(a) The licensee shall submit an affidavit, on a form provided by the licensing agency, stating whether the licensee safeguards or will safeguard cash resources of participants and the maximum amount of cash resources to be safeguarded for all participants or each participant in any month.(b) All licensees who are entrusted to care for and control participants' cash resources shall file or have on file with the licensing agency, a bond issued by a surety company to the State of California as principal.(c) The amount of the bond shall be according to the following schedule: Amount Safeguarded Per Month
$750 or less
$751 to $1,500
$1,501 to $2,500
Every further increment of $1,000 or fraction thereof shall require an additional $1,000 on the bond.
(d) The licensee shall submit a new affidavit and bond to the licensing agency prior to the licensee safeguarding amounts of participants' cash resources in excess of the current bond.(e) Whenever the licensing agency determines that the amount of the bond is insufficient to provide necessary protection of participants' cash resources, or whenever the amount of any bond is impaired by any recovery against the bond, the licensing agency shall have the authority to require the licensee to file an additional bond in such amount as the licensing agency determines to be necessary to protect the participants' cash resources.(f) The provisions of this section shall not apply if the licensee meets the requirements specified in Section 1560 of the Health and Safety Code.Cal. Code Regs. Tit. 22, § 86025
1. Change without regulatory effect adopting section filed 9-14-2021 pursuant to section 100, title 1, California Code of Regulations (Register 2021, No. 38). Filing deadline specified in Government Code section 11349.3(a) extended 60 calendar days pursuant to Executive Order N-40-20 and an additional 60 calendar days pursuant to Executive Order N-71-20. Note: Authority cited: Section 1530, Health and Safety Code. Reference: Sections 1560 and 1561, Health and Safety Code.
1. Change without regulatory effect adopting section filed 9-14-2021 pursuant to section 100, title 1, California Code of Regulations (Register 2021, No. 38). Filing deadline specified in Government Code section 11349.3(a) extended 60 calendar days pursuant to Executive Order N-40-20 and an additional 60 calendar days pursuant to Executive Order N-71-20.