§ 5013. ILOC Procedures.
10 CA ADC § 5013Barclays Official California Code of Regulations
10 CCR § 5013
§ 5013. ILOC Procedures.
A Principal shall be authorized to apply to a Corporation for an ILOC. A Principal applying for an ILOC shall provide a completed Application to the Corporation for review and processing in accordance with the following procedures:
(c) In the event that an ILOC is issued to a Surety without first complying with the requirements of subsection (a) and/or (e), and the Surety relies upon the ILOC in issuing the Bond, the failure by the Corporation to so comply shall not constitute a defense on the part of either the Agency or the Corporation to paying a Demand.
Credits
Note: Authority cited: Section 14024, Corporations Code. Reference: Sections 14002, 14055, 14059, 14060, 14064, 14071 and 14071.5, Corporations Code.
History
1. New article 2.5 and section filed 2-15-94 as an emergency; operative 2-15-94 (Register 94, No. 7). A Certificate of Compliance must be transmitted to OAL by 6-15-94 or emergency language will be repealed by operation of law on the following day.
2. Repealed by operation of Government Code section 11346.1(g) (Register 95, No. 7).
3. New article 2.5 and section filed 4-17-95 as an emergency; operative 4-17-95 (Register 95, No. 16). A Certificate of Compliance must be transmitted to OAL by 8-15-95 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 4-17-95 order transmitted to OAL 6-12-95 and filed 7-25-95 (Register 95, No. 30).
5. Amendment of subsections (c)-(d) filed 12-27-2004 as a deemed emergency pursuant to Corporations Code section 14024; operative 12-27-2004 (Register 2004, No. 53). A Certificate of Compliance must be transmitted to OAL by 6-27-2005 or emergency language will be repealed by operation of law on the following day.
6. Editorial correction of History 5 (Register 2005, No. 27).
7. Certificate of Compliance as to 12-27-2004 order, including amendment of subsection (e) and Note, transmitted to OAL 5-25-2005 and filed 7-7-2005 (Register 2005, No. 27).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 10, § 5013, 10 CA ADC § 5013
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