment Bond to be Increased(a) Pursuant to an audit conducted in accordance with Section 858.5 of this Article, the Registrar is authorized to order an increase in the dollar amount of the blanket bond to an amount that meets the requirements specified in Section 858.1 of this Article. The adjustment determination shall be based on the information contained in records of the licensee that are required to be made available for an audit as specified under this Article.(b) An order to increase the sum of the blanket bond pursuant to this section shall be sent by certified and regular mail to the licensee's address of record. The order shall include a notice that failure to increase the dollar amount of the blanket bond within 30 days of the date of the order is cause for rescission of approval of the blanket bond.(c) If a licensee fails to comply within 30 days of the date of an order that is issued pursuant to this section, the Registrar shall rescind approval of the blanket bond in accordance with the provisions of Section 858.8 of this Article.Cal. Code Regs. Tit. 16, § 858.6
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).