Section 858.9 - Posting of Blanket Performance and Payment Bond Information to License Records(a) Upon approval of a blanket bond by the Registrar, regardless of the effective date of the blanket bond, the following information shall be posted to the public license record of the licensee named as principal on the blanket bond: (1) A statement indicating that the licensee has an approved blanket performance and payment bond on file with the Board.(2) The date that the blanket bond was approved.(3) The number of the blanket bond.(4) The dollar amount for which the blanket bond has been filed.(5) The name and address of the surety company on the blanket bond.(b) Whenever a licensee is notified of a decision to rescind the approval of the licensee's blanket bond, the Registrar shall post a notice on the public license record indicating that the rescission is pending. The notice shall be posted to the license record no earlier than 5 calendar days and no later than 10 calendar days after the date that written notification of the rescission is sent to the licensee. If the rescission is appealed timely by the licensee, the Registrar shall also post a notice that an appeal has been filed and indicate that the decision to rescind the approval of the blanket bond is delayed pending the outcome of the licensee's appeal.(c) Upon rescission of approval of a blanket bond or its cancellation, the statement specified in paragraph (1) of subsection (a) shall be changed to indicate the disposition of the blanket bond and the effective date thereof. The information in paragraphs (2), (3), (4), and (5) of subsection (a) shall remain on the license record for not less than five years after the date the blanket bond was rescinded or cancelled.Cal. Code Regs. Tit. 16, § 858.9
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).